Wallet developer Cobo raises $13m for international expansion
Cobo, the developer of cryptocurrency wallets, has raised $13m in series A funding to help it expand into international markets, the company said on Thursday.
The Beijing-based company said the funding round was led by Chinese venture capitalists Digital Horizon Capital (DHVC) and Wu Capital. The series A round takes its total funding to $20m.
Cobo offers two products: Cobo Wallet – a multi-asset software wallet, and Cobo Vault – a digital asset hardware wallet, which the company says is a world first.
Since launching this year, Cobo Wallet, which supports more than 30 major cryptocurrencies, has gained more 500,000 users, while Cobo Vault is available for consumers to pre-order today, retailing at $479.
The start-up, which was founded last year by Shixing Mao, chief executive, and Changhao Jiang, chief technology officer.
Jiang is a former Facebook and Google engineer and previously co-founded Bihang, a crypto wallet that was sold to digital exchange OKCoin in 2013. Mao launched the F2Pool crypto mining operation.
The new funding will help Cobo expand its operations into the US and Southeast Asia, the company said.
Jiang commented: “As crypto becomes widely recognised as a legitimate financial instrument, our goal is to provide a rewards system that leverages unutilised assets to enrich investors and accelerate the growth of the entire crypto ecosystem.”