Blockchain Security Company CoolBitX Raises $16.75M USD In In Series B Funding

Blockchain, Investing, News | February 26, 2020 By:

Blockchain security company CoolBitX has raised $16.75 million in a Series B funding round led by Japan’s financial group SBI Holdings. The National Development Fund of Taiwan, Korean crypto exchange BitSonic, and Japanese financial group Monex also participated in the round.

Founded in 2014, CoolBitX is a FinTech firm specializing in manufacturing secure, US-patented digital asset hardware and developing smart contract platforms. The goal of the company is to build the infrastructure necessary to close the gap between the mainstream market and crypto industry.

CoolBitX will use the latest funding to expand its Sygna product line’s presence beyond the APAC region as the first-to-market FATF-compliant solution for virtual asset service providers (VASPs) around the world. According to the company, more than ten exchanges have signed Memorandums of Understandings (MOU) with CoolBitX, joining a consortium of VASPs to begin or consider implementing Sygna Bridge, a compliant, user friendly, and secure data exchange solution that allows VASPs to communicate regulation-ready information.

“Sygna’s progress has been in line with the strides made in crypto KYC/AML in various Asian jurisdictions, especially Japan,” said CoolBitX CEO Michael Ou. “As such, CoolBitX will be establishing a Sygna entity in Japan this year as we are committed to having open dialogues with local stakeholders.”

The funding will also be used to continue to innovate the company’s bluetooth enabled hardware wallet CoolWallet S with focus on top-of-the-line security, functionality, and usability.

“As one of the early investors in CoolBitX, SBI Holdings is happy to see the breakthroughs made by the CooBitX team to drive cryptocurrency adoption forward,” said Yoshitaka Kitao, President and CEO of SBI Holdings. “As such, we are delighted to participate in our second tranche of investment in CoolBitX. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries and we are proud to partner with CoolBitX on their journey to bring a secure and easy-to-implement system to the world.”