Crypto Wallet Cobo Raises $13M USD In Series A Funding Led By DHVC

Investing, News | October 18, 2018 By:

Cryptocurrency wallet startup Cobo has raised $13 million in a Series A funding round led by Danhua Venture Capital (DHVC). The round also saw participation from the NEO Foundation and Wu Capital, a China-based family office.

Debuted in February of this year, Cobo is the brainchild of two veteran blockchain entrepreneurs, Changhao Jiang, Co-founder and CTO, and Shixing “Discus Fish” Mao, Co-founder and CEO. Jiang, a former Google and Facebook engineer, co-founded China’s first crypto wallet Bihang, which was acquired by crypto exchange OKCoin in 2013. Discus Fish was most well known for co-founding F2Pool, China’s first mining pool and the largest multi-currency mining pool in the world today.

Since its launch, the Cobo walltet has already attracted more than 500,000 users and supports over 30 major cryptocurrencies and 500 tokens. It claims to be the first mainstream cryptocurrency wallet to provide financial incentives for storing PoS cryptocurrencies like Dash, XZC, TRX, LBTC, DCR, ONT, and VET. Cobo’s staking pools leverage users’ collective PoS assets to increase the combined staking capacity for a higher chance to validate transactions on blockchains utilizing the PoS consensus mechanism. Users earn PoS rewards as new blocks are validated by the staking pool.

Cobo said the new investment will be used to hire more engineers and support the global expansion of its product lines.

“While I’m excited to see that crypto investment and enthusiasm is on the rise globally, a majority of crypto assets remain dormant in an exchange or wallet for extended periods of time, which creates many lost opportunities,” said Jiang. “As crypto becomes widely recognized as a legitimate financial instrument, our goal is to provide a rewards system that leverages unutilized assets to enrich investors and accelerate the growth of the entire crypto ecosystem.”

Judy Yan, Managing Director of DHVC, said that Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors.

“The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit,” Yan said. “We believe Cobo will lead an entirely new user experience for PoS coin holders.”

In addition, the company also announced Cobo Vault, a hardware wallet that is designed to reliably safeguard users’ cryptocurrency from digital security vulnerabilities and physical tampering. Cobo Vault, which is already available for pre-order, introduces a new category of durable cold storage wallets that features a bank-grade encryption chip, proprietary BIP 32, 39, 44 compliant firmware, a tamper-proof self-destruct mechanism, and more.

“With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet,” said Jiang. “Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can’t risk losing their investment.”