Cobo raises $40m Series B funding for DeFi-as-a-Service platform
Crypto platform Cobo has completed a Series B fundraise, securing $40 million.
The round, led by DST Global, A&T Capital and IMO Ventures, follows a $13 million Series A fundraising round in October 2018.
The Singaporean fintech will use the cash to develop the first DeFI-as-a-Service infrastructure which will allow users to access DeFi protocols via an accessible interface, without having to master the ins and outs of decentralised finance.
The money will also help the region’s largest crypto management platform apply for and secure the relevant anti-money laundering (AML) and countering the financing of terrorism (CFT) regulatory licences.
Asian investors, high-net-worth and institutional investors moving into crypto seeking diversification options to hedge against inflation and other risks come with high compliance and security standards, Cobo says.
The DaaS offering will complement Cobo’s existing wallet, trading and custody services, which it says has served more than 300 institutions, constituting more than 85% of the region’ s second-tier crypto exchanges and a cumulative transaction volume worth $20 billion.
Cobo CEO, Discus Fish, says Asia’s growing enthusiasm for crypto, particularly from institutions and investors, means blockchain infrastructures must be expanded.
“In the past, we’d witnessed crypto applications evolve from Bitcoin to DeFi and now NFTs. In due time, I even foresee metaverses will be next to be developed on the blockchain. So, looking ahead, we have the foundational infrastructure in place that will enable us to serve 1,000 institutional investors,” Fish adds.