The cryptocurrency platform will use the funds to advance the decentralised finance (DeFi)-as-a-service product it has been working on
Crypto activity in the Asian region has been foiled by the crackdown on digital asset platforms and crypto-related entities in Korea and the clampdown on mining firms in China. That, however, hasn’t prevented firms from investing in platforms operating in the region. Singapore-based digital assets custody and management platform Cobo revealed yesterday it had completed a $40 million Series B funding round at an undisclosed valuation.
The fundraising was spearheaded by A&T Capital, IMO Ventures and DST Global. It follows a $13 million Series A funding round completed in October 2018 that DHVC and Wu Capital led. The start-up revealed it would direct the capital from the latest funding into developing its decentralised finance (DeFi) offering that the firm claims will be a one-stop shop for institutional investors.
According to the crypto asset management firm, the product will grant institutions access to DeFi protocols, allowing them to get returns in a compliant but straightforward way. Cobo expounded on the offering, adding that institutional clients would not need to deal with the complexities around getting exposure to DeFi projects.
Cobo, which started as a blockchain infrastructure provider, has been working on fully relocating its headquarters from China’s capital to Singapore. The company added that a fraction of the funding will…