Oct 18, 2018 07:52 UTC
Oct 18, 2018 at 11:19 UTC
Post $13 Million Funding, Chinese Crypto Wallet, Cobo, to Continue Its Expansion
In a bid to expand its operations on a global level, China-based Cobo, a digital currency wallet startup, has successfully raised USD 13 million through Series A funding round. The company’s latest financing round was announced on October 17, 2018, by company representatives. The Series A funding is backed by the NEO Foundation, California-based Danhua Venture Capital, and China-based Wu Capital.
Founded by Mao Shixing (who is well known as Discus Fish in the crypto community) and Former Facebook and Google employee, Jiang Changhao- Cobo was launched last year in November. It currently has around 60 employees and boasts of a user base of about 500,000 (eighty percent of which are from China).
While the digital currency wallet is based on the proof of work mechanism, it allows the users to stock proof of stake digital assets. The assets are thereby consolidated as a pooled force for proof of stake mining. The Block rewards are distributed proportionally among the users of the wallet.
The capital raised through this funding round will allow Cobo to expand its services to other developing nations, since as per Mao, the CEO, the market in China seems to have reached a plateau. Mao went on to add, “We are now looking to recruit more engineers as we target to expand to Southeast Asian markets like Vietnam and Indonesia, as well as African countries.”
Further to the expansion, the company is also looking to launch new services. The Head of Hardware at Cobo, Liu Lixin, said that the company is soon launching the Cobo Vault, which is touted to be a ‘military grade’ digital wallet product. As per Liu, the Cobo Vault has a self destruct mechanism which eliminates all the data of a chip upon detection of a physical force trying to dismantle the chip. Post this, users will only be able to re-establish access to their digital assets through mnemonic phrases.