With $13 Million Funding, Crypto Wallet Startup Cobo Eyes Global Market The new funds will support the global expansion of the company's product lines
By Nidhi Singh •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
It's no secret that the popularity of cryptocurrency has been on the rise thanks to financial institutions and startups that are helping to increase the adoption of digital currencies. Investors are placing a slew of bets on startups that are set to disrupt the cryptocurrency industry.
Recently, Beijing-headquartered cryptocurrency wallet Cobo, raised $13 million in a Series A round of financing led by Digital Horizon Capital and Wu Capital. Cobo, a leading developer of consumer blockchain products, currently offers two flagship products for customers: Cobo Wallet, a multi-asset cryptocurrency software wallet that lets users securely grow their cryptocurrency holdings through Proof of Stake (PoS) mining rewards, and Cobo Vault, the world's first all-around secure, military-grade cryptocurrency hardware wallet. The new funds will support the global expansion of the company's product lines.
Cobo's Inception
Cobo's mission is to help cryptocurrency investors grow their investments on their own terms. The company is the brainchild of two veteran blockchain entrepreneurs, Changhao Jiang, co-founder and chief technology officer, and Discus Fish, co-founder and chief executive officer.
Formerly a platform engineer at Facebook and Google, Jiang co-founded China's first cryptocurrency wallet Bihang, which was acquired by cryptocurrency exchange OKCoin in 2013. Also in 2013, Fish launched F2Pool, China's first mining pool and the largest multi-currency mining pool in the world. The duo crossed paths during their early ventures, but it wasn't until 2017 when Jiang and Fish saw an inflexion point in market maturity and demand for wallets, after which they joined forces to create Cobo.
Fuel Growth In The Cryptocurrency Ecosystem
According to Changhao Jiang, co-founder and chief technology officer, Cobo, the startup's goal are to provide a rewards system that leverages unutilized assets to enrich investors and accelerate the growth of the entire crypto ecosystem.
"Crypto has come a long way since I first ventured into this space five years ago. 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," he said.
Since launching earlier this year, Cobo Wallet has attracted more than 500,000 users and supports over 30 major cryptocurrencies and 500 tokens. With the capital, Cobo is expanding to additional markets globally.
The Investor Perspective
Judy Yan, Managing Director of DHVC believes 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. We believe Cobo will lead an entirely new user experience for PoS coin holders," he said.
