Cobo Wallet raises pre-Series A round from group of Chinese VC firms

Cobo Wallet, a multi-asset blockchain wallet, has raised an undisclosed pre-Series A funding round from a group of Chinese venture capital firms.

Contributions to the round came from Linear Venture, FreeS Fund and IMO Ventures.

Cobo Wallet enables users to send, receive, store and manage multiple cryptocurrencies through a secure mobile app, which is available on Android and iOS. The platform uses algorithms to help find the lowest fees for making transfers and lower risk as well as to identify fraudulent transactions.

HSM encryption is used by the app, software often used in commercial banking, trading, and credit card systems. To further support security, tokens are also places in cold storage until users request to use the cryptos.

Cobo Wallet supports more than 20 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash, and DASH. Through the app, users can also interact with new proof-of-stake tokens.

One service available is sending cryptocurrency to friends via a ‘red packet’ to mark the cultural symbol of gift-giving at special events in China when money is given in a red envelope.

Launched earlier in the year, the platform has already nearly 100,000 users. Following the funding, the company is looking to launch comprehensive asset management and cryptocurrency use.

Cobo co-founder Shixing Shenyu Mao said, “The industry for cryptocurrency wallets, and cryptocurrency and blockchain in general, is still very nascent. While other wallets view it only as an entry point to various blockchain ecosystem services, we believe in continuing to build the best possible asset management product for our users.”

Copyright © FinTech Global

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