Cobo, a blockchain product developer, has netted $13m through its Series A financing round.
This investment was led by Palo Atlo-bsaed VC DHVC and Chinese venture firm Wu Capital.
China-headquartered Cobo operates across two products: Cobo Wallet, which is a multi-asset cryptocurrency wallet which empowers users to grow their holdings through proof of stake mining rewards and Cobo Vault, a cryptocurrency hardware wallet.
This injection of funding will be used to further the growth of its products.
Cobo Wallet is a crypto wallet which offers financial incentives for users to store proof of stake (PoS) currencies like DASH and TRX. The wallet also builds staking pools to mine cryptocurrency rewards for users. The service utilises users’ collective PoS assets to bolster its staking capacity for a higher chance to validate transactions on blockchains. Users receive rewards once new blocks are validated via staking pools.
Since its services launched earlier in the 2018, it has attracted over 500,000 users and supports more than 30 major cryptos and 500 digital tokens. Following the Series A, the company will look to expand into more international markets.
Cobo Vault is a hardware crypto wallet which uses bank-grade encryption to protect the assets. The product has a LCD display and transactions through the handheld drive are conducted by scanning a changing QR code.
Cobo co-founder and CTO Changhao Jiang said, “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.
“As crypto becomes widely recognized as a legitimate financial instrument, our goal is to provide a rewards system that leverages unutilized assets to enrich investors and accelerate the growth of the entire crypto ecosystem.”
Earlier in the year, Cobo raised an undisclosed pre-Series A funding round from a group of Chinese venture capital firms. Investors included Linear Venture, FreeS Fund and IMO Ventures.
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