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Home DeFi

Digital asset manager Cobo raises $40M to launch DeFi-as-a-service

LollyCrypt by LollyCrypt
11 months ago
in DeFi
Reading Time: 2 mins read
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Cobo, a digital asset management platform, has raised $40 million in a recent Serie B funding, this is to promote institutional gateways to decentralized finance (DeFi) products in the Asia-Pacific markets.
Digital asset manager Cobo raises $40M to launch DeFi-as-a-service

Cobo will use the Series B funding to build the first DeFi-as-a-service, or DaaS, infrastructure, which will allow institutions and their clients to access decentralized finance products in a compliant manner, according to the business.

The funds will be used to get regulatory licenses and ensure that anti-money laundering requirements are followed across the board.

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DaaS, according to Cobo, provides institutions with more secure access to DeFi smart contracts without requiring them to comprehend market complexity.

DST Global, A&T Capital, and IMO Ventures led the investment round, which follows Cobo’s successful Series A fundraising round, which raised $13 million in October 2018. The Singapore-based firm began operations in 2017 as a blockchain infrastructure provider.

Cobo’s founder and CEO, Discus Fish, stated that the new DaaS infrastructure is being constructed at a time when demand for crypto assets is increasing across Asia.

Despite China’s blanket prohibition on cryptocurrency trading and mining, Asia has numerous thriving crypto marketplaces, including Japan, Korea, and, most recently, Vietnam.

Cryptocurrencies are considered as an investable asset class in more mature Asian economies, but remittance payments are a major driving force behind development in emerging markets like Vietnam, Malaysia, and the Philippines.

In the Asia-Pacific area, Cobo primarily serves institutional investors. Over 300 institutional investors are currently among its customers, underscoring the region’s smart-money desire for crypto assets.

The fear that Chinese property developer Evergrande was on the verge of default has caused extraordinary volatility in crypto and traditional assets in recent days.

On Wednesday, it was announced that the indebted developer had “resolved” a scheduled payment issue, alleviating some of the selling pressure on risk assets like equities and cryptocurrencies.

Tags: CoboDaaSDeFi-as-a-serviceDigital asset managerSerie B funding
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