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

Published at: Sept. 23, 2021

Digital asset manager Cobo has raised $40 million to advance institutional pathways to decentralized finance products, offering compelling evidence that more Asia-Pacific investors are seeking secure access to the DeFi market.  

The Series B financing will be used by Cobo to develop the first DeFi-as-a-service, or DaaS, infrastructure, which allows institutions and their customers to access decentralized finance products in a compliant manner, the company announced Wednesday. Specifically, the capital will be deployed to acquire regulatory licenses and ensure that anti-money laundering guidelines are followed on all products.

Cobo further explained that DaaS gives institutions more secure exposure to DeFi smart contracts without the need to understand market complexities. 

The investment round, which was led by DST Global, A&T Capital and IMO Ventures, builds off a successful Series A fundraiser that generated $13 million for Cobo in October 2018. The Singapore-based company was founded in 2017 as a comprehensive blockchain infrastructure provider.

Discus Fish, Cobo’s founder and CEO, said the new DaaS infrastructure is being developed at a time of growing demand for crypto assets across Asia. Despite a blanket ban on crypto trading and mining in China, Asia is home to several vibrant crypto markets, including Japan, Korea and more recently, Vietnam. In more advanced Asian markets, cryptocurrencies are seen as an investable asset class, but in emerging nations like Vietnam, Malaysia and the Philippines, remittance payments are a major driving force of adoption.

Related: Is the cryptocurrency epicenter moving away from East Asia?

Cobo primarily serves institutional investors in the Asia-Pacific region. Currently, its customers include over 300 institutional investors, once again highlighting the smart-money demand for crypto assets in the region.

Crypto and traditional assets have seen extreme volatility in recent days over trepidation that Chinese property developer Evergrande was on the verge of default. On Wednesday, it was reported that the indebted developer had “resolved” a scheduled payment issue, easing some of the selling pressure from risk assets such as stocks and cryptocurrencies. 

Tags
Business
Asia
Singapore
Funding
Venture Capital
Related Posts
Indonesian crypto exchange Pintu raises $35M in Series A
Pintu, Indonesia’s first mobile native cryptocurrency wallet and trading platform, has raised $35 million from some of blockchain’s biggest venture funds — putting the company on track to expand its team and product offerings in the near future. The Series A was led by Lightspeed Venture Partners, a technology-focused investor with broad exposure to blockchain, fintech and data analytics. Several other high-profile venture funds also participated in the raise, including Alameda Ventures, Blockchain.com, Pantera Capital, Coinbase Ventures, Castle Island Ventures and Intudo Ventures. With the funds, Pintu plans to hire additional talent, roll out new product offerings and fuel future …
Business / Aug. 9, 2021
Amber Group raises $300M to recover from FTX contagion
Amber has completed a new $300 million Series C funding round, led by blockchain-focused venture capital company Fenbushi Capital US, the firm announced on Twitter on Dec. 15. The new funding round comes as Amber has decided to pause its previous Series B funding and proceed with Series C instead due to FTX collapse. Prior to the failure of FTX, Amber was in process of completing an extension of its Series B at a $3 billion valuation. As previously reported, the company was planning to raise $100 million as part of the Series B funding, targeting to complete the round …
Bitcoin / Dec. 16, 2022
Galaxy Interactive raises another $325M fund aimed at metaverse and next-gen games
Galaxy Interactive, a venture capital firm focused on next-generation interactive technology, has announced it has raised $325 million for its second fund from 70 different investors. The fund is focused on virtual and augmented reality, artificial intelligence and blockchain-based games. In a Tuesday announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies, including Republic, 1047 Games, Elodie, Roar, Art Blocks and Masterworks, with other additional investments to be announced in coming months. Established in 2018 by general partners Sam Englebardt and Richard Kim, the company …
Technology / Oct. 20, 2021
Report: ICO Fundraising Plummeted 95% Year-Over-Year in 2019
A report published by research firm CB Insights has found that equity funding has dramatically overtaken initial coin offerings (ICOs) as the dominant means of finance in the blockchain space. While the largely unregulated ICO boom of 2018 raised $7.8 billion, initial coin offering funding fell more than 95% to raise $371 million in 2019. By contrast, equity funding raised $2.8 billion last year. The report also notes the rise of decentralized finance (DeFi), noting that there are currently more than $1 billion in assets on DeFi platforms — up from $300 million as of January 2019. Crypto firms are …
Decentralization / March 23, 2020
Polygon raises $450M in Sequoia-led funding round
Layer-2 scaling solution Polygon has raised $450 million in a funding round that was backed by some of blockchain’s biggest venture funds — offering further evidence that major investors are looking to support the future of Web3 development. The investment round was led by Sequoia Capital India with participation from more than 40 venture capital funds, including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Billionaire investor Kevin O’Leary also participated in the raise. Polygon will use the funding to expand its scaling solutions, which includes Polygon PoS, Polygon Edge and Polygon Avail, and support mainstream adoption …
Business / Feb. 7, 2022