As per the latest reports, Cobo has announced the successful completion of a funding round. Cobo, a famous digital asset manager has confirmed that it has concluded the Series B funding round. From the funding round, it has generated $40 million.
Cobo has announced how it is going to utilize the proceeds from the funding round. According to Cobo, it is going to form new and convenient pathways for institutional investors to interact with products in the decentralized finance (DeFi) space.
When it comes to the adoption of cryptocurrencies and exposure to the DeFi space, the Asian-Pacific region has demonstrated great interest. This is the reason why the funding round was supported by so many investors from the Asian-Pacific region.
With the ever-growing DeFi market, institutional investors want to gain access and exposure to the DeFi markets. This is where digital asset managers like Cobo come in with their innovation and efforts to bring DeFi to mainstream investors.
For now, Cobo is aiming to bring institutional adoption for the DeFi sector from investors based in the Asian-Pacific region. However, mainstream institutions are cautious about direct exposure to cryptocurrencies. Therefore, Cobo provides such investors the ability to gain exposure to DeFi, in a risk-free environment.
Cobo has announced that it will also be using the funds from the funding round to develop an infrastructure known as DaaS (DeFi-as-a-Service). Through the platform, the mainstream institutional investors will be able to gain access to the products in the DeFi sector.
However, the DeFi platform will be regulated and compliant with the regulations such as KYC and AML. This would ensure that the institutional investors will be able to benefit from products through the DeFi space.
Cobo reportedly made the announcement of the completion of the funding round on Wednesday, September 29, 2021. The firm has announced that it will be using the proceeds from the funding round for the acquisition of licenses for regulations. The platform would also ensure that it fully adheres to the anti-money laundering (AML) requirements. According to Cobo, all the products it provides through the DeFi space would compliant with regulations.
The firm has ensured that through the DaaS capability, it will be able to provide a secure platform to the users to gain access to smart contracts in the DeFi space.
Cobo has confirmed that the Series B funding round was led by IMO Ventures, A&T Capital, and DST Global. In the Series A funding round, Cobo had reportedly generated $13 million. The Series A funding round was held by Cobo back in October of 2018. The company had held its first funding round after a year of being launched in the crypto market.