Chinese startup Cobo raised $13 million this week in a Series A financing spherical led by DHVC and Wu Capital. The Beijing-based firm — established by Bihang pockets developer Changhao Jiang and Shixing “Discus Fish” Mao, the co-founder of F2Pool — stated it should use the funds to assist the worldwide growth of its two pockets choices.
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Global Expansion
Cobo has developed two important merchandise: a multi-asset software program pockets and a “military-grade” {hardware} pockets. The new funding spherical brings complete funding in the corporate to $20 million so far. Cobo plans to develop in the U.S. and several other Southeast Asia markets, significantly Vietnam and Indonesia.
The firm claims that greater than 500,000 individuals have downloaded Cobo Wallet because it was launched earlier this 12 months. It already helps greater than 30 main cryptocurrencies and 500 tokens. It also options a number of layers of safety, together with two-factor authentication, hot-cold servers and {hardware} safety module encryption.
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors,” stated Judy Yan, managing director of DHVC. “The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit.”
Bank-Grade Cold Storage
The firm also introduced that Cobo Vault, its {hardware} product, is now accessible for pre-order on Indiegogo for $479. It incorporates a “bank-grade” encryption chip, in addition to a tamper-proof self-destruct mechanism that wipes all saved personal keys and knowledge if somebody tries to bodily pressure the system open, in addition to different safety measures.
Cobo Vault also boasts a 4-inch LCD show with an IP68 waterproof ranking. The firm claims the product’s MIL STD-810G-certified (U.S. navy normal) brushed aluminum case is powerful sufficient to stay intact after being run over by a automobile. Cobo Vault handles transactions over the air by having customers scan a QR code, which adjustments dynamically.
“With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet,” stated Jiang, the corporate’s CTO. “Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can’t risk losing their investment.”
Does anybody actually need a military-grade or bank-grade {hardware} pockets? Share your ideas in the comments part below.
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