Cobo raised $13 million funds-Cobo, a cryptocurrency wallet startup backed by F2Pool founder Mao Shixing, has raised $13 Million in its first series funding round. The purpose of raising funds is to expand its business overseas. The new funding comes after Cobo raised a total of $7 million in a seed round in October and also a pre-A round in December last year.
Cobo was founded jointly by Mao Shixing, who is also known as Discus Fish in the Chinese Crypto community. And Jiang Changhao, who was formerly an engineer at Google and Facebook. Jiang’s previous crypto wallet startup was acquired by OKCoin.
Mao dropped out of the college at the age of 23 and found F2Pool, which was one of the earliest mining pools in China and now owns 7 percent of the Global bitcoin hash rate.
The startup has around 80 employees and a huge customer base of 500,000. It has offered a staking-pool feature. Which has led to such a huge customer base of which around 80 percent are Chinese people.
The firm has cryptocurrencies based on proof-of-work mechanism as well as proof-of-stake crypto assets. The company merges them as pooling force to continue proof-of-stake mining. Users in the block are later rewarded proportionately.
Cobo is planning to expand its business to other developing economies since the Chinese market no longer has the initial huge potential, said CEO Mao.
He said, “We are now looking to recruit more engineers as we target to expand to Southeast Asian markets like Vietnam and Indonesia, as well as African countries.”
The company is coming up with a military grade vault system for wallets. According to a statement made by Liu Lixin, head of hardware at Cobo.
What is the specialty of the Cobo Vault?
Cobo raised $13 million funds-Cobo Vault has a special feature: when a physical force is applied to remove the chip in which the private keys are stored, the data inside the chip is automatically deleted. If the user wants to regain access to the data. There are mnemonic phrases (combination of words) that will be required to be converted into private keys. It looks like the production of the vaults will begin in December this year or January next year. Since the shipment of orders placed by Cobo for building the vaults is scheduled for December.