Cobo: The Long-Awaited Chinese Wallet Raises $13 Million In Series A Funding

Meet Cobo, the new wallet service from China and a startup that is in the focus of the news on our DC Forecasts crypto news site this Saturday. According to recent reports, the startup has managed to raise $13 million in a Series A round and now expects global expansion.

What’s interesting is that Cobo already launched earlier this year – and since then managed to gain more than half a million users interested in Bitcoin and altcoin storage.

Based in Beijing, China, Cobo is a wallet startup that wants to expand to the United States as well as Southeast Asia – particularly in Indonesia and Vietnam. The Series A round was successful for Cobo, as the startup was led by the Chinese family office Wu Capital and DHVC throughout the round.

With the new $13 million in their bank, Cobo is now worth $20 million since its foundation in 2017, according to one press release.

There are two flagship products that this Chinese crypto startup holds right now – a cryptocurrency hardware wallet known as the Cobo Vault – as well as a multi-asset cryptocurrency software named Cobo Wallet.

What’s special about the Cobo Wallet, according to many, is the Proof of Stake mining rewards system that allows users to grow their digital assets, supporting PoS cryptocurrencies such as VeChain, Tron, Zcoin, Dash, LiteBitcoin, Decred and Ontology.

As the Managing Director of DHVC (who led the funding round), Judy Yan said:

“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors. The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit. We believe Cobo will lead an entirely new user experience for PoS coin holders.”

The Cobo Wallet also supports a couple of Proof-of-Work and Delegated-Proof-of-State coins and about 500 tokens. As such, it is proof that despite last year’s ban on cryptocurrency trading in China, it did not fail to introduce the domestic (and foreign) markets with a completely new wallet service.