Cobo Crypto Wallet Gets $13M Investment and Launches Cold Storage Vault
The Cobo Crypto Wallet Has Received a $13 Million Investment
Cobo is a developer of consumer blockchain products. It makes it easy for anyone to use and own crypto. It recently announced that it had raised USD 13million in Series A financing round. DHVC and Wu Capital led the funding round.
The Purpose of the Funding Round
This investment will support the growth of Cobo’s line of products across the world. Cobo has two flagship products for its consumers. The Cobo wallet is a multi-asset crypto software wallet. This wallet allows users to grow their holding via the proof of stake mining. The other product is the Cobo Vault that is an integrated and secure military-grade hardware storage.
Cobo will offer the first mainstream crypto wallet that offers financial incentives to store PoS crypto coins such as TRX, XZC, DASH, DCR, LBTC, ONT, and VET. While Cobo can support more types of crypto: PoW, PoS, and DpoS.The core distinction of the Cobo wallet is that it can create PoS staking pools. These pools are used to mine crypto rewards for the users.
The Cobo staking pools leverage the collective PoS assets of users to increase the combined staking capacity. This ensures they have a high chance of validating transactions on the blockchain using PoS. The users will then earn the PoS rewards when new block are validated in the staking pool.
According to the CTO of Cobo Changhao Jiang, crypto has come a long way since he first ventured into it five years ago. He claimed that while he was excited to see the crypto enthusiasm on the rise globally, most crypto assets are still dormant in exchanges or wallets. This has led to many lost opportunities.
He said that Cobo’s goal was to create a reward system that would leverage the dormant crypto assets to ensure investors can earn from them. As a result, it would accelerate the growth of the crypto world.
Since it was launched earlier in 2018, the Cobo wallet has about 500,000 users. It supports over 30 major crypto coins and 500 tokens. With the latest capital injection, Cobo will expand to additional regions around the world.
According to the Managing Director at DHVC, the unique approach by Cobo will redefine the concept of crypto management and create great opportunities for the investors. The team utilizes their blockchain experience to safeguard the assets of users. At the same time, it generates returns for them. He concluded by saying that he believed Cobo would create a revolutionary experience for the PoS coin holders.
The Cobo Wallet has numerous security layers that include two-factor authentication, hot-cold servers, and HSM encryption. Users are able to switch from the PoS cloud wallet to the HD wallet. Besides that, they can access a native DApp store via the app.
The Cobo Vault
The Cobo Vault is the first hardware product from Cobo. It can be pre-ordered on indiegogo. It is designed to safely store a user’s crypto from digital security threats and physical harm. The wallet features a bank-grade encryption chip and firmware that is BIP 32, 39, and 44 compliant.