Cobo, the leading developer of consumer blockchain products, today announced it has raised $13 Million USD in a Series A round of financing led by DHVC and Wu Capital. Cobo offers two flagship products for customers: Cobo Wallet, a multi-asset cryptocurrency software wallet that lets users securely grow their cryptocurrency holdings through Proof of Stake (PoS) mining rewards, and Cobo Vault, the world’s first all-around secure, military-grade cryptocurrency hardware wallet. The new investment will support the global expansion of Cobo’s product lines.
Cobo offers the first mainstream cryptocurrency wallet to provide financial incentives for storing PoS cryptocurrencies like DASH, XZC, TRX, LBTC, DCR, ONT, and VET. While Cobo supports most types of cryptocurrencies—PoW, PoS and DPoS—Cobo Wallet’s core distinction is its ability to create PoS staking pools to mine cryptocurrency rewards for its users. Cobo’s staking pools leverage users’ collective PoS assets to increase its combined staking capacity for a higher chance to validate transactions on blockchains utilizing the PoS consensus mechanism. Users earn PoS rewards as new blocks are validated by the staking pool.
“Crypto has come a long way since I first ventured into this space five years ago. While I’m excited to see that crypto investment and enthusiasm is on the rise globally, a majority of crypto assets remain dormant in an exchange or wallet for extended periods of time, which creates many lost opportunities,” said Cobo Co-founder and CTO Changhao Jiang. “As crypto becomes widely recognized as a legitimate financial instrument, our goal is to provide a rewards system that leverages unutilized assets to enrich investors and accelerate the growth of the entire crypto ecosystem.”
Since launching earlier this year, Cobo Wallet has attracted more than 500,000 users and supports over 30 major cryptocurrencies and 500 tokens. With the new injection of capital, Cobo is expanding to additional markets globally.
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors,” said 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. We believe Cobo will lead an entirely new user experience for PoS coin holders.”