Crypto asset manager Cobo raises $40M to launch DeFi-as-a-service
Summary
Digital asset manager Cobo has raised $40 million to advance institutional pathways to decentralized finance products, offering compelling evidence that more Asia-Pacific investors are seeking secure access to the DeFi market. The investment round, which was led by DST Global, A&T Capital and IMO Ventures, builds off a successful Series A fundraiser that generated $13 million for Cobo in October 2018. Discus Fish, Cobo’s founder and CEO, said the new DaaS infrastructure is being developed at a time of growing demand for crypto assets across Asia. In more advanced Asian markets, cryptocurrencies are seen as an investable asset class, but in emerging nations like Vietnam, Malaysia and the Philippines, remittance payments are a major driving force of adoption. On Wednesday, it was reported that the indebted developer had “resolved” a scheduled payment issue, easing some of the selling pressure from risk assets such as stocks and cryptocurrencies.