Cobo, a Chinese crypto wallet startup, raised $13 million in Series A funding to expand globally. The company also developed Cobo Vault – the first hardware crypto wallet that has military-grade security features.
Launched earlier this year, their software crypto wallet, Cobo Wallet, already has over 500,000 users. The wallet can hold various cryptocurrencies and features enhanced security. It also allows users to grow their cryptocurrency holdings through Proof of Stake (PoS) mining rewards.
Taking the Cobo Concept Globally
Two companies leading the $13 million Series A funding are the USA-based DHVC and the Chinese Wu Capital. The Managing Director of DHVC, Judy Yuang stated:
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.
With the funding, Cobo will expand its operations to the US and South-East Asia, particularly Indonesia and Vietnam.
Cobo Wallet is the first product launched by Cobo. It allows users to store proof of state (PoS) and proof of work (PoW) coins. In addition to that, the software wallet can mine cryptocurrency rewards for users by creating staking pools.
Changhao Jiang, the co-founder and CTO of Cobo, talked about the rewards system:
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. 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.
The software wallet has several security layers such as:
- two-factor authentication,
- hot-cold servers,
- HSM encryption.
It can store over 30 cryptocurrencies and 500 tokens, such as: DASH, XZC, TRX, LBTC, DCR, ONT and VET.
Cobo Vault is the company’s first hardware cryptocurrency wallet. Built on 100% proprietary technology, the wallet has military-grade security, according to the company. Some of its features are:
- Bank grade encryption chip,
- Tamper-proof self-destructing mechanism,
- 4-inch display with IP68 waterproof rating,
- MIL STD-810G certified aluminum case withstanding a car driving over it.
The self-destruct mechanism is activated by the forced attempt to open the body. It then wipes all data and stored private keys.
Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can’t risk losing their investment, said Jiang.
You can pre-order Cobo Vault on Indiegogo at a discount price of $299. After that, it will retail for $479.
The Mind Power behind Cobo
Cobo was founded by two experienced blockchain specialists – Changhao Jiang and Discus Fish.
Changhao Jiang, Cobo’s CTO, worked as a platform engineer for Facebook and Google. He also invented the “Big Pipe” industry standard protocol for faster website loading. The protocol is now widely used by various Internet companies. In addition to that, in 2013, Changhao developed China’s first cryptocurrency wallet, Bihang, which he sold to OKcoin.
Company’s CEO, Discus Fish (real name Shixing Mao), is one of the China’s crypto pioneers. With his mining tutorials, he was the first to introduce cryptocurrency to China back in 2011. He was also a moderator of the first Chinese Bitcoin forum, BTCMAN, and the first Litecoin forum, LTCBBS. In 2013, Discus Fish co-founded the first mining pool in China, F2Pool.
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