Beijing-based Cobo raised $13 million in Series A funding from DHVC and Wu Capital. The cryptocurrency startup plans to use the capital to expand its wallet offerings and enter new markets globally.
Beijing-based Cobo raised $13 million in Series A funding from DHVC and Wu Capital. The cryptocurrency startup plans to use the capital to expand its wallet offerings and enter new markets globally.
Cobo operates two main products. Cobo Wallet is a software wallet for multiple assets that rewards users for holding certain cryptocurrencies. The wallet supports staking, a mechanism that pools users' Proof-of-Stake tokens like Dash, Lightning Bitcoin, and ZCoin to validate transactions on their respective blockchains and claim fresh coins as rewards.
The wallet works with 20+ blockchains including Ethereum, EOS, and Tron, plus more than 500 tokens across those networks. Users can store their private keys either on Cobo's cloud servers or keep them encrypted on their own devices through a hardware-generated seed. A built-in decentralized app store lets users discover blockchain applications. Since its launch earlier this year, the wallet has attracted over 500,000 users.
Cobo's other product, Cobo Vault, is a hardware wallet aimed at maximum security. The device uses a bank-grade encryption chip that follows the BIP 32, 39, and 44 standards, keeping private keys locked inside the chip at all times. If someone tries to pry the device open, a self-destruct function erases all stored data. The wallet uses web-based authentication, updates firmware through a memory card rather than a USB connection, and has no USB port to block attacks. Users confirm transactions by scanning a QR code that changes with each action.
The case is made from rugged aluminum and features a 4-inch display with waterproofing to IP68 standards. Cobo designed it to withstand physical damage, even a car driving over it, and it carries military durability certifications. The Vault will support eight major cryptocurrencies including Bitcoin and Ethereum plus all ERC20 tokens, with more coins potentially added based on user requests. It retails for $479 and is now available for pre-order on Indiegogo.
Cobo's co-founders bring deep roots in the sector. Changhao Jiang served as a platform engineer at Facebook and Google before co-founding Bihang, the first cryptocurrency wallet in China. OKCoin, a major cryptocurrency exchange, bought Bihang in 2013. Jiang explained the opportunity the company identified: "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. 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."
Co-founder and CEO Shixing Ma, known in the industry as "Discus Fish," also leads F2Pool, which he launched in 2013 as China's first mining pool. F2Pool is now the world's largest multi-currency mining pool.
