Crypto Custodian Cobo Raises $40M in Series B Funding
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Cryptocurrency custodian Cobo has raised $40 million in a Series B funding round led by DST Global, A&T Capital, and IMO Ventures, the company announced on Twitter.

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The proceeds will reportedly be used to refine Cobo's DaaS (DeFi-as-a-Service) services, apply for regulatory licenses to meet anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance requirements. Cobo says it has served over 300 institutions, and now has such clients as Deribit, F2Pool, BitMart, and Pionex.

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Cobo wants to double its revenue to $200 million in 2022 as the company turned profitable last year, Co-Founder Mao Shixing told Bloomberg. In October 2018, Cobo also raised $13 million in a funding round led by DHVC and Wu Capital.

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