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.
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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