Chinese startup Cobo raised $13 million this week in a Series A financing round led by DHVC and Wu Capital. The Beijing-based company — established by Bihang wallet developer Changhao Jiang and Shixing “Discus Fish” Mao, the co-founder of F2Pool — said it will use the funds to support the international expansion of its two wallet offerings.
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Cobo has developed two main products: a multi-asset software wallet and a “military-grade” hardware wallet. The new funding round brings total investment in the company to $20 million to date. Cobo plans to expand in the U.S. and several Southeast Asia markets, particularly Vietnam and Indonesia.
The company claims that more than 500,000 people have downloaded Cobo Wallet since it was launched earlier this year. It already supports more than 30 major cryptocurrencies and 500 tokens. It also features multiple layers of security, including two-factor authentication, hot-cold servers and hardware security module encryption.
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors,” said Judy Yan, managing director of DHVC. “The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit.”
Bank-Grade Cold Storage
The company also announced that Cobo Vault, its hardware product, is now available for pre-order on Indiegogo for $479. It features a “bank-grade” encryption chip, as well as a tamper-proof self-destruct mechanism that wipes all stored private keys and data if someone tries to physically force the device open, in addition to other security measures.
Cobo Vault also boasts a 4-inch LCD display with an IP68 waterproof rating. The company claims the product’s MIL STD-810G-certified (U.S. military standard) brushed aluminum case is strong enough to remain intact after being run over by a car. Cobo Vault handles transactions over the air by having users scan a QR code, which changes dynamically.
“With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet,” said Jiang, the company’s CTO. “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.”
Does anyone really need a military-grade or bank-grade hardware wallet? Share your thoughts in the comments section below.
Images courtesy of Cobo.
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