NEW YORK, Oct. 17, 2018 /PRNewswire/ -- Cobo, the leading developer of consumer blockchain products, today announced it has raised $13 Million USD in a Series A round of financing led by DHVC and Wu Capital. Cobo offers two flagship products for customers: Cobo Wallet, a multi-asset cryptocurrency software wallet that lets users securely grow their cryptocurrency holdings through Proof of Stake (PoS) mining rewards, and Cobo Vault, the world's first all-around secure, military-grade cryptocurrency hardware wallet. The new investment will support the global expansion of Cobo's product lines.
Cobo offers the first mainstream cryptocurrency wallet to provide financial incentives for storing PoS cryptocurrencies like DASH, XZC, TRX, LBTC, DCR, ONT, and VET. While Cobo supports most types of cryptocurrencies—PoW, PoS and DPoS—Cobo Wallet's core distinction is its ability to create PoS staking pools to mine cryptocurrency rewards for its users. Cobo's staking pools leverage users' collective PoS assets to increase its combined staking capacity for a higher chance to validate transactions on blockchains utilizing the PoS consensus mechanism. Users earn PoS rewards as new blocks are validated by the staking pool.
"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," said Cobo Co-founder and CTO Changhao Jiang. "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."
Since launching earlier this year, Cobo Wallet has attracted more than 500,000 users and supports over 30 major cryptocurrencies and 500 tokens. With the new injection of capital, Cobo is expanding to additional markets globally.
"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. We believe Cobo will lead an entirely new user experience for PoS coin holders."
Cobo Wallet features multiple layers of security, including two-factor authentication, hot-cold servers and HSM encryption. Users can easily switch from the PoS cloud wallet to Cobo's HD wallet, as well as access a native decentralized app (Dapp) store through the app.
Cobo's first hardware product, Cobo Vault, is available for pre-order on Indiegogo starting today. Designed to reliably safeguard users' cryptocurrency from digital security vulnerabilities and physical tampering, Cobo Vault introduces a new category of durable cold storage wallets that features a bank-grade encryption chip, proprietary BIP 32, 39, 44 compliant firmware, a tamper-proof self-destruct mechanism, and more. Cobo Vault retails for $479.
Cobo Vault reliably safeguards cryptocurrency from digital security vulnerabilities, while also utilizing one-of-a-kind functions to prevent physical tampering. The device's body boasts a 4-inch LCD display with an IP68 waterproof rating and a rugged, IK10 and MIL STD-810G certified, brushed aluminum case that can withstand a car driving over it. Cobo Vault includes a secondary level of hardware security that instantly triggers a self-destruct mechanism wiping all stored private keys and data in the event of an attempt to physically force open its body.
Cobo Vault's bank-grade encryption chip is designed from scratch, keeping private keys stored in the encryption chip at all times - the safest possible means of securing keys from hackers. Transactions on Cobo Vault are conducted over the air by scanning a dynamically changing QR code.
"With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet," said Changhao Jiang, Co-founder and CTO of Cobo. "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."
Cobo's mission is to help cryptocurrency investors grow their investments on their own terms. The company is the brainchild of two veteran blockchain entrepreneurs, Changhao Jiang, Co-founder and CTO, and "Discus Fish", Co-founder and CEO. Formerly a platform engineer at Facebook and Google, Jiang invented the 'Big Pipe' industry standard protocol for reducing website load times. He co-founded China's first cryptocurrency wallet Bihang, which was acquired by cryptocurrency exchange OKCoin in 2013. Also in 2013, Fish launched F2Pool, China's first mining pool and the largest multi-currency mining pool in the world today. The duo crossed paths during their early ventures, but it wasn't until 2017 when Jiang and Fish saw an inflection point in market maturity and demand for wallets, after which they joined forces to create Cobo.
Cobo is a leading developer of consumer blockchain products that make it easy for anyone to own and use cryptocurrencies. Cobo's flagship software wallet, Cobo Wallet, debuted in February 2018 and is the first Proof of Stake cryptocurrency wallet that passively earns cryptocurrency rewards for its users while supporting both a Cloud wallet and HD Wallet with an embedded DApp store. Cobo Vault is the world's first all-around secure cryptocurrency hardware wallet, with military-grade security. Cobo is headquartered in Beijing, with offices in Shanghai. For more information, please visit http://cobo.com.
Cobo America Ltd. provides cryptocurrency related services for retail and institutional customers. Cobo may not make its products and services available in all states and other jurisdictions pending necessary regulatory approvals. Please refer to our Customer Support page for details on the jurisdictions in which our products and services are currently available.