Cobo[1], a cryptocurrency startup headquartered in Beijing, has raised US$13 million in a Series A funding round from DHVC and Wu Capital to further develop its consumer blockchain products and support the expansion of its product lines into additional markets globally.
Cobo offers two flagship consumer products: Cobo Wallet and Cobo Vault.
Cobo Wallet is a multi-asset cryptocurrency software wallet that rewards users for storing Proof-of-Stake (PoS) cryptocurrencies such as Dash, Lightning Bitcoin (LBTC) and ZCoin (XZC). The “staking” feature allows users to pool their Dash, LBTC or XZC to mine cryptocurrency rewards and enjoy regular returns.
Cobo’s staking pools leverage users’ collective PoS assets to increase the 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 Changhao Jiang, co-founder and CTO of Cobo.
“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.”
Besides the staking feature, Cobo Wallet supports 20+ chains including ETH, EOS, TRX, and 500+ multi-chain tokens. Users can choose to either register a cloud wallet with private keys backed up on the cloud, or generate their own HD wallet seed with private keys encrypted on their device. Cobo Wallet also features a native decentralized app (DApp) store.
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