Singapore-based crypto asset manager Cobo has raised a $40m Series B funding round from investors including DST Global, A&T Capital and IMO Ventures.
The latest round follows the firm’s $13m a Series A funding in October 2018, which was led by DHVC and China’s Wu Capital.
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Cobo was founded in 2017 as a blockchain infrastructure provider and crypto wallet.
The firm later expanded to provide custodial services to corporate customers including Bitcoin mining pools and exchanges.
It primarily caters to large institutional investors across the Asia-Pacific region.
The new capital will support Cobo’s plans to expand its service and offerings. This includes the planned rollout of a DeFi as a Service (DaaS) product.
This DaaS solution will allow institutions and their customers to access decentralised finance offerings in accordance with the compliance standards, according to the firm.
Cobo said that it will use the new capital to obtain regulatory licenses.
The move comes as the demand for secure access to the DeFi market continues to grow among Asian investors.
Cobo co-founder Mao Shixing said: “In the past, we’d witnessed crypto applications evolve from Bitcoin to DeFi and now NFTs. In due time, I even foresee metaverses will be next to be developed on the blockchain.
“So, looking ahead, we have the foundational infrastructure in place that will enable us to serve 1,000 institutional investors.”
Cobo, which currently serves 300 institutional investors, has processed $20bn in transactions through its platform.
The firm is expecting to double its revenue to $200m in the next year.
Earlier this month, digital asset investment platform Aspen Digital raised $8.8m in pre-A financing round led by anchor investors RIT Capital Partners, and Liberty City Ventures.
