CoolBitX, a blockchain security company building the infrastructure necessary to close the gap between the mainstream market and crypto industry, closed a $16.75 million Series B funding round, led by SBI Holdings, with participation from the National Development Fund of Taiwan, BitSonic, and Monex.
CoolBitX provides solutions for the blockchain industry in order to foster the mass adoption of virtual assets through its two product lines: CoolWallet S and Sygna. CoolWallet S is a Bluetooth-enabled hardware wallet for cryptocurrency. Sygna is a solution created to help virtual asset service providers (VASPs) become compliant with a new rule passed last year by the Financial Action Task Force (FATF).
With the latest funds, the company plans to expand its Sygna’s presence beyond the Asia-Pacific region. The startup says that more than ten cryptocurrency exchanges (including SBI VC Trade, Coincheck, Bitbank, DMM Bitcoin, BITpoint, MaiCoin, BitoPro, and Ace) have already signed memorandums of understanding with it and are currently using or testing Sygna.
Michael Ou, CEO of CoolBitX, said: “The blockchain and cryptocurrency industry is at a critical juncture. In the global blockchain race, the rate of adoption and innovation in Asia is undeniable, witnessed by regulatory developments and investments in the past year. Jurisdictions that have passed bills defining a clear set of rules for the industry – especially those surrounding KYC and AML – have seen major players in traditional finance enter the space, providing a clear blueprint for regulators worldwide.”
“Through Sygna and CoolWallet S, we’re proud to develop the tools and infrastructure necessary to bridge the gap between the mainstream market and crypto industry. This latest funding round is a testament to our vision to help the industry mature and foster the mass adoption of virtual assets.”