Cobo’s goal is to make it easier for everybody to possess and use cryptocurrencies; While there are many wallets out there, nothing has focused exclusively on a problems that new cryptocurrency adopters face when they initial confirm to deposit in crypto.
May 07, 2018
Cobo Wallet, a managed wallet product, announced their pre-Series A appropriation turn from creditable early-stage Chinese try collateral firms, Linear Venture, FreeS Fund and IMO Ventures.
Launched late Feb in China this year, Cobo has already acquired tighten to 100,000 users. The mobile program wallet app already supports over 20 cryptocurrencies such as BTC, BCH, ETH, LTC, ZEC, DASH and more, with other localized facilities such as promulgation cryptocurrency “red packets” to friends – a informative pitch of gift-giving during special occasions where a Chinese give income in a red envelope.
“Cobo’s goal is to make it easier for everybody to possess and use cryptocurrencies,” pronounced Shixing “Shenyu” Mao, co-founder of Cobo, saying that, “While there are many wallets out there, nothing has focused exclusively on a problems that new cryptocurrency adopters face when they initial confirm to deposit in cryptocurrency.”
Accordingly, a pivotal differentiating factors for Cobo wallet are user knowledge and security. With an harsh concentration on palliate of use and relatable features, Cobo allows users to simply send and receive, store and conduct mixed cryptocurrency. Beyond that, users are now means to attend and correlate with new Proof-of-Stake tokens directly in a app, such as fasten a staking pool and holding advantage of intelligent voting facilities for Delegated Proof-of-Stake tokens.
This incursion into Proof-of-Stake capabilities is an prolongation of a knowledge that Shenyu has amassed in a cryptocurrency space given he stumbled into it in 2011. He is also a owner of f2pool, that was a world’s largest cryptocurrency Proof-of-Work mining pool in 2013, and that now ranks as a tip 5 in Bitcoin mining, tip 2 in Ethereum, Litecoin and ZCash.
Cobo is a managed wallet, definition that it helps users to conduct their open and private keys. In this way, users will not run a risk of losing their cryptocurrency if they remove their phone or forget their seed phrases, a stream customary in many wallets today. As an example, if users forget their internet banking user name or cue today, a bank can collect it for them; similarly, with Cobo, users simply need to register an account, and take stairs to strengthen your phone, remuneration cue and capacitate two-factor authentication. This sold set-up empowers non-technical users to get started in cryptocurrency with a elementary and informed set of interactions.
The core disproportion in a confidence record for Cobo is a approach that users’ cryptocurrencies are handled. The wallet uses HSM encryption, a customary widely used by blurb banking, trading, and credit label systems, and a multi-signature cold wallet. With Cobo, there is a earthy siege of a cryptocurrency entrusted to Cobo by users, where these cryptocurrencies are placed in cold storage until a user requests for their cryptocurrencies to be behind online again to be used. Sophisticated algorithms can establish if such a ask is fake or valid, while a structure of a complement accounts for several network risks.
Helming a assign on record is Changhao Jiang, who was formerly a co-founder of a initial cryptocurrency wallet association in China, Bihang.com, that was acquired by OKCoin (now famous as OKex). He was an early comparison investigate scientist during Facebook, as one of a beginning Chinese engineers there, where he worked on a BigPipe custom that drastically softened Facebook site speed by during slightest twice. The association is headquartered in Beijing, with offices in Shanghai and Seattle.
Wang Huai, a first partner of Linear Venture and lead financier in Cobo, shared, “Building a good cryptocurrency wallet product is really not an easy path, though we resolutely trust that a marketplace is prepared for a association such as Cobo to scale.” He values a marketplace for digital item wallet services and products during over $15B.
Shenyu adds, “The attention for cryptocurrency wallets, and cryptocurrency and blockchain in general, is still really nascent. While other wallets perspective it usually as an entrance indicate to several blockchain ecosystem services, we trust in stability to build a best probable item government product for a users.”
As such, Cobo’s destiny skeleton embody extensive item government and cryptocurrency use. With a blast of decentralized applications and cryptocurrencies with proof-of-stake various mechanisms, Cobo is now well-positioned to yield products opposite a spectrum to a burgeoning cryptocurrency market, generally with this new appropriation round.
For some-more information, greatfully contact:
Spencer Yang, VP International
Cobo Global Limited