Asian blockchain security startup CoolBitX raised $16.75 million in Series B funding

Daniel Fowler
February 28, 2020

Korean cryptocurrency change Bitsonic, Monex Group, one other Japanese monetary group, and Taiwan's Nationwide Growth Fund additionally participated. SBI Holdings was among buyers participating in the Sequence A $13 million funding spherical in 2018, according to Gaby Hui, a spokeswoman for the corporation.

Introduced in October 2019, CoolBitX's Sygna Bridge lets cryptocurency trading platforms share and send compliance-related information through an application program interface (API).

Most established financial service providers are preparing to comply with the FATF's travel rule.

The latest round, which was led by SBI Holdings, values the company at $91 million.

Ou claims that his firm has firmly established its presence in Asia with over 11 digital asset exchanges committing to Memorandums of Understandings (MOUs) to use Sygna Bridge within their technology stacks. "As such, CoolBitX will be establishing a Sygna entity in Japan this year as we are committed to having open dialogues with local stakeholders".

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"As one of the early investors in CoolBitX, SBI Holdings is happy to see the breakthroughs made by the CoolBitX team to drive cryptocurrency adoption forward", SBI CEO Yoshitaka Kitao, said in the release. As such, we're delighted to take part in our second tranche of funding in CoolBitX.

"As a leading crypto exchange in South Korea, BitSonic is well-known for our ability to build a strong and loyal customer base", says BitSonic CEO Jinwook Shin.

Sygna is a compliance-oriented product line of the blockchain startup that provides crypto-based service providers ways to follow the regulatory standards and frameworks of the traditional financing industry.

The funding will also be used to continue to innovate the company's bluetooth enabled hardware wallet CoolWallet S with focus on top-of-the-line security, functionality, and usability.

The investment "shows that investors understand how global regulation and the tools necessary for virtual asset service providers to comply is key for crypto to shed its negative reputation, for institutional money to flow in, and for the industry to grow", Ou said. Its most popular product, however, is the Sygna Bridge, a software solution that allows crypto companies to adhere to FATF requirements.

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