CoolBitX Raises $16.75 Million in an SBI-Led Financing Round

CoolBitX, a crypto wallet and security startup, announced on Tuesday that it closed its Series B funding round after raising $16.75 million.

The round was led by Japanese financial conglomerate SBI Holdings along with participation from the National Development Fund of Taiwan, Korean crypto exchange BitSonic, and Japanese financial group Monex.

With the fresh proceeds, the Taiwanese firm has laid down its strategies for the year and will expand its the Sygna product line’s presence beyond the APAC region as the first-to-market FATF-compliant solution for virtual asset service providers (VASPs) around the world.

Sygna is a compliance-oriented product line of the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startup that provides crypto-based service providers ways to follow the regulatory standards and frameworks of the traditional financing industry.

“We are thrilled and encouraged by the support that we have received from our wider community of investors and partners on our journey,” Michael Ou, CEO of CoolBitX, commented on the development. “Through Sygna and CoolWallet S, we’re proud to develop the tools and infrastructure necessary to Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term 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.”

Rising demand for KYC/AML products

Although it entered the market with a hardware wallet, CoolBitX saw a gap in meeting the compliance needs for crypto services providers and launched Sygna last October. Per the press release, it has partnered with over ten exchanges, including SBI VC Trade, Coincheck, Bitbank, and BitSonic.

The startup will also establish a compliance-focused entity in Japan, boosting its ties with the local authorities.

“Sygna’s progress has been in line with the strides made in crypto KYC/AML in various Asian jurisdictions, especially Japan. As such, CoolBitX will be establishing a Sygna entity in Japan this year as we are committed to having open dialogues with local stakeholders,” Ou added.

“As one of the early investors in CoolBitX, SBI Holdings is happy to see the breakthroughs made by the CooBitX team to drive cryptocurrency adoption forward...The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries and we are proud to partner with CoolBitX on their journey to bring a secure and easy-to-implement system to the world,” Yoshitaka Kitao, president and CEO of SBI Holdings, said.