Cobo, a Beijing-based cryptocurrency wallet startup, has closed a $13 million Series A funding round in its bid to expand its services overseas.
The company announced the latest equity financing on Wednesday, which is backed by Danhua Venture Capital, the NEO Foundation and Wu Capital, a China-based family office and limited partner in funds created by investment firms like Sequoia China.
Launched in November 2017, Cobo was founded by Mao Shixing, a.k.a Discus Fish in the Chinese crypto community, and a former Google and Facebook engineer named Jiang Changhao, whose previous crypto wallet startup Bihang was acquired by OKCoin in 2013.
Mao is also an early-stage bitcoin investor who dropped out of college at the age of 23 to found F2Pool in 2013, one of the earliest mining pools in China that now owns about 7 percent of the global bitcoin hash rate.
Cobo, which now has about 60 people on staff, said the wallet service has been able to amass around 500,000 users – 80 percent of whom come from China – since the app went live early this year, thanks to its offering of a staking pool feature.