The capital will help launch the company’s hardware crypto-wallet, Cobo Vault.
The crypto wallet start-up Cobo has secured $13m in Series A funding. The money will be used to launch two new products: Cobo Wallet and Cobo Vault. The fundraise was led by DHVC and Wu Capital which have have taken an interest in the platform’s products.
Cobo Wallet, launched back in March, enables its users to invest and trade in all the major cryptocurrencies. The wallet also provides Proof of Stake mining rewards. Essentially, this means those with a successful mining background will be able to “stake” their mined coins to build new blocks on the blockchain and gain a reward.
The more intriguing and physical product the company has to offer is the Cobo Vault, a “military standard” hardware crypto wallet. Available to pre-order, the physical wallet securely holds crypto-keys and data, taking them out of the reach of online attackers.
Removing the risks of digital theft, the mechanism also eliminates the physical threat with its self-destructing mechanism. All private keys and data are wiped in the event the wallet is tampered with. It’s waterproof, tamper proof and can withstand a car driving over it, so try not to lose the access code.
Changhao Jiang, Co-founder of Cobo, said in a statement: “With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet. Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can't risk losing their investment.”