Cobo founder on why he chose to move his company to Singapore

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In recent years, China has become a hotbed for cryptocurrencies. Recorded in mainland China from June 2021 to July 2022 Over US$220 billion in transaction value, to make it the top cryptocurrency market in East Asia. The country also ranks his 10th in Chainalysis’ 2022 Global Crypto Adoption Index, which finds its use of centralized cryptocurrency exchanges particularly strong.

Therefore, it should come as no surprise that China has also been home to many cryptocurrency companies serving global customers.

One such company was Cobo. Cobo is a digital asset manager that provides third-party storage and security services for digital assets. Founded in Beijing in 2017, the company will move to Singapore in 2021 and opened its new headquarters last September.

So what does the company offer for Singapore’s ambitions as a global cryptocurrency hub and what are its plans for the future?

What does Kobo actually do?

Simply put, digital asset custodians like Cobo help users securely store private keys while managing and transferring digital assets. But co-founder Diskus Fish realized that administrators can do much more.

While working on China’s first mining pool, F2Pool, Fish realized a potential problem many custodians could face.

“There have been a number of hacking incidents that have plagued the cryptocurrency community. Custodians represent a single point of failure if they are hacked because they hold the private keys of their customers. , decided to create a better solution: a storage service that offers users more than just storage.”

Co-Founder of Cobo, Discus Fish

To that end, he pitched the idea to Dr. Changhao Jiang, who developed Bihang, China’s first cryptocurrency wallet. The million-dollar idea was to create a flexible all-in-one his solution that outperformed anything on the market with risk management strategies and military-grade security. He argued that this would solve many existing problems faced by storage solutions on the market.

So, in 2019, they launched their first Wallet-as-a-Service service, Cobo Custody. We provide crypto wallet infrastructure to our clients, giving them access to over 60 different chains and 1,600 different tokens. Clients can also customize crypto wallets to suit their organization’s needs.

Examples of how companies can use Cobo to customize their wallet structure/Image credit: Cobo

One of Cobo’s attractions is that it gives organizations the opportunity to customize their wallets to fit their organizational structure. Clients can use this feature to minimize potential operational risks. Also, employees in your company can be assigned different privileges and roles based on their actual work.

By the end of the year, Cobo Custody had become the largest crypto custodian in China, with many Chinese crypto exchanges and mining pools as its customers.

Over the next few years, Cobo will develop two additional product services, NFT-as-a-service and DeFi-as-a-service.

Cobo’s NFT-as-a-service is an all-in-one NFT management platform that provides secure storage and management of NFT assets in much the same way as the Wallet-as-a-Service service feature. – Service capabilities help institutions participate in the DeFi world, enabling safe and efficient use of these protocols.

What is Cobo currently working on?

Cobo is now trying to create a shared wallet infrastructure using a dedicated blockchain known as Cobo Chain. This infrastructure supports multi-chain and multi-layer custody. This means users will be able to store tokens from different chains.

“The cryptocurrency world has evolved significantly over the last few years and Cobochain will help us stay relevant in the future.

One is that the value of digital assets has reached trillions of dollars.Cobo Chain allows users to plan their assets as owners want, without the involvement of lawyers or trusts, and to draw wealth to the next generation. can be inherited. ”

Co-Founder of Cobo, Discus Fish

total value of digital assets over the last few years
The total value of digital assets has increased over the past few years

Additionally, Cobo Chain will be wholly owned, controlled and empowered by the community through a decentralized autonomous organization.

Cobo is also in the process of applying for relevant licenses in Singapore and recently received a cybersecurity certification from Deloitte.

So far, Cobo has over 500 clients, including well-known companies such as Baidu, A&T Capital and Avalanche.

Last December, Cobo launched “Evolution”, an NFT project with MetaMask Institutional. This project will create Soulbound Tokens for clients, allowing other users to easily identify their wallets. Think of this as a blue check mark on Twitter or Instagram.

What plans does Cobo have for the future?

Cobo is now looking to expand its workforce at its new regional headquarters in Singapore, which will open in September 2022.

According to Cobo, they are “actively seeking out local institutions to assist students by offering and then contracting internships.”

The company also hopes to establish partnerships with established companies in Singapore’s vibrant financial sector.

“We look forward to bringing our expertise in blockchain and digital asset technology to businesses. Singapore has opened its borders to cryptocurrency in a global cryptocurrency hub. We hope that we can provide the infrastructure and develop the crypto ecosystem in Singapore.Providing businesses with a secure environment to access DeFi protocols and interact with smart contracts would be a good first step. prize.”

Co-Founder of Cobo, Discus Fish

For starters, Cobo is launching Superloop, an off-exchange custodian and payments network. This means less counterparty risk for traders, and for exchanges, it allows traders to fulfill their obligations before executing trades while still meeting regulatory requirements and providing an additional layer of security. make it possible.

In the future, Cobo will likely work on abstracting accounts, turning them into smart contracts with their own logic to define valid transactions.

Beyond corporations, Cobo is also looking to build strong relationships with MAS, the Singapore Blockchain Association, and the Singapore Federation of Manufacturers.

The company has invited Sopnendu Mohanty, Chief Fintech Officer of MAS, and Shadab Taiyabi and Chia Hock Lai, President and Co-Chairman of the Blockchain Association of Singapore, to the opening of the company’s new headquarters.

Grand opening of Cobo's new headquarters
Grand opening of new headquarters in Kobo, Singapore / Image credit: Kobo

Cobo may not be a very attractive company. Its founders are not the cocky ideologues you often see in cryptocurrencies.

Instead, Cobo builds what the industry needs and provides a secure infrastructure for the industry of the future. Industry needs a solid foundation, and Cobo provides just that. Perhaps the glamorous, get-rich-quick scheme is overrated – and we need to take a look at companies like Cobo to see what building the right company should look like.

Featured image credit: TechCrunch

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