Taiwanese blockchain startup CoolBitX nets $16.8m in SBI-led round

CoolBitX, a Taiwan-based blockchain security company, announced that it has raised US$16.8 million in a series B funding round led by existing investor SBI Holdings.

The National Development Fund of Taiwan, Korean crypto exchange BitSonic, and Japanese financial group Monex also participated in the round.

Photo credit: CoolBitX

The company plans to use the new funds to expand the presence of its Sygna product line beyond Asia Pacific and continue to develop its flagship product, CoolWallet S.

Founded in 2014 by Michael Ou, CoolBitX provides solutions for the blockchain industry to foster the adoption of virtual assets through its products.

CoolWallet S is a credit card-sized hardware wallet that can be paired with users’ mobile phones via bluetooth. The Sygna line of products, on the other hand, are tailored toward virtual asset service providers (VASPs), simplifying the process for VASPs to meet the compliance standards of the traditional financial industry. Ou said that CoolBitX will be establishing a Sygna entity in Japan this year.

“The blockchain and cryptocurrency industry is at a critical juncture. In the global blockchain race, the rate of adoption and innovation in Asia is undeniable, witnessed by regulatory developments and investments in the past year,” said Ou.

Last year, the Financial Action Task Force (FATF) released its latest standards to combat money laundering and terrorist financing, where a new rule requires crypto exchanges to collect and transfer customers’ personal information during transactions. CoolBitX launched its Sygna Bridge solution to help VASPs become FATF-compliant.

CoolBitX’s latest funding round follows the company’s US$13 million raise in 2018, which was also led by SBI.