The Taiwan-based startup responsible for CoolWallet plans to use the funding to expand to new markets.
CoolBitX, creator of the cryptocurrency-storing CoolWallet, continues to be popular with investors. In a press release today, the Taiwan-based startup announced that it had secured additional funding for expansion.
Led by Japan-based SBI Crypto Investment Co. Ltd., the Monex Group, BitSonic, and the National Development Fund of Taiwan, the group provided CoolBitX $16.75 million from the Series B funding round. To date, the company has raised $30.25 million: $500,000 from a seed funding round, $13 million from Series A, and the most recent round.
With this new funding ready, CEO of CoolBitX Michael Ou spoke to Cointelegraph on the future of Sygna Bridge, the company’s signature solution to the Financial Action Task Force’s (FATF) regulations. Sygna allows Virtual Asset Service Providers licensed or registered in any of the 200 global jurisdictions to be regulatory compliant while still being user friendly.
“In the past, there was no such infrastructure to facilitate behavior [between crypto exchanges]. So we built Synga Bridge… whenever we make a transaction for our customers, we share customer information in a private and secure channel.”
The deadline for complying with the FATF’s travel rule is rapidly approaching in many countries. As of today, numerous crypto exchanges have already begun or are considering implementing Sygna Bridge to meet this compliance. CipherTrace and the Shyft Network are also working with exchanges before the deadline.
CoolBitX’s strategy for 2020
Japan may be the next major expansion for CoolBitX as Sygna Bridge becomes more accepted by exchanges in other countries.
“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.”
While the Series B investment will certainly be a boost for Synga, CoolBitX has its sights set higher. Ou discussed what this funding would mean for the future of his company:
“We are looking for more growth every year. I’m sure even by the end of this year we will have even more news to share because we are rolling out more product lines which will help the growth of our company. Overall what we want to achieve is not just a valuation of the company or the funds that we raise. We want to foster the mass adoption of crypto space.”
