Blockchain Security Tech Startup Raises $16.75 Million in Series B

Blockchain startups are raising good capital from investors and this doesn’t seem to be slowing down any moment soon. Blockchain security startup named CoolBitX has successfully raised over $16.75 million in Series B funding after a successful pitch. The investment was made by a VC firm SBI Holdings based in Japan. The firm is a returning investor in the project and is looking to be a part of the company and the tech for foreseeable future. Other cryptocurrency startups including a Korean exchange named BitSonex and a Japanese fintech startup Monex Group also participated in the Series B funding as well.

CoolBitX was founded in 2014 and has two viable products currently on offer including a Bluetooth enabled hardware wallet for Bitcoin and other popular cryptocurrencies and Sygna, a digital product that allows Virtual Asset Services Providers (VASPS) to become compliant with the latest regulations enforced by the global anti terror watchdog the Financial Action Task Force (FATF). The service allows the crypto asset service providers to become fully compliant with the Personally Identifiable Information which was mandated by the task force to be implemented by June 2020. This solution alone has garnered much interest in the company as exchanges were scrambling to get up-to-date with the latest regulations.

Funded by the $16.75 million, CoolBitX aims to expand its currently limited market in the Asia Pacific to around the world. According to the company, more than 12 exchanges have already agreed in principle to use its service for the latest FATF regulations including SBI VC Trade, Coincheck, Bitbank, DMM Bitcoin, BITpoint, MaiCoin, BitoPro and Ace.

CoolBitX founder and CEO Michael Ou in an interview with TechCruch said:

“By focusing on seamless user experience, maximum security during the transmission of data, Sygna aims to facilitate the mainstream adoption of the crypto currency.”

It is good to see blockchain companies attracting record investment in investment series around the world. By making the current generation of cryptocurrency exchanges fully compliant with international regulations, they make sure that the industry is seen as a viable, legitimate sector that can rise to the challenges of government regulation and still thrive.

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