Coolbitx Secures $16.75M in Series B to Boost Expansion

Coolbitx Secures $16.75M in Series B to Boost Expansion

CoolBitX, Taiwan-based blockchain security startup, has announced securing $16.75 million in series B funding round.

Accordingly, the company has raised $30.25 million to date: $500,000 from seed funding round, $13 million from Series A and $16.75 million from the current round.

The series B round is led by Japan’s SBI Holdings, with support from Taiwan’s National Development Fund, Korean crypto platform BitSonic and Japan’s Monex Group.

Thus, CoolBitX will focus this year on new products that comply with new Financial Action Task Force (FATF) rules which stipulate that companies should collect customer information when transferring money between firms.

For his part, BitSonic CEO Jinwook Shin said:

“We believed it was necessary to be ahead of the regulatory curve and have a solution in place in anticipation of stricter AML regulations from the South Korean government.”

 “In the coming months, the South Korean government is expected to pass regulations that will change the country’s cryptocurrency landscape and this investment [in CoolBitX] allows us to be on top of these regulations,” he added.

Meanwhile, Monex CEO Oki Matsumoto said he sees a great potential in CoolBitX to boost the adoption of virtual assets.

Elsa Madrolle, international manager of CoolBitX said:

“We continue to closely monitor regulatory developments around the world in order to roll out each product or service to as broad a market as possible.”

 “Our plans are ultimately to expand globally,” he added.

CoolBitX to expand in Japan

CoolBitX plans to expand in Japan, especially as platforms in other countries accept Sygna Bridge solution.

Michael Ou. CEO of CoolBitX said:

“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.”

Earlier, Cryptolydian reported that Japan plans to join the countries seeking to benefit from the central bank digital currencies (CBDCs).

Meanwhile, China would be the first country to launch a CBDC named digital Yuan.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.