CoolBitX, the developer of CoolWallet, which stores cryptocurrencies, continues to be popular with investors. According to recent news, the Taiwanese startup has announced that it has received additional funding for expansion.
Led by Japan SBI Crypto Investment Co., Ltd., Monex Group, BitSonic and Taiwan Development Fund, CoolBitX received USD 16.75 million in Series B funding. To date, the company has raised $ 30.25 million: $ 500,000 in seed funding, $ 13 million in Series A funding, and the most recent funding round.
With this new funding, Michael Ou, CEO of CoolBitX, has an opinion on the future of Sygna Bridge. Sygna Bridge is the company's signature solution to the Financial Action Task Force (FATF) regulations. Sygna allows virtual asset service providers licensed or registered in any of the 200 global jurisdictions to meet regulatory requirements while also being easy to use.
"In the past, there was no such infrastructure to facilitate behavior (between crypto exchanges). So we built the Synga Bridge … whenever we trade for our customers, we share it in private and secure channels Customer Information."
In many countries, the deadline to comply with FATF rules is rapidly approaching. As of today, many cryptocurrency exchanges have started or are considering implementing the Sygna Bridge to meet this compliance. CipherTrace and Shyft Network are also working with exchanges before the deadline.
CoolBitX's 2020 strategy
As Sygna Bridge is increasingly accepted by exchanges in other countries, Japan may be the next major expansion for CoolBitX.
"Sygna's progress is in line with the progress made by various Asian jurisdictions (especially Japan) in crypto KYC / AML. Therefore, CoolBitX will establish a Sygna entity in Japan this year as we are committed to open dialogue with local stakeholders . "
Although the B round of investment will definitely give Synga a boost, CoolBitX has a higher vision. Ou discussed what this funding means for the future of his company:
"We are looking for annual growth. I am sure that by the end of this year we will release more product news as we will launch more product lines that will help the company grow. Overall, we want to achieve It's not just about valuing the company or the funds we raise. We want to promote widespread adoption in the crypto space. "