Blockchain Security Firm, CoolBitX Raises Over $16 Million i...
Cryptocurrency, News

Blockchain Security Firm, CoolBitX Raises Over $16 Million in Series B Funding

CoolBitX, a blockchain security firm, has raised $16.75 million in Series B funding led by financial services giant, SBI Holdings. The Taiwan-based blockchain firm plans to use to newly injected capital to market its compliance solution, Sygna Bridge, outside the Asian region. 

Several notable investors such as Monex Group, Korean crypto exchange BitSonic also participated in fund raising. The Taiwanese government’s National Development Fund has also invested the crypto firm.

The president and CEO of SBI Holdings, Yoshitaka Kitao said in a press release that as one of the early investors in CoolBitX, his company is delighted to see the breakthroughs made by CoolBitX to drive the crypto industry forward. He added that his company is delighted to participate their second tranche of investment in CoolBitX.  

Founded in 2014, CoolBitX allows crypto exchanges to share and transmit required compliance data through an application program interface. It also has a CoolWallet S, a Bluetooth-enabled hardware wallet for storing cryptocurrencies. Notable exchanges like SBI VC Trade, Coincheck, BitPoint and BitSonic are currently using or testing CoolBitX’s solution.

CoolBitX helps crypto trading platforms to comply with Financial Action Task Force’s (FATF) proposed “travel rule”. This rule requires crypto exchanges to store and share details about the receiver and sender of transactions higher than $3,000. It aims to aid law enforcement agencies trace suspicious transactions. The FATF had set June 2020 as the deadline to implement its guidelines.   

coinmag

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.

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