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Blockchain Security Firm Raised $16Mln to Build Solution For Regulatory Compliance

By Shannon Wilson | February 25, 2020
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Symbiont Raises $20 Million with Injects from Nasdaq, Citi

CoolBitX – the blockchain firm behind crypto-storing CoolWallet – has reported raised a significant amount of fund from a funding round, to financially support its growth. 

Specifically, CoolBitX has managed to attract Japan-based SBI Crypto Investment Co. Ltd., along with the Monex Group, BitSonic, and the National Development Fund of Taiwan, to invest $16.75 million, via a series B funding round. 

With the newly secured sum, CoolBitX has raised $30.25 million in total, $500,000 from a seed funding round, $13 million from Series A, and the rest is from the above-mentioned funding round. 

The funds will reportedly be directed to further the development of Sygna Bridge – the signature tool of CoolBitX in its efforts to be compliant with the Financial Action Task Force’s (FATF) regulations, as revealed by head of CoolBitX, Michael Ou. 

Sygna is a solution that equip Virtual Asset Service Providers with proper licenses and registrations, across 200 international jurisdictions, to remain 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 final date to achieve compliance status with the FATF’s travel regulations is drawing closer in numerous nations. Up to now, a significant number of crypto exchanges have already chosen, or are looking into implementing Sygna Bridge to resolve this issue. CipherTrace and the Shyft Network are also working with exchanges before the deadline.

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