CoolBitX Raises USD $16.75M in Series B Funding

Darnell Taylor
February 27, 2020

The leader within this funding round was the Japanese financial conglomerate company, SBI Holdings.

Korean cryptocurrency trade Bitsonic, Monex Group, one other Japanese monetary group, and Taiwan's Nationwide Growth Fund additionally participated.

CoolBitX founder and CEO Michael Ou informed TechCrunch in an e-mail that Sygna's deployment helps differentiates it from opponents like Shyft and Ciphertrace, which additionally supply journey rule compliance options, as a result of it has been examined and confirmed by customers. The other is called called Sygna, a solution created to help virtual asset service providers (VASPs) become compliant with a new rule passed past year by the Financial Action Task Force (FATF).

Based in 2014, CoolBitX makes two merchandise.

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Most established financial service providers are preparing to comply with the FATF's travel rule. The rule requires crypto exchanges to store and share information about the sender and receiver of transactions above $1,000.

Ou claims that his firm has firmly established its presence in Asia with over 11 digital asset exchanges committing to Memorandums of Understandings (MOUs) to use Sygna Bridge within their technology stacks. Japan is among the largest for CoolBitX at the moment.

"As one of the early investors in CoolBitX, SBI Holdings is happy to see the breakthroughs made by the CoolBitX team to drive cryptocurrency adoption forward", Yoshitaka Kitao, SBI's CEO, said in the release.

A software solution Sygna Bridge that helps virtual asset service providers - firms that deal in digital assets such as Bitcoin - comply with new guidelines from the inter-governmental Financial Action Task Force a year ago to combat money laundering. "Through Sygna and CoolWallet S, we're proud to develop the tools and infrastructure necessary to bridge the gap between the mainstream market and crypto industry". For VASPs licensed or registered in any of the 200 global jurisdictions committed to FATF Recommendations, Sygna Bridge is a first-to-market solution that simplifies the complex and labor-intensive task of meeting the "travel rule" as defined in FATF Recommendation 16 and the BSA's funds transfer rule.

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