To date, the company has raised $30.25 million: $500,000 from a seed funding round, $13 million from Series A, and the most recent round.
CoolBitX secured $16.75 million from the Series B funding round led by:
The National Development Fund of Taiwan
CEO of CoolBitX Michael Ou said:
“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.”
Sygna allows Virtual Asset Service Providers licensed or registered in any of the 200 global jurisdictions to be regulatory compliant while still being user-friendly.
Japan may be the next major expansion for CoolBitX as Sygna Bridge becomes more accepted by exchanges in other countries.
“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.”
While the Series B investment will certainly be a boost for Sygna, CoolBitX has its sights set higher.
Ou discussed what this funding would mean for the future of his company:
“We are looking for more growth every year. I’m sure even by the end of this year we will have even more news to share because we are rolling out more product lines which will help the growth of our company. Overall what we want to achieve is not just a valuation of the company or the funds that we raise. We want to foster the mass adoption of crypto space.”
Source: Cointelegraph.com | Image Credit: CoinDesk