Hot Off the Press: New Funding for CoolBitX
In a recent announcement that could make any investor giddy with excitement, CoolBitX, the brains behind the cryptocurrency-storing CoolWallet, has snagged a cool $16.75 million in its Series B funding round. This funding spree was led by Japan’s SBI Crypto Investment Co. Ltd., alongside the Monex Group, BitSonic, and the National Development Fund of Taiwan. This latest injection of cash brings the company’s grand total up to $30.25 million, from a mix of seed and Series A investments. Talk about a money-making machine!
Sygna Bridge: A Game Changer for Compliance
CEO Michael Ou recently chatted with Cointelegraph about their star product, the Sygna Bridge, which is designed to help companies stay compliant with the Financial Action Task Force (FATF) regulations. Ou emphasized how the Sygna Bridge is like a friendly neighborhood superhero for Virtual Asset Service Providers (VASPs) to operate within the law across 200 jurisdictions.
“In the past, there was no such infrastructure to facilitate behavior [between crypto exchanges]…so we built Sygna Bridge,” Ou noted. This isn’t just about compliance; it’s about ensuring customer data is shared via secure channels, thereby combining user-friendliness with necessary regulations.
The FATF Deadline is Looming!
With the FATF deadline fast approaching, exchanges are scrambling to hop aboard the Sygna Bridge train. CoolBitX isn’t in this alone; partners like CipherTrace and Shyft Network are also racing against the clock to get exchanges compliant before the deadline locks in. This is like a crypto-themed episode of a reality show – the stakes couldn’t be higher!
Japan: The Next Frontier for CoolBitX
CoolBitX has its eyes on Japan for its next major expansion. As more exchanges worldwide start to accept the Sygna Bridge, the firm plans to establish a new Sygna entity right in the Land of the Rising Sun this year. Why Japan? According to Ou, Sygna’s progress has been aligned with ongoing improvements in crypto KYC/AML regulations in various Asian jurisdictions. It’s as if they’ve been reading the tea leaves!
What’s Next for CoolBitX?
So, what’s on the horizon for this ambitious company? Ou is bullish about the future, stating they’re not just aiming for a higher company valuation or raised funds. Instead, CoolBitX is championing the cause of mass crypto adoption. “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…” Maybe something involving unicorns? Well, not literally, but you get the idea!
