Asian blockchain security startup CoolBitX raised $16.75 million in Series B funding

Asian blockchain security startup CoolBitX raised $16.75 million in Series B funding led by Japanese financial services giant SBI Holdings. The startup wants to help the exchanges comply with FATF's travel rule via its solution Sygna Bridge.

The Taiwan-based blockchain security startup CoolBitX raised $16.75 million in Series B funding led by several notable investors. CoolBitX plans to market its compliance solution Sygna Bridge outside the Asian region. Monex Group, Korean crypto exchange BitSonic also invested in the startup.

 

CoolBitX helps exchanges comply with FATF’s travel rule.

Taiwan-based crypto startup CoolBitX helps crypto exchanges comply with Financial Action Task Force’s proposed “travel rule.” The rule requires crypto exchanges to store and share information about the sender and receiver of transactions above $1,000. The rule is meant to help law enforcement agencies track suspicious activities. Taiwanese government’s National Development Fund also invested in the crypto startup. 

 

The crypto startup was launched last year.

CoolBitX was launched in October last year, allowing exchanges to share and transmit required compliance data via an application program interface. SBI VC Trade, Coincheck, BitPoint, and BitSonic are some of the exchanges that use the crypto startup’s Sygna Bridge technology. Japan is among the largest for CoolBitX at the moment. With the new capital in place, the startup is looking to expand its services to new countries. FATF had set the deadline for June this year to implement its guidelines

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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