Crypto Security Firm CoolBitX Raises $16.75m from Japan’s SBI, others

CoolBitX Technology, an international blockchain security company headquartered in Taiwan, has secured $16.75 million in its Series B funding round led by Japanese financial group SBI Holdings.

The funding round, which was also participated by the National Development Fund of Taiwan, Korean crypto exchange BitSonic, and Japanese financial group Monex, valued CoolBitX at $91 million, according to its chief executive officer, Michael Ou.

In a statement, CoolBitX said the fresh funding will help it achieve its strategy for 2020. These include the expansion of its Sign product line’s presence beyond the Asia Pacific region and further strengthen its market dominance in Asia. It will also continue to innovate its flagship product with a focus on top-of-the-line security, functionality, and usability.

Ou said the blockchain and cryptocurrency industry is at a critical juncture. He added that the rate of adoption and innovation in Asia is “undeniable” on the back of regulatory developments and investments in the past year.

“Jurisdictions that have passed bills defining a clear set of rules for the industry have seen major players in traditional finance enter the space, providing a clear blueprint for regulators around the world,” he said.

The latest funding round is a testament of CoolBitX’s vision to help the industry mature and foster the mass adoption of virtual assets,” Ou added.

More than ten exchanges have signed Memorandums of Understandings with CoolBitX, joining a consortium to begin or consider implementing Sign Bridge. These exchanges include SBI VC Trade, Coincheck, Bitbank, DMM Bitcoin, BITpoint, BitSonic, MaiCoin, BitoPro, Ace, and other exchanges throughout the Asia Pacific region.

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— CoolBitX (@coolbitx) February 24, 2020

Founded and based in Taiwan in 2014, CoolBitX has been at the helm of Taiwan’s crypto and financial technology revolution. As a fintech entrepreneur, Ou is immersed in the development of Taiwan’s fintech industry. He is also the chairman of SmartDisplayer Technology, a 20-year old family business and publicly traded company that pioneered banking security solutions.

Commenting on SBI Holdings Inc’s investment, president and CEO Yoshitaka Kitao said the borderless nature of digital assets requires a solution that is not bound by geographical boundaries.

“We are proud to partner with CoolBitX on their journey to bring a secure and easy-to-implement system to the world,” Kitao said.