Blockchain product developer Cobo offers new services

Cobo, a leading developer of consumer blockchain products in China, on Wednesday unveiled new cloud services, in a move to better cater to institutional clients.

The new personalized services include Cobo Wallet-as-a-service and Cobo Staking-as-a-service. The former aims to help lower barriers for new blockchain business, and the latter is designed to provide institutional customers with digital asset storage services and value-added digital assets services, the company said.

Cobo's chief technology officer Jiang Changhao said as the blockchain sector is still at the early stage of development, many entrepreneurs need to spent a huge amount of money on the construction of basic infrastructure.

"The Cobo WaaS aims to reduce 90 percent of the costs for those blockchain entrepreneurs," Jiang said. "It will help blockchain startups streamline operations and build the infrastructure."

Combining the application of distributed data storage, encryption algorithms and other advanced technologies, blockchain offers an open and decentralized database of any transaction involving money, goods, property and several others. It provides a high level of security by creating a record whose authenticity could be verified by the whole community.

Cobo said the Cobo WaaS and Cobo StaaS are innovative services based on its custodial service, dubbed Cobo Custody. Through the decentralized storage of private keys in North America, Europe, Oceania and other regions in the globe, the new services will help protect the digital assets from the physical and systemic risks.

"Currently, staking has become the next target for many big name investors," Jiang added. "More than 80 percent of proof-of-stake blockchain projects and 40 percent of token suppliers have participated in the staking economy."

Mao Shixing, Cobo's chief executive officer, said with the booming staking economy, professional services digital assets custodial services will go mainstream.

Founded in 2017, the Beijing-headquartered company aims to be a one-stop shop for everything crypto. Its flagship software wallet, Cobo wallet, offers proof-of-stake pooling services. And the company also has also released an advanced military-grade cryptocurrency hardware wallet.

Last year, the company raised $13 million in its latest Series A financing, led by Danhua Capital and Wu Capital.