Founded in 2014 and based in Taiwan, CoolBitX builds cryptocurrency security products including the CoolWallet S Bluetooth hardware wallet and Sygna, a travel-rule compliance solution for VASPs. Sygna is designed to help virtual asset service providers meet the FATF "travel rule" by securely transmitting PII during transactions. The company says 12 cryptocurrency exchanges have signed memorandums of understanding and are using or testing Sygna, including SBI VC Trade, Coincheck, Bitbank, DMM Bitcoin, BITpoint, MaiCoin, BitoPro and Ace. CoolBitX says Sygna has been tested and proven by users, which the founder argues differentiates it from competitors. With the new funding, the company plans to expand Sygna’s presence beyond the Asia-Pacific region. The startup raised a $16.75 million Series B to support these efforts. CoolBitX, founded in 2014 and based in Taipei, Taiwan, makes the CoolWallet S, a credit-card-sized mobile secure cold-storage hardware wallet. The CoolWallet S features an e-ink display, a physical confirmation button, Bluetooth connectivity and 2+1 factor authentication security. The device is described as damage-proof (waterproof, heat- and cold-resistant, and tamper-proof) and supports over-the-air updates, currently supporting Bitcoin, Litecoin, Ethereum, XRP, Bitcoin Cash and ERC-20 tokens. CoolBitX provides native iOS and Android apps that offer a mobile dashboard to exchange, monitor, and store crypto. The company announced the U.S. launch of the CoolWallet S, a partnership with the Litecoin Foundation, and plans to open a U.S. office to expand its American presence. Financially, CoolBitX raised $13M in venture capital from multiple strategic backers. CoolBitX is a Taiwan-based company that builds the CoolWallet bitcoin hardware wallet and embedded security devices for protecting private keys. Its product includes signature authorization and verification mechanisms that synchronize with a smartphone, a built-in backup facility, and support for offline pass phrases to recover lost or stolen devices. The firm plans to use a recent $500,000 investment to create new implementations of its wallet security for IoT devices, the medical industry and other blockchain sectors where identity is paramount. Product roadmaps shown to CoinDesk include a secure communication system to encrypt smartphone files, a decentralized bitcoin exchange, and co-branded wallets with enterprise clients. CoolBitX also intends to develop a “blockchain medical record” that encrypts medical data with private keys and uses HD wallet architecture to offer different levels of access for institutions and staff. The company is positioning its CoolWallet technology as a more broadly applicable decentralized security protocol for non-cryptocurrency applications.

Total raised

$30M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2020