CoolBitX gets USD 16.7 million to make crypto more bank-friendly

Tuesday 25 February 2020 10:38 CET | News

CoolBitX, a crypto wallet and security startup, has raised USD 16.7 million in a round led by Japanese financial group SBI Holdings to enable Asia cryptocurrency exchanges work more like traditional banks.

The National Development Fund of Taiwan, Korean crypto exchange BitSonic, and Japanese financial company Monex have also joined the round. In 2020, the startup’s focus is on new products and features that comply with new rules from the Financial Action Task Force (FATF) that require businesses to collect and pass information about customers when transferring funds between entities.

Several Asian countries, including Singapore, South Korea and Japan, swiftly responded to the token boom of 2017 with regulatory proposals and enforcement, according to CoinDesk. As such, crypto companies in these regions must follow strict anti-money laundering (AML) and know-your-customer (KYC) procedures.

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Keywords: CoolBitX, funding, cryptocurrency, bank, Bitcoin, crypto exchange, Asia, AML, KYC
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Asia
This article is part of category

Blockchain & Cryptocurrencies