Cobo, a Singapore-based crypto asset management platform, raised a $40 million Series B to accelerate the development of decentralized finance as a service (DFaaS).

The round was co-led by DST Global, A&T Capital and IMO Ventures.

The company will use its proceeds for the development of DeFi as a service (DFaaS) infrastructure and its existing custody services such as wallet as a service (WaaS), trading and staking as a service (StaaS). The funding will also be used to apply for regulatory licenses to ensure strict compliance to the relevant anti-money laundering (AML) and counter the financing of terrorism (CFT) requirements.

Amid the growing interest for cryptocurrencies among Asian investors, institutional investors and retail investors are seeking diversification options to hedge against inflation and other risks, the company said in its statement.

To read more here.