CoolBitX, creator of the cryptocurrency-storing CoolWallet, continues to be popular with investors. In a press release today, the Taiwan-based startup announced that it had secured additional funding for expansion.

Led by Japan-based SBI Crypto Investment Co. Ltd., the Monex Grouping, BitSonic, and the National Development Fund of Taiwan, the group provided CoolBitX $sixteen.75 million from the Series B funding round. To date, the company has raised $30.25 million: $500,000 from a seed funding circular, $xiii million from Series A, and the most recent round.

With this new funding ready, CEO of CoolBitX Michael Ou spoke to Cointelegraph on the future of Sygna Span, the company'due south signature solution to the Financial Activity Chore Force's (FATF) regulations. Sygna allows Virtual Asset Service Providers licensed or registered in whatever of the 200 global jurisdictions to exist regulatory compliant while still being user friendly.

"In the past, there was no such infrastructure to facilitate beliefs [between crypto exchanges]. So nosotros congenital Synga Bridge... whenever we brand a transaction for our customers, nosotros share customer information in a individual and secure channel."

The deadline for complying with the FATF's travel rule is chop-chop approaching in many countries. As of today, numerous crypto exchanges have already begun or are considering implementing Sygna Bridge to encounter this compliance. CipherTrace and the Shyft Network are as well working with exchanges before the borderline.

CoolBitX'due south strategy for 2022

Japan may be the side by side major expansion for CoolBitX as Sygna Bridge becomes more accepted past exchanges in other countries.

"Sygna'due south progress has been in line with the strides made in crypto KYC/AML in various Asian jurisdictions, especially Japan. As such, CoolBitX will exist establishing a Sygna entity in Japan this year as we are committed to having open up dialogues with local stakeholders."

While the Series B investment will certainly be a boost for Synga, CoolBitX has its sights set higher. Ou discussed what this funding would mean for the future of his visitor:

"Nosotros are looking for more growth every year. I'grand sure even by the cease of this yr nosotros will have even more news to share considering we are rolling out more product lines which will help the growth of our visitor. Overall what nosotros desire to achieve is not but a valuation of the company or the funds that nosotros raise. We desire to foster the mass adoption of crypto space."