CoolBitX startup, manufacturing hardware cryptocurrency wallets CoolWallet based in Taiwan, collected $16.75 million in funding cycle Series B.
Several investors were headed by the Japanese financial company SBI Holdings, which also included the Monex Group, the Korean Bitcoin exchange BitSonic, and the Taiwan National Development Fund.
The startup is planning to direct the raised capital to promote the Sygna Bridge branded solution. It is designed to help cryptocurrency exchanges guarantee that transactions comply with FATF terms.
Last year, the organization tightened regulation for the cryptocurrency sphere, obliging its participants to comply with anti-money laundering and terrorist financing procedures similar to traditional financial companies.
Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M
According to the FATF, crypto service providers are required to exchange data about them when conducting transactions for consumers. The first checks on the compliance of bitcoin exchanges with the new rules are expected to take place in June this year.
“Before, there wasn't such a framework to promote the exchange. Therefore, we created the Synga Bridge. As soon as we perform a transaction for our clients, we give info about them in a private and secure channel,” said Michael Ou, CEO of CoolBitX.
According to him, purposes to develop the use of Synga Bridge are primarily aimed at Japan. It is noteworthy that the Japanese firms, like SBI Holdings and Monex Group, which invested in start-ups, are owners of VCTRADE and Coincheck exchanges.