(Bloomberg) -- Cobo, a Singapore-based crypto asset management and custodian platform, has raised $40 million in a Series B round led by DST Global, IMO Ventures and A&T Capital, the startup said Thursday, without disclosing its valuation.

• Started in 2017 as a crypto-wallet maker, Cobo has since expanded to offer custodial services to corporate clients like Bitcoin mining pools and exchanges.
• Revenue is expected to more than double to $200 million in 2022, after the 60-person outfit turned profitable last year, co-founder Mao Shixing said in an interview.
• Mao’s firm aims to provide software-as-a-service for businesses to access decentralized finance or DeFi, which could grow to become its biggest earnings driver, he said.
• In October 2018, the firm raised $13 million in a Series A round led by DHVC and Wu Capital, a family office based in China.

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