On April 10th, Cobo CEO Shares Plans for Development in Hong Kong

04/10/2023 03:37 • Crypto & Markets • 96 views

On April 10th, it was reported that at the roundtable forum of “Big Wave Taosha | Web3 Continuous Entrepreneurs Xiangjiang Dialogue”, Cobo co founder and CEO Shen Yu stated in response to Cobo’s development plan in Hong Kong that he is currently applying for more licenses based on the existing regulatory framework; In terms of product technology, Cobo will not only provide centralized custody solutions to meet the needs of compliant funds, but also focus on the development of next-generation private key security, providing decentralized custody based on MPC; In terms of personnel technology, we plan to expand our team in Hong Kong and accumulate more professional and business personnel; In terms of asset management, we will explore some on chain opportunities with partners and explore new sources of revenue. （Foresight）

Shenyu: Cobo is applying for a license based on the existing regulatory framework in Hong Kong and plans to expand its Hong Kong team

Introduction

On April 10th, the co-founder and CEO of Cobo, Shen Yu, participated in a roundtable forum called “Big Wave Taosha | Web3 Continuous Entrepreneurs Xiangjiang Dialogue”. During this forum, he shared Cobo’s plans for future development in Hong Kong. In this article, we will explore these plans and what they mean for Cobo and the blockchain/crypto industry.

Cobo’s Development Plan in Hong Kong

Licensing

Shen Yu stated that Cobo is currently applying for more licenses based on the existing regulatory framework. This could be seen as a positive move for Cobo going forward, as it shows that they are taking regulation seriously and working within the existing framework to ensure that they can continue to operate in a compliant manner.

Product Technology

Cobo will not only provide centralized custody solutions to meet the needs of compliant funds, but also focus on the development of next-generation private key security, providing decentralized custody based on MPC. It seems that Cobo is aiming to become a one-stop-shop for cryptocurrency custody, providing solutions for both centralized and decentralized custody needs. This is an interesting move, as it shows that Cobo is betting on both sides of the custody fence.

Personnel Technology

In terms of personnel technology, Cobo plans to expand their team in Hong Kong and accumulate more professional and business personnel. This implies that Cobo is looking to grow its business in Hong Kong, and potentially expand its offerings as well. It will be interesting to see what kind of talent they attract, and what new services they are able to offer.

Asset Management

Finally, Shen Yu stated that they will explore on-chain opportunities with partners and look for new sources of revenue. This is a smart move for Cobo, as it will allow them to diversify their revenue streams and potentially tap into new markets. In the fast-moving world of blockchain and cryptocurrency, companies need to be agile and adaptable, and Cobo seems to be positioning itself to do just that.

Conclusion

Cobo’s plans for development in Hong Kong seem to be focused on becoming a one-stop-shop for cryptocurrency custody, building out their team with professional and business personnel, and diversifying their revenue streams. With the current regulatory landscape in Hong Kong being somewhat uncertain, it’s good to see that Cobo is taking a proactive approach to working within the existing regulatory framework. We are excited to see what the future holds for Cobo, and how they will continue to innovate and grow in the blockchain/crypto industry.

FAQs

1. What is Cobo?
– Ans: Cobo is a digital asset wallet that aims to provide crypto investors with complete control over their assets, while ensuring ease of use and security.
2. What is decentralized custody?
– Ans: Decentralized custody is a form of cryptocurrency storage that relies on multiple parties to control access to the asset. This can increase security by reducing the likelihood of a single point of failure.
3. How does Cobo’s focus on next-generation private key security differ from other custody solutions?
– Ans: Cobo seems to be betting on MPC (Multi-Party Computation) technology, which allows for secure storage of private keys without relying on a centralized party. This could potentially offer greater security than traditional centralized custodial solutions.

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