Chinese digital asset custodian Cobo has added support for Tezos coin (XTZ) in its digital asset custody platform to expand its product offerings for its institutional clients.
According to a press release available to media, Cobo is working with TZ APAC, a leading Asia-based public blockchain consultancy supporting the Tezos ecosystem, to integrate Tezos into its platform.
Cobo, based in China, is one of the largest crypto asset management platforms in the country. It aims to be a one-stop-shop for everything crypto. The company flagship product is Cobo Wallet that give users full control of their assets and private keys for maximum safety. Another most notable company product is Cobo Custody, a one stop solution for crypto asset management. Third product is an offline hardware crypto wallet called Cobo Vault.
Tezos (XTZ) is not a completely new offering on Cobo ecosystem. Cobo previously launched support for Tezos in January 2019, through its flagship software wallet, Cobo Wallet. Through this Cobo Wallet, users can send, receive and store Tez (XTZ) in a simple and secure manner.
XTZ is now also coming on Cobo Custody that, launched in 2018, is Asia’s leading end-to-end custodian provider for institutions. Its custodian service uses an industry-leading hot, warm & cold 3-tier storage architecture for more than 50 coins and more than 1,000 tokens. According to Cobo’s website, more than 260 institutional are now using its custody service.
The integration of XTZ in the Cobo platform has been in the works through the guidance of TZ APAC. According to Cobo, the integration seeks to meet the growing institutional demand for access to the Tezos ecosystem in China. With the integration of Tezos on Cobo, institutional clients can now receive Tezos enterprise custody support on Cobo where they can securely store and integrate XTZ on their platform with just one click.
Youai Cui, product owner of Cobo Custody, commented:
“We are glad to cooperate with TZ APAC, expanding the Tezos ecosystem to all our clients, so that they can have access to Tezos easily and for free. Currently, our clients are all over the world—from exchanges, asset management teams, mining companies, token funds, family offices, and so on. In addition to China, we also have clients from Australia, Singapore, Europe, and other countries, and we are continuing to expand to overseas markets.”
David Shin, Head of Asia at TZ APAC, stated:
“TZ APAC is dedicated and focused on cultivating the Tezos ecosystem in Asia, through collaborative approaches with partners such as Cobo. We are very pleased to have worked with Cobo, one of the largest custodians in Asia, in bringing increased accessibility of Tezos to the corporate market.”