Cobo’s Development Plan in Hong Kong: A Step Towards Centralized and Decentralized Custody

04/10/2023 03:37 • Metaverse Matters • 77 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

Cobo co-founder and CEO Shen Yu recently shared Cobo’s development plan in Hong Kong at the “Big Wave Taosha | Web3 Continuous Entrepreneurs Xiangjiang Dialogue” roundtable forum. According to his statement, Cobo is currently in the process of obtaining more licenses based on the existing regulatory framework in Hong Kong.

The Focus on Custody Solutions

Cobo aims to provide centralized custody solutions that meet the needs of compliant funds. However, the company’s plan goes beyond that. They are also focused on developing next-generation private key security, providing decentralized custody based on MPC (multi-party computation).

Expanding the Team in Hong Kong

As part of their expansion plan, Cobo plans to accumulate more professional and business personnel in Hong Kong. This move is expected to help the company gain a foothold in the market and create more opportunities for growth.

Exploring On Chain Opportunities

Cobo also intends to explore on-chain opportunities with partners to expand their asset management capabilities and explore new sources of revenue. This is a strategic move that the company hopes will set them apart from their competitors.

Conclusion

In conclusion, Cobo’s development plan in Hong Kong is a significant step towards providing both centralized and decentralized custody solutions. With a focus on expanding their team, developing cutting-edge technology, and exploring on-chain opportunities, Cobo is poised to become a key player in the cryptocurrency market.

FAQs

1. What is centralized custody?
Centralized custody refers to the practice of storing cryptocurrencies in a single location, typically controlled by a custodian or financial institution.
2. What is decentralized custody?
Decentralized custody refers to the practice of storing cryptocurrencies across multiple locations, typically controlled by the user rather than a custodian or financial institution.
3. What is MPC?
MPC, or multi-party computation, is a form of cryptography that allows multiple parties to jointly compute a function without revealing their inputs to one another. It is often used in the context of ensuring the security of private keys for cryptocurrency custody.

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