CoolBitX, has successfully secured $16.75 million in a Series B funding round. According to their statement, the funding will help provide FATF-compliant solutions to virtual asset service providers (VASPs) around the world through their service, Sygna.

The funding round, led by Japan’s financial group SBI Holdings, will help expand Sygna beyond the Asia-Pacifc (APAC) region. In addition to SBI Holdings, other investors include the National Development Fund of Taiwan, BitSonic and Monex.

In a press conference held at the beginning of the week, Michael Ou, CEO of CoolBitX, said:

“We are thrilled and encouraged by the support that we have received from our wider community of investors and partners on our journey. The blockchain and cryptocurrency industry is at a critical juncture. In the global blockchain race, the rate of adoption and innovation in Asia is undeniable… Jurisdictions that have passed bills defining a clear set of rules for the industry — especially those surrounding KYC and AML — have seen major players in traditional finance enter the space, providing a clear blueprint for regulators around the world. Through Sygna and CoolWallet S, we’re proud to develop the tools and infrastructure necessary to bridge the gap between the mainstream market and crypto industry. This latest funding round is a testament to our vision to help the industry mature and foster the mass adoption of virtual assets.”