Coinhako, a Singapore-based bitcoin startup, has revealed its plans to raise a round of funding as it seeks to further expand in the Southeast Asian region, CoinJournal reported.
Founded in 2014, Coinhako is a bitcoin wallet service provider and exchange platform. In June, the company set its foot in Malaysia and now aims to expand to up to five countries in Southeast Asia by 2018, co-founder Yusho Liu told CoinJournal.
“We are still in the midst of evaluating and discussing with out local partners for market entries,” Liu said, adding that Indonesia tops the list.
The startup recently launched its upgraded website and its new mobile app. It is now intends to integrate other digital currencies, including Ethereum, which it plans to have ready by Q1 2017.
The platform has transacted over S$100 million (US$72 million) worth of bitcoins so far with “a healthy volume in the millions of dollars each month,” Liu added.
CoinHako has attracted financing from investors in Silicon Valley including Tim Draper, Josh Jones and Boost VC. The team is stealthily developing financial services on top of their core infrastructure. It was also awarded a winning position at the inaugural Blockchain hackathon organized by DBS Bank in Singapore.
Last year, the startup partnered with BitGo and announced that its bitcoin reserve is insured by the latter’s web-based, multisig institutional wallet protection service, CoinTelegraph reported. Liu said at the time:
“This will give our end users even more confidence that the coins held by CoinHako are protected with an insurance-based offering and secured with the industry's best practices and technologies. This is a big step forward for the industry.”
