CoolBitX plans to use the funds for further research and development, and for marketing CoolWallet to Taiwan, Japan and the wider Bitcoin community.
“Bitcoin is already transforming the way we make purchases but for a digital currency to truly take off, users need to be assured that it is both secure and convenient to use. With the support of Midana Capital through FundedHere, CoolBitX is well positioned to make sure Bitcoins are as accessible as a credit card and as secure as a bank,” said Michael Ou, CEO & Co-Founder, CoolBitX.
How “cool” is CoolWallet?
The CoolWallet is the size of a credit card and works in a similar way to e-banking tokens. When paired with CoolBitX’s smartphone app, it takes Bitcoins offline and stores the cryptocurrency in the hardware wallet. To use the digital currency, users have to request for a One-Time-Password and key it into their CoolWallet app.
Unlike other hardware wallets, which require a computer or a connection to an electronic device to work, ‘CoolWallet’ claims to be the first wireless external storage device that can be paired with smartphones to enable users to make purchases online using Bitcoins. It explains that transactions are never stored on the smartphone or transmitted over WiFi and internet servers to prevent online hacking.
Additionally, CoolBitX also intends to launch its own decentralized Bitcoin exchange before the end of 2017. The platform will facilitate Bitcoin trades from one CoolWallet to another through a trade matching engine. Users can also make fiat deposits – a money deposit Bitcoin buyers must make in order to purchase the cryptocurrency – on the platform. The company believes that such a decentralized exchange will ensure that Bitcoins are never transferred through a central server in order to prevent hacking.
“Midana Capital is pleased to invest in CoolBitX, which has developed a unique security solution for Bitcoin transactions. We are confident that our investment in CoolBitX will reap rewards for our clients and contribute to the advancement of blockchain technologies in everyday transactions”, said Midana Capital, Managing Director, Allan Tan.
Midana Capital focuses on innovative technologies including green-technology, F&B manufacturing, healthcare, Internet of Things, fintech and blockchain.
“FundedHere is pleased to provide a funding platform for innovative startups such as CoolBitX. We are always on the lookout for businesses with high growth potential and look forward to being a part of their growth,” said Agnes Siaw, Co-Founder and Executive Director, FundedHere.