Singapore-based crypto custodian Cobo Wallet raised $40 million in a Series B funding round led by a partner at DST Global, A&T Capital and IMO Ventures.

The funds will be used for Cobo’s so-called “DeFi as a Service (DaaS)” product.Speaking to CoinDesk, COO Lily Zhuo described the product as a one-stop solution for institutions that want to access decentralized finance investment tools.Cobo has served more than 300 institutions and has enabled $20 billion in transactions through its platform, the company said in a press release on Thursday.DST Global is one of the world’s biggest venture capital firms. A&T Capital, which is a new VC based in Asia, is backed by a “world-leading fintech giant.” IMO Ventures is a China-focused VC that is active in blockchain and fintech.Cobo, which recently moved from Beijing to Singapore, raised $13 million in a Series A round in 2018.

Read more: F2Pool Founder’s Crypto Wallet Startup Raises $13 Million

UPDATE (SEPT 27, 8:03 UTC) Company changes funding round leader to a partner at DST Global. Originally said led by DST Global.