Taiwan-based blockchain security company CoolBitX, creator of the Bluetooth mobile hardware wallet for digital assets, the CoolWallet S, has created a tech partnership with the Asia Blockchain and Crypto Association (ABACA), the appointed Self-Regulatory Organization (SRO) of the Philippine government agency Cagayan Economic Zone Authority (CEZA) to create a more secure environment for tokenized securities in the years ahead. A Memorandum of Understanding (MoU) was recognized by the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) at the end of January.
“We’re thrilled to have officially signed this MoU to begin growing the security token industry in CEZA and the Philippines as it has grown successfully in other jurisdictions,” shared CoolBitX Founder and CEO Michael Ou.”
ABACA’s membership consists of all of the CEZA licensed FinTech Companies and Offshore Virtual Currency Exchanges including Formosa Financial from Taiwan, as well as all of the CEZA authorized 3rd Party Service Providers.
“We are pleased to offer CoolBitX’s technology as the first accredited cold storage solution for ABACA’s members to continue to build a more compliant and secure business environment which will appeal to all of our stakeholders,” commented ABACA Director and Trustee Mel Songco. “We look forward to pushing the envelope with CoolBitX for CEZA to lead in this space and provide the safety and security needed for the global ecosystem.”
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CoolBitX will work closely with ABACA and its members to tailor its products and services according to CEZA’s Rules and Regulations, especially around the recently published Digital Asset and Token Offering (DATO) Rules, which cover Security Token Offerings (STOs) among other digital assets. Under this new framework, CEZA remains the principal regulating authority with ABACA acting as “the enforcer.”
“We officially kicked off the partnership between Taiwan and ABACA, which is why I’m delighted to see ABACA also moving forward with a partnership with CoolBitX. CoolBitX is one of Taiwan’s most innovative startups, spearheading the creation of the first mobile hardware wallet on the market today and becoming an industry leader in security and compliance best practices,” added Taiwan Legislator and Congressman Jason Hsu. “I fully support the CoolBitX-ABACA partnership and hope more Taiwanese blockchain startups will follow suit and invest in the Southeast Asia market.”
Since its 2014 launch by Ou and backed by $13 million in funding from investors like SBI Holdings and Bitmain, CoolBitX has specialized in manufacturing secure, US-patented digital asset hardware and developing smart contract platforms for millions of users. The platform also partnered with Litecoin Foundation in late 2018. The wallet -which has received favorable reivews — supports Bitcoin, Litecoin, Ethereum, XRP, Bitcoin Cash, and ERC20 Tokens.
Crowdfund Insider reached out to Ou for more CoolBitX updates, next steps for growth and how these new partnerships benefit CoolBitX in the short and long term. Comments will be posted when received.