CoolBitX Company Profile

Background

CoolBitX Ltd. is a Taiwan-based blockchain security company founded in 2014 by Michael Ou. The company specializes in designing and implementing U.S.-patented digital asset compliance software and hardware platforms, aiming to provide secure and user-friendly solutions for managing digital assets. CoolBitX's flagship product, the CoolWallet S, is a credit card-sized hardware wallet that allows Bluetooth-enabled pairing with mobile devices, enabling secure cryptocurrency storage on the go. The company has sold over 150,000 units of CoolWallets in 80 countries worldwide, holding the world’s top 3 share in the cold wallet market, and protecting more than 20 billion dollars in crypto-assets.

Key Strategic Focus

CoolBitX focuses on two primary areas:

1. Hardware Wallets: Developing secure, portable, and user-friendly hardware wallets for digital asset storage.

2. Compliance Solutions: Providing regulatory compliance solutions for Virtual Asset Service Providers (VASPs) to meet international standards, such as the Financial Action Task Force (FATF) "travel rule."

The company utilizes advanced technologies, including Bluetooth connectivity and secure elements, to enhance the security and usability of its products. CoolBitX's primary markets include cryptocurrency exchanges, financial institutions, and individual crypto users seeking secure storage solutions.

Financials and Funding

In February 2020, CoolBitX raised $16.75 million in a Series B funding round led by SBI Holdings, with participation from Monex Group, the National Development Fund of Taiwan, and South Korean crypto exchange BitSonic. This funding valued the company at $91 million and was intended to support global expansion and the development of compliance solutions for VASPs.

Pipeline Development

CoolBitX has developed several key products:

CoolWallet S: A Bluetooth-enabled hardware wallet for secure cryptocurrency storage.

Sygna: A compliance solution designed to help VASPs comply with the FATF "travel rule."

CoolWallet Go: Launched in May 2025, this is a minimal, ultra-portable cold wallet designed for both new and experienced crypto users. It features a CC EAL6+ certified secure element and utilizes tap-to-sign NFC for transactions. The device generates private keys directly on-card, minimizing exposure during wallet setup. Users manage assets via the CoolWallet App, with integrated support for Bitcoin, Ethereum, and over 40 other blockchains.

Technological Platform and Innovation

CoolBitX's technological innovations include:

Proprietary Technologies: Development of secure hardware wallets with Bluetooth connectivity and integration of secure elements for enhanced security.

Scientific Methods: Implementation of secure key generation and storage methods, including generating private keys directly on the hardware wallet to minimize exposure.

AI-Driven Capabilities: While specific AI-driven capabilities are not detailed, the company's focus on security and compliance suggests the potential use of advanced technologies to enhance product offerings.

Leadership Team

Michael Ou: Founder & CEO. With a background in traditional banking security, Michael founded CoolBitX in 2014. He is also the owner of Smart Displayer, a banking security solution company.

Jay Zhuang: Chief Technology Officer. With over 20 years of experience in the computer software industry, Jay brings expertise in software project management, information security, and cloud computing to CoolBitX.

Wesley Wen: Technical Director. Wesley has a broad knowledge of software development and has previously worked at reputable companies, including Microsoft and AMD.

Market Insights and Competitor Analysis

The blockchain devices market is fragmented, with numerous players. In 2021, the top ten competitors held up to 25.32% of the total market share. CoolBitX held a 1.54% market share, positioning it among the key players in the industry.

Key competitors include:

Ledger SAS: A leading competitor with a 3.55% market share, known for its hardware wallets.

Sirin Labs AG: Holding a 6.30% market share, recognized for its blockchain smartphones.

ELLIPAL: With a 1.93% market share, offering hardware wallets with air-gapped security.

Pundi X Labs Private Limited: Holding a 0.90% market share, known for its blockchain-based point-of-sale solutions.

Strategic Collaborations and Partnerships

Kinesis: In August 2019, CoolBitX partnered with Kinesis to enable storage of Kinesis digital currencies on the CoolWallet S hardware wallet.

Crypto.com: In October 2021, CoolBitX collaborated with Crypto.com to release a co-branded CoolWallet Pro model, integrating support for the CRO token and Crypto.com Pay.

Operational Insights

CoolBitX's strategic considerations include expanding its product offerings to cater to both new and experienced crypto users, as demonstrated by the launch of CoolWallet Go. The company also focuses on enhancing security features and compliance solutions to meet evolving regulatory standards. Collaborations with industry leaders like Kinesis and Crypto.com strengthen its market position and innovation capacity.