Friday, March 1, 2024

Institutional customer funds locked on crypto custodian Cobo’s Argus protocol crossed $100 million within one week of its release, CEO Discus Fish told CoinDesk.

The firm allows institutional users, such as banks, asset managers, crypto funds and mining pools, to safely store token holdings and engage in decentralized finance (DeFi) activities.

Cobo released the Argus version 2 (V2) in late June, allowing users to access features such as DeFi strategies authorization, team role delegation and risk management. V2 is built on Safe, a decentralized crypto wallet.

“We are pleased to share that the Total Value Locked (TVL) in Cobo Argus has reached a significant milestone of US$100 million,” Fish said in a Telegram message.

Argus V2 supports all open-source DeFi protocols and lets traders utilize DeFi bots to automatically monetize farming rewards, compounding and token swapping. Farming is a colloquial term for a way to earn rewards by depositing tokens into a decentralized application (dapp).

Edited by Sheldon Reback.

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