Institutional buyer funds locked on crypto custodian Cobo’s Argus protocol crossed $100 million inside one week of its launch, CEO Discus Fish advised CoinDesk.

The agency permits institutional customers, akin to banks, asset managers, crypto funds and mining swimming pools, to securely retailer token holdings and have interaction in decentralized finance (DeFi) actions.

Cobo launched the Argus model 2 (V2) in late June, permitting customers to entry options akin to DeFi methods authorization, group function delegation and danger administration. V2 is constructed on Protected, a decentralized crypto pockets.

“We’re happy to share that the Complete Worth Locked (TVL) in Cobo Argus has reached a big milestone of US$100 million,” Fish mentioned in a Telegram message.

Argus V2 helps all open-source DeFi protocols and lets merchants make the most of DeFi bots to mechanically monetize farming rewards, compounding and token swapping. Farming is a colloquial time period for a technique to earn rewards by depositing tokens right into a decentralized software (dapp).