Cobo Wallet Shutters Consumer App Dec. 1 With $100 Minimum Monthly Fee

Cobo Sets Dec. 1 Closure

Cobo, the digital asset custody firm built by the co-founders of mining pool F2Pool, will close its consumer wallet app on Dec. 1, 2026. The company announced the decision on Oct. 16 through a shutdown notice dated Oct. 15 and displayed on its website, requiring every user to transfer assets out before the service ends at midnight UTC+8 on Nov. 30. That deadline converts to 16:00 UTC on the same day, or 11 a.m. Eastern and 8 a.m. Pacific in the United States. Cobo Wallet launched in China in late February 2018 as a mobile hot wallet for smartphones, and by May 2018 it had close to 100,000 users and supported more than 20 cryptocurrencies, a run of roughly eight years and nine months. New registrations stopped in 2021, and the company has since directed its main effort toward institutional and enterprise wallet services. Cobo frames the closure as an adjustment of business strategy and says every other operation continues unchanged. A separate clarification on its site confirms the shutdown covers only the consumer app, with institutional and enterprise customers pointed toward the institutional wallet business. The notice also covers infrastructure left behind: customers who saved Cobo Wallet receiving addresses on exchanges, mining pools or other platforms are told to replace or delete those entries, so funds are not sent to addresses the app will no longer serve. Fraud warnings sit alongside the operational steps. Cobo states that its staff will never request personal information or passwords, and that it offers neither a paid service to speed up withdrawals nor a transfer service executed on a user's behalf. Anyone who leaves assets in the app past the deadline is treated, under the published terms, as having agreed to the fee schedule that starts the following month.

The fee schedule is the sharpest element of the arrangement. Accounts that still hold assets after the app closes incur a monthly management charge equal to 2% of remaining holdings, subject to a minimum equivalent to $100. Deductions land at midnight UTC+8 on the first day of each month and cover the preceding calendar month, so the first collection falls on Jan. 1, 2027, for December 2026. The charge is taken in kind: Cobo calculates 2% of the quantity of each asset held at collection time and deducts that same cryptocurrency, with no conversion from one asset into another. When the combined percentage total comes in below $100, the minimum replaces it, and each asset bears a share of that deduction in proportion to its value in the account, converted at CoinMarketCap prices at collection time. The notice's three worked examples show the practical effect. An account holding one Bitcoin and 10 Ether pays 0.02 BTC and 0.2 ETH for the month, assuming the combined value clears the $100 floor. An account with 1,000 USDT owes 100 USDT, because the minimum overrides the 20 USDT a straight 2% would produce, an effective rate of 10% for that single collection. An account holding only 60 USDT loses the full balance, since accounts worth less than $100 have all remaining assets deducted at once. Charges repeat every month until the assets have either been transferred out or fully deducted, which means the stated 2% rate applies in full only to larger balances while small accounts pay the flat minimum. The schedule effectively turns a dormant account into a slowly draining one, removing a slice of whatever is left each month.

Small Balances Carry the Heaviest Cost

The $100 floor is the number that matters most here. For smaller balances the headline 2% rate understates the real cost, and the company's own arithmetic shows a 1,000 USDT account surrendering 10% in a single month. In our reading, the design works as a nudge to withdraw rather than a revenue line: assets below $100 vanish at once, so no small holder can safely ignore the deadline. The company's institutional direction explains the timing. Cobo joined Google's AP2 community in October 2025, tying its wallet infrastructure to a payments standard for AI agents, and Core Foundation announced a dual Bitcoin staking integration with Cobo for institutional users in Asia in March 2025. Those are the businesses Cobo is protecting, while the consumer app has been closed to new users since 2021. Remaining users should move balances to a hardware wallet or another custodian before Nov. 30 to avoid the first deduction altogether.