Cobo at Nine: Two Co-Founders on Change and What Endures

After nine years of building Cobo side by side, how have its two co-founders shaped each other's thinking?

Fish, Cobo's Co-Founder and CEO, was the first to answer.

"I've learned two things from Changhao."

The first was systems thinking.

While Changhao tends to approach problems from a broader, structural perspective, Fish has traditionally been more inclined to start with the specifics. Over the years, however, he has noticed a shift in his own thinking. He has grown more comfortable with abstraction, and more adept at seeing how individual challenges fit into a larger system.

Then he paused.

"What was the second thing again?"

"One is fine, too," the interviewer offered.

It was a moment of levity in a conversation marking Cobo's ninth anniversary.

For the occasion, Fish sat down with fellow Co-Founder and CTO Dr. Changhao Jiang to revisit old photographs, reminisce about the company's early days, reflect on how they have evolved as founders, and consider the changes AI is bringing to the business.

Much has happened in nine years. The digital asset industry has weathered multiple market cycles, Cobo has continually refined its strategy and business, and the two founders have influenced each other's thinking in ways that extend beyond their respective roles.

Change is part and parcel of building a company. But nearly a decade of navigating it has given both founders a keener sense of when to adapt, when to challenge established thinking, and when to hold firm to the principles that matter most.

The Beginnings, Revisited

A collection of old photographs offered a window into Cobo's formative years.

There were snapshots from trips together, appearances at early industry events, and candid moments with the team. Some scenes were instantly recognizable; others took a little more recollection. As the two founders traded memories, moments that had grown hazy over the years gradually came back into focus.

For Changhao, one of the most vivid memories goes back to before Cobo was even founded.

He recalled gathering with Fish and a handful of friends to discuss the prospect of starting a company. They would exchange ideas, imagine different possibilities, and grow increasingly animated by what they might build together.

Nine years on, he still remembers the excitement of those early conversations and the shared anticipation of a future yet to take shape.

But enthusiasm for what lay ahead did not necessarily come with a clear sense of how to get there.

Asked whether there was anything they had been absolutely determined to pursue from the outset, Fish's answer was refreshingly candid.

"I don't think so."

In his recollection, much of Cobo's direction emerged through experience rather than from a predetermined plan. Market conditions shifted, customer needs evolved, and early assumptions had to be tested against the realities of building a business.

Over the years, Cobo has revisited its strategy, refined its positioning, and explored opportunities that were not necessarily apparent at the beginning.

Looking back, the company's journey has been less about following a roadmap drawn nine years ago than about continually reassessing the route.

Curiosity provided the initial impetus. Experience helped establish direction. And the willingness to question earlier assumptions has remained essential to navigating an industry defined by constant change.

A Partnership That Has Shaped Both Perspectives

As Cobo has evolved, so too have the people behind it.

For Fish, one of Changhao's most enduring influences has been his approach to complex problems.

Where Fish has traditionally gravitated toward individual situations and immediate considerations, Changhao is more inclined to step back and examine how different elements fit together. Over time, Fish has adopted more of that perspective, developing a greater appreciation for underlying structures and the relationships between seemingly disparate issues.

Changhao, meanwhile, credits Fish with demonstrating a different but equally valuable quality: composure in the face of uncertainty.

Through years of collaboration, he has observed Fish's ability to maintain an even temperament when unexpected challenges arise or external circumstances take an abrupt turn.

That steadiness, along with Fish's approach to assessing situations and working through problems under pressure, has gradually influenced Changhao's own thinking.

Their instincts remain distinct. Yet nine years of working together have broadened how each approaches unfamiliar challenges and difficult decisions.

A company's evolution, after all, is not measured solely by its products, business milestones, or organizational growth. It is also reflected in the perspectives and judgment of the people who have shaped its trajectory.

What Should Endure, Even as Cobo Evolves?

If Cobo were to become a fundamentally different company in the years ahead, what should remain unchanged?

For Fish, the answer begins with the security principles and standards cultivated over the past nine years.

These are not merely policies established on paper. They represent the accumulated experience of a team that has spent years confronting complex challenges, navigating demanding situations, and refining its practices through direct experience.

Behind those standards are colleagues who have worked through the night, shouldered difficult responsibilities, and steadily improved the company's processes through successive rounds of problem-solving.

For Fish, the expertise and collective judgment forged through those experiences constitute some of Cobo's most valuable assets.

Security also remains central to how he hopes Cobo will be perceived externally, alongside its commitment to continuous improvement and innovation.

Changhao approaches the question from a complementary perspective, placing particular emphasis on long-term value creation and customer needs.

Whatever direction the company takes, he believes its product decisions must remain grounded in a clear understanding of the problems customers are trying to solve.

Technology and product development should ultimately serve that purpose, rather than become ends in themselves.

He also hopes customers will continue to regard Cobo as a dependable and accountable partner, one that earns their confidence while remaining attentive to emerging technologies and evolving requirements.

The two founders arrive at a shared set of convictions from different starting points.

Technologies will evolve. Products and business models may change, as will the ways in which teams operate.

What should remain non-negotiable is the rigor with which Cobo approaches security and the responsibility it assumes toward those who entrust it with their business.

These are not principles to be preserved in spite of transformation, but ones that must continue to guide it.

AI Is Changing More Than the Technology

Looking ahead, AI is an inevitable part of the conversation.

Changhao sees its implications for businesses unfolding on two interconnected fronts.

Internally, AI is beginning to reshape how companies operate, manage teams, and collaborate. Externally, it offers the potential to make products and services substantially more intelligent and automated.

Cobo has already begun experimenting with AI across its internal workflows. But Changhao acknowledges that these efforts remain at an early stage, while the underlying technology continues to advance at a pace that leaves many questions unanswered.

And technological implementation may prove to be only part of the challenge.

The more demanding undertaking, he suggests, is adapting the organization itself.

Teams need room to experiment with unfamiliar tools and approaches, but they also have existing operations to maintain and security standards they cannot compromise.

Different teams, meanwhile, will inevitably interpret the implications of AI through the lens of their own responsibilities, experiences, and concerns.

Introducing new tools is one thing. Helping people understand why established ways of working need to change, and encouraging them to take an active role in that transition, is quite another.

That requires more than directives from the top. It calls for sustained communication, a willingness to address concerns, and the flexibility to adjust course as the organization learns.

Nor are those leading the transformation immune to having their own assumptions challenged.

Changhao notes that his perspective on certain questions today may be markedly different from what it was just six months ago.

It is one reason he believes AI-driven organizational change cannot be neatly mapped out in advance.

There is no definitive playbook to follow. Instead, companies must be prepared to experiment, validate assumptions, learn from experience, and progressively establish ways of working that suit their circumstances.

Fish approaches the implications of AI with security foremost in mind.

New technologies inevitably introduce unfamiliar risks and operational challenges. At the same time, advances in AI are providing teams with new capabilities for reviewing code, refining processes, and improving the efficiency of existing workflows.

For Fish, the question is how Cobo can become more agile while ensuring that the expertise accumulated over nearly a decade remains relevant and effective in this new technological environment.

For a company whose infrastructure is built around security, innovation cannot be treated as separate from the responsibility to safeguard the systems and assets entrusted to it.

The underlying principles must remain consistent. The practices through which those principles are upheld, however, cannot afford to stand still.

In that sense, maintaining Cobo's security standards does not mean preserving established methods unchanged. It means ensuring those standards continue to be met as the technology, and the risks surrounding it, evolve.

When Almost Anything Can Be Built, What Is Worth Building?

AI is rapidly lowering the barriers between an idea and a working product.

But for Changhao, that development brings a more fundamental challenge into sharper focus.

Making a product technically possible is one thing. Creating something customers genuinely want, adopt, and continue to derive value from is another.

As development becomes increasingly accessible, the number of products competing for attention will inevitably grow.

Customer attention, however, remains finite.

The ability to bring a product to market is no guarantee that it will find a market at all.

For Cobo, a company with deep roots in technology-driven innovation, this presents an opportunity to reconsider how product decisions are made.

Rather than beginning with what the technology can do, Changhao believes the starting point should be a deeper understanding of what customers actually need.

What challenges are they facing? Where do existing solutions fall short? And which of those unmet needs warrant the commitment of time, talent, and resources?

These questions need to be addressed well before development begins.

Technology can dramatically shorten the distance between conception and execution. What it cannot replace is the judgment required to determine whether an idea addresses a meaningful need in the first place.

Indeed, as the ability to build becomes increasingly widespread, the capacity to identify what merits building may become a more important differentiator.

Understanding customers, earning their confidence, and delivering sustained value are likely to matter more, not less, in a market where technological capabilities are increasingly accessible.

For Changhao, this is a discipline he hopes Cobo will continue to strengthen.

Nine years ago, the founding team gathered with friends, animated by the possibilities that new technologies seemed poised to unlock.

Today, AI is bringing an ever-expanding range of possibilities within reach.

Yet the question confronting builders has subtly but profoundly changed.

When so much more becomes possible, how do we decide what is genuinely worth pursuing?

The Next Nine Years: Continuing to Pursue What Matters

Toward the end of the interview, both founders were asked what advice they would offer to people considering joining Cobo in the future.

Fish's response was characteristically succinct.

"Keep an open mind. Embrace change."

Changhao offered a broader reflection on work and personal growth.

The rapid advancement of AI, he observed, is opening up new possibilities for individuals and organizations alike, while challenging long-held assumptions about how work should be approached.

Individuals may have little control over the pace of technological progress or the external forces reshaping their industries.

What remains within their control, however, is the ability to seek out work they find meaningful, pursue challenges that genuinely interest them, and find a sense of purpose and accomplishment in what they do.

His hope is that those who join Cobo in the years ahead will find opportunities to pursue such work and contribute to the company's ongoing exploration.

"Well, that was profound," Fish quipped.

It was a fitting moment of levity in a conversation that had gradually shifted from the future of a company to the aspirations of the people who might help shape it.

Earlier, while revisiting the photographs from Cobo's formative years, Fish had taken the opportunity to acknowledge the colleagues who have contributed to its development.

Behind the company's products and technical achievements lie countless hours of dedication, difficult problems resolved, setbacks navigated, and improvements made through repeated iteration.

Over time, those individual efforts have compounded into the technical capabilities, security practices, and institutional knowledge that underpin Cobo today.

He also expressed his gratitude to the customers who have placed their trust in Cobo throughout the past nine years.

Their requirements, feedback, and continued confidence have played an essential role in shaping the company's products and informing its development.

Nine years ago, a group of friends came together to imagine what they might create.

The industry they entered has since undergone profound changes. So have the technologies available to them, the business they have built, and their own perspectives as founders.

Yet certain motivations remain remarkably familiar: a curiosity about emerging technologies, a conviction that security matters, an insistence on creating tangible value for customers, and the satisfaction of building something alongside people who share those commitments.

The next chapter will undoubtedly bring its own uncertainties.

New technologies will challenge established practices. Familiar approaches may need to be reconsidered. Decisions that appear sound today may require reassessment as circumstances evolve.

Nine years of experience have not made the future any more predictable.

They have, however, given Cobo a clearer understanding of the principles worth preserving, and greater confidence to explore possibilities that have yet to take shape.

The next nine years are still unwritten. Here's to continuing the exploration, embracing what comes next, and building things worth building.

Happy ninth anniversary, Cobo.

Watch the full conversation

Hear more from Cobo Co-Founder and CEO Fish and Co-Founder and CTO Dr. Changhao Jiang in Nine Years In, Let's Talk | 9 Stories.

Watch the full interview on YouTube