Enables carboxypeptidase activity; cobalt ion binding activity; and protein domain specific binding activity. Involved in negative regulation of branching morphogenesis of a nerve and peptide metabolic process. Located in several cellular components, including membrane raft; perikaryon; and secretory granule. Human ortholog(s) of this gene implicated in type 2 diabetes mellitus. Orthologous to human CPE (carboxypeptidase E). [provided by Alliance of Genome Resources, Apr 2022]