Chinese Crypto Wallet imToken Raises USD 10 Million to Fund Global Expansion
The capital will also be used to add new features
China-based cryptocurrency wallet imToken announced on Thursday it has raised a USD 10 million in a Series A funding round, financed entirely by venture capital firm IDG Capital. The capital injection will support imToken’s international expansion and development of new product features.
ImToken announced the news in a press release without providing further details of its future plans. Media reports stated, however, that the company is looking to roll out into Southeast Asia, targeting Japan, Korea and Indonesia. ImToken is also understood to have African countries like Nigeria on the radar, as well as the US.
Founded in 2016 in Hangzhou, imToken first entered the industry as a dedicated Ethereum (ETH) wallet service, but has since expanded to support more than 30 000 tokens, including airdrops and Initial Coin Offerings (ICOs). The USD 10 million funding will also boost the wallet’s offering, adding support for Bitcoin (BTC), EOS (EOS) and other blockchains.
According to Bloomberg’s coverage of the news, imToken’s plans also include expanding the company’s offerings to institutional investors after building additional security features, and increasing headcount, which has grown to 30 people from 10 a year ago.
ImToken claims to be the world’s largest Ethereum wallet, with more than four million monthly active users and USD 35 billion handled in pass-through transactions last year — more than the USD 20 billion that Coinbase has said its customers have stored on its platform. Self-reported data also reveals that imToken users accounted for approximately 10% of the average daily activity on the Ethereum blockchain since the start of the year and about 21% in May only.
The investor behind imToken’s push, IDG Capital, has become a notable investor in the cryptocurrency industry, having participated in Coinbase's USD 75 million series C round, as well as Circle's USD 50 million funding, both of which took place in 2015. Last month, the group also backed China-based cryptocurrency data startup BiKan, which raised USD 10 million in a Series B funding round.
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