Ethereum wallet imToken raises $10m from IDG and eyes international market

Ethereal wallet imToken readies for international expansions after fundraising.

Image Credit To PEXELS

Hangzhou-based imToken, the world’s largest digital asset wallet, announced on Thursday a US$ 10 million Series A from IDG Capital.

In addition to capital injection, the company said it also looks to benefit from IDG’s financial support and invaluable expertise in the blockchain industry.

Young Guo, IDG Capital Partner, said in a press statement, ‘’We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology’’.

Newly started back in 2016, the fintech startup today boasts of over 4 million monthly active users, supports over 30,000 tokens and is also internationally recognized for its security features as a digital asset management tool. In 2017, imToken pass-through transactions accounted for 10% of the global daily transactions.

While there are several notable competitors, especially in the U.S market, with the likes of MyEtherWallet and Coinbase amongst others, imToken remains unfazed, preferring to be laser-focused on building an ecosystem for all its users. The end goal would be to become blockchain-agnostic, even as it continues to build positive relationships with other digital wallet players.

Even though imToken reach has already extended to high-net worth cryptocurrency holders in countries such as the U.S, Indonesia, China and Korea, with an established user base in Africa, its core market is in China at the moment.

These fresh funds raised will be mainly used for performing due diligence and research on local regulations to launch imToken 2.0 international in Southeast Asia, Africa and the U.S. Other parts of Asia like Japan and Korea will be next.

Meanwhile, its users can also look forward to new features like support for Bitcoin, EOS and other blockchains.

Editor: Ben Jiang