Chinese ethereum wallet startup imToken has raised a $10 million Series A from IDG Capital as it seeks to expand its product offering and finance international expansion into Asia, Africa, and the United States.
The Hangzhou-based company, which was founded in 2016, claims to be the world’s largest ethereum wallet, with more than 4 million monthly active users and support for 30,000 tokens.
ImToken says that $35 billion worth of funds have been stored in the app over the past calendar year, which is 75 percent more than the “more than $20 billion” that Coinbase has said its customers have stored on its platform. Self-reported data also indicates that imToken users account for approximately 10 percent of all ethereum transactions.
“imToken has developed its product into one of the top crypto asset wallets in the world with such a sound reputation. We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology,” IDG Capital’s Young Guo was quoted as saying in a press statement.
According to Bloomberg, 70 percent of imToken’s user base comes from China, and the company has said that IDG’s funding will be used to bootstrap international adoption. The firm will open an office in Singapore that will focus on expansion into Southeast Asia, after which it intends to expand into the rest of Asia as well as African countries where the app already has a core user group. Finally, the firm will make a global push, expanding into the US and other regions.
Though available to Western users, the app has yet to make much of a dent in this market. At present, the app has approximately 100,000 installs from the Google Play store — which is not readily available in China — along with a four-star rating.
ImToken also intends to use the funds to expand the range of assets supported by the mobile wallet. The company recently rolled out support for bitcoin (including SegWit), and it also intends to develop compatibility with EOS and other blockchains.
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