China’s imToken – a free cypto wallet software – has announced that it has raised $10 million in Series A funding from IDG Capital, to expand its operations across Asia and the US. The funding will also be used to add support for Bitcoin, amongst several other new features. This latest investment adds to IDG’s crypto interests, with the Venture Capital firm having already invested heavily in Coinbase and Circle in the last few years.
imToken was established in 2016 by Ben He and is based in Hangzhou, China. It claims to have 4 million users, support 35,000 tokens and to have handled in excess of $30 billion in pass-through transactions last year alone, making it one of the largest Ethereum-based wallets on the planet. Initially, the company will be targeting Japan, Korea and Indonesia, but will then be looking worldwide, with African countries like Nigeria on the radar as well as the US. They will focus on countries individually, considering their regulations.
Currently, the firm cannot offer exchange or ICO services in its native China, due to the regulations in place from the Chinese government. Users can’t download the app with a Chinese Apple ID either, although the app is available on Google Play. But Hugo Shong, the Global Chairman of IDG, is excited by imToken’s global aspirations:
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. We’re excited to back imToken.
– Hugo Shong, IDG Capital.