China-based ethereum wallet imToken announced on Thursday that it has raised $10 million in Series A round from venture capital firm IDG Capital.
IDG Capital has already made a number of investments in cryptocurrency startups and businesses including Coinbase and Circle while imToken is the latest addition.
“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,” said IDG Capital partner Young Guo.
imToken was founded in 2016 by CEO Ben He as a dedicated Ethereum wallet provider but the company expanded itself gradually and now claims to support more than 30,000 digital tokens. According to imToken, it has more than 4 million monthly active users.
With the latest funding by IDG Capital, imToken plans to expand business in Asia and U.S. The company will first focus on Southeast Asia before concentrating on other Asian countries like Japan, Korea, India where “regulations are maturing quickly and as a result we’re doing our due diligence amid increasing scrutiny from local governments” says He.
After Asia, imToken will look towards African countries like Nigeria where it already have developed a user base. The expansion into United States will happen at the same time as the rest of imToken’s international roll out.
Along with the imToken wallet, the company also offers Tokenlon, an in-app decentralization exchange in collaboration with Kyber Network and 0x, and DApp store.
imToken upon entering the U.S market will be competing with a number of well-established rivals like MyEtherWallet, Coinbase, Ledger Nano. He is pretty confident about the competition saying that the core purpose of all the companies is to move the blockchain technology forward and that his company has already developed a positive relationship with the rivals.
He believes that imToken has an advantage here that is “taking a step further than our competitors, as we’re focused on building an ecosystem within imToken for all our users.”
imToken wants to “move toward a blockchain-agnostic stage” which means users will be able to store different kinds of tokens in one imToken wallet. Then the company wants to reduce the difficulties that occur while entering the blockchain tech by making it easier to manage digital assets across various platforms, including peer-to-peer transactions and merchant payments by the imToken 2.0 International.