Blockchain company imToken has announced the completion of a $ 30 million Series B investment
imToken, the largest crypto wallet developer in Asia, announced today that it has closed a $ 30 million Series B funding round, led by Qiming Venture Partners. New names such as Liang Xinjun, HashKey, Longling Capital, Signum Capital, SNZ and Breyer Capital also took part in the investment round. Returning Series A investor IDG Capital also attended.
IDG Capital’s Guo Yihong revealed it was great to see the progress imToken was making.
“We have had an eye on imToken since the beginning of our involvement in the crypto space and have been extremely impressed with what they have achieved so far,” said Yihong. “We look forward to helping them put the same focus on a wide range of services beyond their core wallet offerings.”
The company was founded in Hangzhou, China, in 2016 and completed a Series A worth $ 10 million in May 2018. Currently, the company’s ether, bitcoin and other crypto coin wallet has a user base of 12 million spread across more than 150 countries, most of which are from mainland China. ImToken is said to hold over $ 50 billion worth of assets on its platform.
“We are very excited to work with such a savvy and experienced group of investors inside and outside the crypto space.”, stated the CEO and founder of imToken, He Bin.
The funding will help the company open offices in other regions and grow its team from 78 to 100. IMtoken announced that it would also use some of the funds from the latest round of investments to accelerate its imToken 3.0 project by adding new features. These features aim to improve the interaction with the blockchain services and include keyless accounts and account recovery.
It will also provide secure and direct access to a range of decentralized financial services in the same next iteration. The company aims to lower the barrier to entry for new users by developing a reliable ecosystem of linked products. imToken also seeks to establish a branch of research, imToken Labs, which is primarily focused on researching advanced blockchain technology.
The wallet developer has made significant strides since its inception and even launched imToken Ventures two years ago to invest in companies active in the digital wallet space. It is also working on a decentralized exchange called Tokenlon, which was instrumental in the trading volume of over $ 10 billion. The company also owns imKey, a hardware wallet that allows users to manage popular virtual assets on their mobile devices.