Ethereum Wallet imToken Wins $10 Million Backing from Venture Firm IDG Capital

tysler (72)in #ethereum • 6 years ago

imToken is China’s startup that has processed $35 billion worth of Ethereum till today

In the article titled, “Crypto Wallet That Attracted $35 Billion Wins IDG Backing” written by Yuji Nakamura on Bloomberg, announced the success of ImToken, a Chinese startup that developed one of the first Ethereum Wallet app, with $35 billion worth of Ethereum deposited in their wallets.

“We noticed very early the potential of Ethereum and focused on it to differentiate against competitors,” Ben He, the 35-year-old founder of ImToken and its parent company ConsenLabs Inc., said in an interview. “The growth has been completely organic. We didn’t have any marketing or promotional budget.”
Source: Bloomberg - Yuji Nakamura

ImToken has surpassed Coinbase’s $20 billion in customer assets to become the top Ethereum Wallet. While other crypto exchanges may hold their customer’s coins directly, ImToken stores the users token directly on their mobile devices. This make the exchange less susceptible to hacking attacks.

Image source: BusinessWire

The boost of a $10 million funding from Venture Firm, IDG Capital, is what ImToken needs to continue to succeed in the cryptocurrency market. IDG Captial has had many successful investments, including multi-billion dollar companies such as mobile phone manufacturer Xiaomi, portable battery manufacturer Anker, cryptocurrency company Circle, and cryptocurrency exchange Coinbase. (source: TheMerkle - Joseph Young).

The long term positive outlook of venture capitals on the cryptocurrency market is an added confidence boost for cryptocurrencies to mature into a major asset class. This could potentally downplay and compete directly with some of the financial products currently available in the market. Some of these traditional asset classes may be rendered obsolete in the years to come, taken over by improved technologies such as the blockchain.

The additional funding will help ImToken expand in Asia and the United States. Ben He, CEO of imToken, tells TechCrunch the company will use its new capital to study local regulations and launch imToken 2.0 international in new markets. It will focus first on Southeast Asia before looking toward other Asian countries, like Korea, Japan and India, where “regulations are maturing quickly and as a result we’re doing our due diligence amid increasing scrutiny from local governments” (source: TechCrunch - Catherine Shu).