Startup company imToken which is based in China, has concluded plans to move its global headquarters to Singapore. The company, which claims to be the largest Ethereum wallet in the world, arrived at this decision after it received some funding from VC firm IDG Capital.
imToken, which is known for developing cryptocurrency wallet app that support Ethereum and its tokens is looking to take its service global and has taken that as its number one priority. This is particularly important for the startup as over 70% of its users are Chinese.
The main target of imToken is to reach a total of 10 million users before the year runs out and with half of them to be from outside China. The company still has a lot of work to do to achieve that as it currently has just 4 million users.
Singapore Important for Global Domination
imToken views the shifting of its global headquarters to Singapore as a very important step in its quest for global adoption. Ben He, chief executive and founder of imToken, while commenting on this latest development stated that;
With the new headquarters in Singapore, we hope to reach users in more countries and Singapore is friendly to blockchain technology.
Singapore has become a favorable destination for some Chinese cryptocurrency companies after the Chinese government cracked down on mining, trading and other cryptocurrency activities in the country. Bitmain, the largest ASIC mining hardware manufacturer in the world announced few months ago that it will be launching a regional headquarters in the country while cryptocurrency exchange.
The announcement made by the company comes just days after it received $10 million in its latest round of funding. The company received the funds from IDG Capital, which is also known for investing in other cryptocurrency companies like Coinbase and Circle.
The funding will aid the company to move forward with its expansion plans while also boosting its R&D team. The team announced that it will hire 20 people to join its development team in Singapore before the end of the year.
He is very confident about the future of imToken and expects the customer base to increase over time. Data released by the company showed that over 90% of its users are males aged between 30 and 39. He added that;
They are tech-savvy, early adopters who see cryptocurrencies as a kind of investment.
adding that the global market has about 30 million users that fit that profile. “The potential of the market is too big to estimate as more people start to use blockchain-enabled financial services,” he concluded.