The world’s largest Ethereum wallet, imToken, has announced that it will be focusing its attention on expanding its operations in Asia and the United States. This announcement was made today after the wallet raised $10 million Series A from IDG Capital. The funds will be used to incorporate new features such as support for Bitcoin, EOS and other blockchains.
IDG Capital has been investing in cryptocurrency companies for a while, with Coinbase and Circle some of its beneficiaries. In a press statement released earlier, IDG Capital partner Young Guo stated that;
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, benefiting both the crypto economy and blockchain technology. We’re excited to back imToken.
imToken, which was founded two years ago by its CEO Ben He, is based in Hangzhou and serves mostly the Chinese market. The wallet currently supports 30,000 tokens and claims that it has over 4 million monthly active users. The wallet also revealed that it handled $35 million in pass-through transactions last year.
Ben told TechCrunch that the company will use the funds raised from its latest investment round to study local regulations and launch imToken 2.0 international in new markets. The new market it will focus on will be Southeast Asia before looking toward other Asian countries, such as India, Japan, and Korea where he claimed that;
regulations are maturing quickly and as a result, we’re doing our due diligence amid increasing scrutiny from local governments.
Africa will be next after these regions, with Nigeria the first target, where they already have a user base. The wallet while expanding in Africa will be doing the same in the U.S.
The company also offers other services asides its wallet, and they include; Tokenlon, an in-app decentralized exchange in partnership with Kyber Network and 0x, and DApp store, a marketplace for decentralized mobile apps.
ImToken will face stiff competition in markets like the U.S which already has some established competitors like MyEtherWallet, Coinbase and Ledger Nano and a host of hardware wallets. He is aware of the competition, stating that;
the main goal of all blockchain companies is to take the blockchain technology forward and imToken is looking to build positive relationships with its competitors.
While talking about the advantage of imToken, He stated that;
taking a step further than our competitors, as we’re focused on building an ecosystem within imToken for all our users.
The company wants to “move toward a blockchain-agnostic stage”. This means that users of the wallet will have the chance to store different assets in one imToken wallet. The next thing for them is to lower the barrier for entry into blockchain tech and they intend to do this by making it easier for users to manage their assets across different platforms using the imToken 2.0 International.