Looking to develop a greater global presence, imToken has recently completed a series A round of funding. ‘Series A’ refers to an entities first round of significant funding – typically through venture capitalism. They have successfully raised $10 million USD from IDG Capital. IDG Capital has also invested in crypto companies like Circle and Coinbase. The money raised by imToken is intended to be used on various things. First and foremost, it will be to ramp up their exposure to the western world. In addition to this, a portion of the funding will be to expand their supported assets.
As of now, despite its massive popularity in Asia – 70% of the user base is in Asia at this time – it has barely made a dent in Africa, and the Americas. Its current user base has catapulted it to the #1 Ethereum wallet in the world. The wallet hosts more funds than North American based ‘Coinbase’ ($35billion vs. $20 billion). If the wallet can successfully make inroads within the western markets, their worth will skyrocket.
Unlike client based wallets such as Exodus, and Jaxx, imToken is a smartphone based application. This helps to facilitate the actual use of crypto. Users of the app always have their crypto on them wherever they go. In addition to this, the app incorporates features of a DEX through a partnership with 0x and KyberNetwork. These features add up to comprise the beginnings of CEO Ben Hes’ end goal. He plans to take imToken … “a step further than our competitors, as we’re focused on building an ecosystem within imToken for all our users.” Eventually they plan on hosting more than Ethereum based tokens in their wallet – expanding to other platforms such as EOS.
It is these features described that have attracted more than 4 million users to actively use the product. This user base is the result of 2 years of being in operation. The company was founded in 2016 in Hangzhou, China. They now find themselves listed on both the apple store, and the google store. Just their google store listing has resulted in more than 100,000 downloads. 35yr old Ben He has indicated that this…”growth has been completely organic. We didn’t have any marketing or promotional budget.”
Speaking on their investment in imToken, Young Guo of IDG Capital recently stated, “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.”
If you are looking for a versatile, smartphone based wallet to host your various ETH based assets, give imToken a try. It has an intuitive, easy to look at interface, and clearly has a bright future!