Crypto Wallet ImToken Raises $30M USD In Series B Funding Round
Crypto wallet company imToken has raised $30 million in a Series B financing round led by Qiming Venture Partners. The round also saw participation from its lead Series A investor IDG Capital and new investors including Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ and co-founder of Fosun International, Mr. LIANG, Xinjun.
Founded in 2016, imToken is a decentralized digital wallet used to manage and safeguard a wide range of blockchain- and token-based assets, identities and data. The company allows its users to manage assets on 12 mainstream blockchains, as well as seamlessly connect with DApps via a decentralized applications browser. Over $50 billion in assets are currently placed on the platform and the total transaction value via imToken has exceeded $500 billion.
The company will used latest funding to accelerate the development of its next iteration, imToken 3.0. With imToken 3.0, imToken intends to fundamentally improve the way users interact with blockchain services by implementing keyless accounts, account recovery and other features that enable users to easily and securely access a variety of blockchain networks and applications. Beyond its free non-custodial wallets, imToken also plans to provide secure and convenient access to a suite of decentralized finance (DeFi) services in imToken 3.0, a leap to the centralized digital wallet. The company’s goal is to further lower the entry barrier for cryptocurrency newcomers by building up a robust ecosystem of interconnected products that makes a wide range of blockchain services more available and easier to manage.
The newly raised capital will also be invested in building a research arm called imToken Labs, with the goal of further exploring and applying advanced blockchain technology in imToken’s products and services. In addition, it will be used to bolster imToken’s recruiting efforts in the areas of research, marketing and operations, and to establish more offices globally.
“We are thrilled to be partnering with such a savvy and experienced group of investors from both inside and outside of the crypto space,” said He Bin, CEO and Founder of imToken. “Beginning with our inception five years ago, we recognized the huge potential of blockchain technology – as well as the challenges faced by the industry with regards to a need for improved user experiences, secure key management and scalable network. With our investors’ support, we are well positioned to tackle these challenges and grow our platform beyond our wallets – bringing our trademark focus on ease-of-use to a wide range of decentralized services with a goal of serving over 100 million users in the next five years.”
“Qiming Venture Partners always endeavours to follow massive trends and capture huge opportunities,” said Duane Kuang, Founding Managing Partner of Qiming Venture Partners. “In the next ten to twenty years, blockchain will revolutionize the financial industry on a global scale. We believe that imToken is riding this trend, and has strongly positioned itself in the market; the team is very focused, always looking to build solid products. We look forward to adventuring into the new era with imToken.”
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