imToken Raises $30 Million Series B Funding

ImToken Secures $30 Million in Series B Funding

ImToken, a blockchain technology startup specializing in cryptocurrency wallet development, has announced the successful completion of a $30 million Series B funding round. The investment was spearheaded by Qiming Venture Partners.

Investment Details and Participants

This funding round saw participation from existing investor IDG Capital, alongside new investors including Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ, and Liang Xinjun, the co-founder of Fosun International.

Company Background and Growth

Established in 2016, ImToken previously secured $10 million in Series A funding from IDG Capital in May 2018. The company’s wallet, supporting Ethereum, Bitcoin, and other cryptocurrencies, currently boasts a user base of 12 million.

Over $50 billion in digital assets are presently held on the ImToken platform. Furthermore, the total transaction volume processed through the platform has surpassed $500 billion.

Geographical Presence and User Demographics

Initially launched in Hangzhou, China, ImToken relocated its headquarters to Singapore. Approximately 70% of its user base resides in mainland China.

Significant user activity also originates from key markets such as South Korea, the United States, and Southeast Asia.

Future Plans: imToken 3.0 and Expansion

The newly acquired funds will be allocated towards the development of “imToken 3.0.” This next-generation iteration will incorporate features like keyless accounts and robust account recovery mechanisms.

A comprehensive suite of decentralized finance (DeFi) services is also planned. ImToken intends to bolster its blockchain technology research division, imToken Labs, and establish additional international offices.

Team Growth and Industry Outlook

Currently, ImToken employs 78 individuals across locations in mainland China, the United States, and Singapore. The company anticipates expanding its team to 100 employees throughout the current year.

Duane Kuang, founding managing partner at Qiming Venture Partners, stated, “Blockchain technology is poised to revolutionize the global financial landscape over the coming decades.”

He further added, “We are confident that ImToken is well-positioned to capitalize on this transformative trend.”