ImToken bags $30Mn in funds to expand its blockchain portfolio

ImToken bags $30Mn in funds to expand its blockchain portfolio

The company aims at adding new features to its imToken 3.0 along with increasing its global footprint

Singapore-based blockchain technology startup and cryptocurrency wallet developer, ImToken has reportedly announced that it has secured USD 30 million in Series B funding round led by Qiming Venture Partners.

For the record, the funding round saw the participation of returning investor IDG Capital, and new backers such as Signum Capital, Breyer Capital, Longling Capital, HashKey, Liang Xinjun, and SNZ.  

With the latest raised funding, the company aims at adding advanced features to its “imToken 3.0”. This will comprise of keyless accounts, a wide variety of decentralized finance services, as well as account recovery along with a suite of decentralized finance solutions.

In addition to the above, ImToken aims at expanding its research for blockchain technology named imToken Labs as well as opening offices in various other countries. Presently, the company operates with a team of 78 people, based in Singapore, the United States, and mainland China along with increasing its headcount to 100 by the end of 2021.

According to a statement by the company, its wallet for Bitcoin, Ethereum, and other forms of cryptocurrency now has more than USD 50 billion in assets and is presently stored on its platform, holding a cumulative transaction value cross USD 500 billion.

 Incorporated in the year 2016, the company began its operations in Hangzhou in China, before moving to its present headquarters in Singapore and nearly 70% of its customers are in China, followed by its prominent presence in Southeast Asia, South Korea, and the U.S.  

Elaborating further on the funding announcements made by ImToken, in May 2018, the company raised USD 10 million in Series A round led by IDG.  

Source Credit: https://techcrunch.com/2021/03/31/cryptocurrency-wallet-and-blockchain-tech-startup-imtoken-raises-30-million-series-b/