Ethereum wallet imToken received financing for $10 million

Ethereum wallet imToken received financing for $10 million

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While major competitors like Coinbase and Electrum are the most common cryptocurrency wallets, the lesser-known Chinese wallet named imToken received $10 million from IDG Ventures. With the help of this wallet, more than $35 billion is stored in the cryptocurrency, most of these funds are owned by Chinese investors.

According to rough estimates, the wallet imToken is used by 4 million people. Despite its obscurity among users from other countries, this purse was one of the first, which began to support the blockchain Ethereum. At the time of writing, the wallet supports more than 30,000 tokens.

IDG Capital said in a press release:

“ImToken managed to create a product that is one of the best cryptocurrency wallets in the world at the moment. We believe that this wallet can benefit both crypto-economics and blockchain technology. Our company is happy to cooperate with imToken”.

The growing investment in blockchain-making technology and the cryptocurrency business is an excellent example of the old saying – sell shovels during gold rush. Instead of trying to find where to make money, create a business that profits from people who make money. This means that institutional investors will be interested in cryptocurrency regardless of their price.

After its launch in 2015, the management team decided to start supporting smart contracts. It turned out to be a brilliant idea. In 2017, Ethereum became the main platform for many cryptocurrency projects. Support for this cryptocurrency with the wallet imToken brought him wide popularity among Chinese investors. It is interesting that the wallet supports more than 500 ERC-20 tokens.

Ben Hee, the creator of imToken, said:

“We very early noticed the real potential of Ethereum and focused their work on it in order to be different from competitors. Growth was completely organic. We did not have a budget for marketing or advertising. “

It is noteworthy that Coinbase announced about $20 billion of crypto assets stored on their clients’ wallets. At the same time with the help of imToken is stored more than $35 billion.

According to SCMP information, users of imToken wallet spent more than 10% of daily Ethereum transactions since the beginning of 2018, and in May the number of users was already 21%. At the moment 70% of all users of the wallet are residents of the Far East.

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