imToken, the blockchain tech startup and crypto wallet developer, announced today that it has raised $ 30 million in Series B funds led by Qiming Venture Partners. Attendees included returning investor IDG Capital as well as new supporters Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ and Liang Xinjun, the co-founder of Fosun International.
The startup was founded in 2016 and had the last funding announcement for its Series A worth $ 10 million under the leadership of IDG in May 2018. According to imToken, the Ethereum, Bitcoin and other cryptocurrency wallet now has 12 million users and currently over $ 50 billion in assets are stored on its platform with a total transaction value of more than $ 500 billion.
The company was founded in Hangzhou, China before moving its current headquarters to Singapore. About 70% of users are in mainland China, followed by markets like South Korea, the US, and Southeast Asia.
imToken will use its latest resources to create functions for “imToken 3.0”. This includes keyless accounts, account recovery, and a range of decentralized financial services. There are also plans to expand its research branch for blockchain technology, known as Token Labs, and to open offices in more countries. The company currently has a team of 78 people in mainland China, the US and Singapore, and expects to increase the number to 100 this year.
In a press release, Duane Kuang, founding CEO of Qiming Venture Partners, said: “In the next ten to twenty years, blockchain will revolutionize the financial industry worldwide. We believe that imToken is following this trend and has positioned itself strongly in the market. “