Cryptocurrency services provider, imToken announced that the company has raised $30 million in a Series B funding round to accelerate the development of its next iteration, imToken 3.0.
According to the official announcement, the latest funding round was led by Qiming Venture Partners. IDG Capital, Breyer Capital, HashKey, Signum Capital and Longling Capital, which also participated in the Series B funding.
imToken became the latest cryptocurrency wallet provider to receive funding. Blockchain.com, a leading crypto wallet provider announced earlier this month that the company has secured $300 million funding at a valuation of over $5.2 billion.
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Founded in 2016, imToken has more than 12 million users in over 150 countries. The cryptocurrency platform is planning to use the latest funds to build a dedicated research arm.
Commenting on the latest announcement, He Bin, CEO and Founder of imToken, said: “We are thrilled to be partnering with such a savvy and experienced group of investors from both inside and outside of the crypto space. 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 cryptocurrency wallets.”
The company launched imToken Ventures in 2018 to invest in startups working in the cryptocurrency wallet ecosystem. The blockchain firm mentioned that one of its incubated projects Tokenlon facilitated more than $10 billion in trading volume.
“We have had our eye on imToken since the early days of our involvement in the cryptocurrency space, and we have been extremely impressed with what they’ve accomplished to-date. We believe much of their success can be attributed to their disciplined focus on user experience and ease-of-use, and we look forward to helping them apply that same focus to a wide range of services beyond their core wallet offerings,” said Guo Yihong, Partner at IDG Capital.