Qiming Venture Partners led a $30 million Series B round of funding for imToken, a blockchain technology startup, and crypto wallet developer. IDG Capital, a returning investor, was joined by Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ, and Liang Xinjun, the co-founder of Fosun International, as well as new backers Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ, and Liang Xinjun, the co-founder of Fosun International.
Founded in 2016, the company’s most recent funding round was a $10 million Series A led by IDG in May 2018. ImToken claims that its Ethereum, Bitcoin and another cryptocurrency wallet now has 12 million users, with over $50 billion in assets deposited on its platform and a cumulative transaction volume of more than $500 billion.
The company was established in Hangzhou, China, before relocating to Singapore. Mainland China accounts for around 70% of the company’s customers, followed by markets such as South Korea, the United States, and Southeast Asia.
imToken will put its new funding into developing features for “imToken 3.0.” Keyless accounts, account recovery, and a suite of decentralized finance services will all be part of this. It also intends to expand imToken Labs, its blockchain technology testing arm, and open offices in more countries. It currently employs 78 employees across mainland China, the United States, and Singapore, with plans to expand to 100 by the end of the year.
“Blockchain will revolutionize the financial industry on a global scale in the next ten to twenty years,” said Duane Kuang, founding managing partner of Qiming Venture Partners. We assume imToken is capitalizing on this development and has a good market position.”