imToken, an Ethereum mobile wallet developed by Hangzhou-based startup ConsenLabs, has raised $10 million from IDG Capital in Series A funding. The startup said the new investment will support imToken’s expansion into global markets and development of new product features.
“We are very fortunate to have believed in Ethereum and to build our product revolving around the growth of the network. Today, our community of more than 200 nationalities cite security and ease of use of the application as one of the main reasons for using imToken,” said Ben He, CEO and founder of ConsenLabs.
Launched in 2016, imToken claims to be the largest and one of the fastest growing Ethereum digital asset wallets in the world. According to company figures, imToken services accounted for 10% of total daily transactions worldwide in 2017, totaling $35 billion in pass-through transactions. The platform now has over 4 million monthly active users, including high-net-worth cryptocurrency holders in countries such as the US, China, Africa, Indonesia, and Korea.
ConsenLabs has created an ecosystem of products within the imToken app such as the in-app decentralized exchange (for international users only), Tokenlon, in partnership with Kyber Network and 0x for international users. The platform also recently introduced its dApp (decentralized application) browser—a feature that allows users to interact with dApps directly from the app. Last week, imToken announced in a blog post that it fully supports the highly-anticipated EOS project and users can transition their EOS tokens to the main net when it goes live on June 2.
IDG Capital partner Young Guo said: “We believe [imToken] will become a significant infrastructure for the tokenization manifesto, benefiting both the crypto economy and blockchain technology.” IDG Capital is notable for its portfolio of leading cryptocurrency companies including Coinbase and Circle.
The digital asset wallet space in China was very much dominated by foreign brands before imToken launched. User interface design and language catered mainly towards English-speaking markets, which provided an opportune time when for imToken. Nevertheless, the capricious crypto regulatory environment in China has led to many cryptocurrency exchanges and wallet services leaving the mainland for other markets like Hong Kong and Singapore.
“We will not provide exchange service in China. Chinese government currently supports blockchain technology, but ICOs or [crypto] exchanges are forbidden. We need to comply with local laws,” the company told TechNode. Currently, the app is not available for download for users with a Chinese Apple ID. However, users can download the imToken app via Google Play or other app stores in China.