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Homepage / News May 31, 2018 61 views

IDG Backs Crypto Wallet imToken with $ten Million Investment

IDG Backs Crypto Wallet imToken with $ten Million Investment

China-based cryptocurrency wallet imToken announced Thursday that it has closed a $10 million Series A round completely funded by venture capital firm IDG Capital.

Founded in 2016, imToken first entered the industry as a committed ethereum wallet service, but has given that expanded to support a claimed 30,000-plus tokens, such as “airdrops” and ICO issuances.

The firm mentioned in a release that the new equity financing will be utilised to expand its overseas organizations and to hire a lot more technical employees for product development.

ImToken’s CEO, Ben He, told CoinDesk that the company presently has fewer than 40 workers and will mostly expand its group in Singapore, alongside creating new presences in other Asian and African nations including Japan, South Korea, Vietnam and Nigeria.

In addition, the CEO said the firm expects to launch a new safety-associated item at the finish of June, even though he refrained from disclosing additional specifics.

IDG Capital has grow to be notable in the cryptocurrency industry, possessing made a series of investments in significant industry startups.

As previously reported by CoinDesk, IDG participated in Coinbase’s notable&nbsp$75 million series C round, as properly as Circle’s $50 million funding, each of which took location in 2015. Much more not too long ago, the VC firm also backed China-based cryptocurrency information firm BiKan as a participating investor in the startup’s $10 million fundraise.

Wallet image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Thu, 31 Might 2018 12:45:11 +0000

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