imToken, the blockchain tech startup and crypto wallet developer, announced today it had raised $30 million in Series B funding led by Qiming Venture Partners. Participants included returning investor IDG Capital and new backers Breyer Capital, HashKey, Signum Capital, Longing Capital, SNZ, and Liang Xinjun, the co-founder of Fosun International.
Founded in 2016, the startup’s last funding announcement was for its $10 million Series A, led by IDG, in May 2018. imToken says its wallet for Ethereum, Bitcoin, and other cryptocurrencies now have 12 million users. Over $50 billion in assets are currently stored on its platform, with a total transaction value exceeding $500 billion.
The company was launched in Hangzhou, China, before moving to its current headquarters in Singapore. About 70% of its users are in mainland China, including South Korea, the United States, and Southeast Asia.
imToken will use its latest funding to build features for “token 3.0.” This will include keyless accounts, account recovery, and a suite of decentralized finance services. It also plans to expand its research arm for blockchain technology, called imToken Labs, and open offices in more countries. It currently has a team of 78 people based in mainland China, the United States, and Singapore and expects to increase its headcount to 100 this year.
In a press statement, Qiming Venture Partners founding managing partner Duane Kuang said, “In the next ten to twenty years, blockchain will revolutionize the financial industry on a global scale. We believe that token is riding this trend and has strongly positioned itself in the market.”