Chinese Wallet Imtoken Holds $20 Billion in Coinbase Customer Assets

In a recent interview, Ben He, the founder of major Chinese Ethereum wallet provider, Imtoken, discussed his company’s growth. $35 billion worth of crypto assets are currently held in Imtoken wallets – including funds owned by major cryptocurrency companies such as Coinbase. Imtoken also recently announced that it has received $10 million USD from IDG Capital, and will soon integrate support for BTC.

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Imtoken Raises $10 Million in Funding Round

In recent days, Imtoken revealed that it has raised $10 million USD from IDG Capital through its Series A funding round. The company, which claims to be the world’s largest Ethereum wallet, will now set its sights on expanding in the Asian and United States cryptocurrency markets.

Imtoken’s chief executive officer and founder, Ben He, emphasized the company’s desire to penetrate the Southeast Asian markets before looking toward major regional players such as Korea, Japan, and India – stating that said jurisdictions’ “regulations are maturing quickly.” After Asia, Imtoken will look toward major African markets, such as Nigeria.

IDG Capital partner, Young Guo, stated that “Imtoken has developed its product into one of the top crypto asset wallets in the world with such a sound reputation. We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology. We’re excited to back Imtoken.”

Imtoken indicated that much of the newly raised capital will be put toward developing new features, including support of BTC, EOS, and a number of other altcoins.

$35 Billion Worth of Cryptocurrency Has Been Deposited in Imtoken Wallets

In a recent interview, Mr. He described the company’s growth as having been “completely organic,” adding “We didn’t have any marketing or promotional budget […] We noticed very early the potential of Ethereum and focused on it to differentiate against competitors.”

Since launching support for Ethereum in 2016, the company’s app has grown to store more than $35 billion worth of cryptocurrency assets, including “More than $20 billion” worth of Coinbase’s customers funds, according to a Coinbase spokesperson.

Since January, Imtoken users are estimated to have accounted for approximately 10% of daily activity taking place on the Ethereum blockchain.

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