Qiming leads $30m Series B for China crypto start-up

Series A investor IDG Capital also participated, as did new investors Breyer Capital, Signum Capital, Longling Capital, crypto industry services providers SNZ and HashKey, and Xinjun Liang, a co-founder of Fosun International. It brings total funding to at least $40 million since the company’s inception in 2016.

ImToken is a decentralized digital wallet used by about 12 million crypto investors globally to manage and safeguard various blockchain and token-based assets, identities, and data. It has historically branded itself as the world’s largest wallet for the cryptocurrency Ethereum.

The wallet has more than $50 billion in assets, and total transaction value has exceeded $500 billion across 12 mainstream blockchains, including Ethereum and Bitcoin. Its peer-to-peer network browser lists more than 150 smart contract applications. There is a strong focus on ease of use.

Further operations include a hardware wallet called imKey, which allows users to manage digital assets on their mobile devices via Bluetooth. Hardware wallets are physical devices that store access codes for crypto-wallets. They are meant to be completely isolated from computers and smart phones and therefore impossible to hack.

Since 2018, the company’s investment unit, ImToken Ventures, has helped set up companies such as enterprise-focused blockchain services player Nervos Network, which has raised $28 million from the likes of Sequoia Capital China and Matrix Partners China. It has also incubated Tokenlon, a decentralized exchange called that has facilitated more than $10 billion in crypto trades.

“In the next ten to twenty years, blockchain will revolutionize the financial industry on a global scale,” Duane Kuang, a founding managing partner at Qiming, said in a statement. “We believe that imToken is riding this trend and has strongly positioned itself in the market; the team is very focused, always looking to build solid products.”

ImToken said it intends to use the fresh capital to improve the way users interact with blockchains by implementing new features such as keyless accounts and account recovery services. There are also plans for a staff expansion in marketing and operations, the opening of new offices, and the build-out of a research arm called imToken Labs.

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• Topics
• Greater China
• Financials
• Technology
• Early-stage
• China
• Qiming Venture Partners
• IDG capital
• Financial Services
• Cryptocurrency
• blockchain