While big competitors like Coinbase and Electrum are the most common cryptocurrency wallets, a lesser-known Chinese wallet called imToken has received $10 million in funding from IDG Ventures. This wallet stores more than $35 billion in cryptocurrency, most of which belongs to Chinese investors.
It is estimated that 4 million people use the imToken wallet. Despite its obscurity among users from other countries, this wallet was one of the first to support the Ethereum blockchain. At the time of writing, the wallet supports more than 30,000 tokens.
IDG Capital stated in a press release:
"imToken has managed to create a product that is one of the best cryptocurrency wallets in the world at the moment. We believe that this wallet has the potential to benefit both the cryptoeconomy and blockchain technology. Our company is pleased to partner with imToken."
The growing investment in blockchain technology and the cryptocurrency business is a great example of the old adage - sell shovels when it's golden. fever. Instead of looking for where to make money yourself, create a business that makes a profit from people who make money. This means that institutional investors will be interested in cryptocurrencies regardless of their price.
Ethereum supports this move
After its launch in 2015, the management team decided to start supporting smart contracts. This turned out to be a brilliant idea. In 2017, Ethereum became the main platform for many cryptocurrency projects. The support of this cryptocurrency by the imToken wallet has brought it widespread popularity among Chinese investors. Interestingly, the wallet supports over 500 ERC-20 tokens.
Beng He, the creator of imToken, said:
“We saw the true potential of Ethereum very early on and focused our work on it in order to differentiate ourselves from competitors. The growth was completely organic. We had no budget for marketing or advertising.”
Notably, Coinbase reported $20 billion in crypto assets, stored in the wallets of their clients. At the same time, more than $35 billion is stored using imToken.
According to SCMP, users of the imToken wallet have carried out more than 10% of daily Ethereum transactions since the beginning of 2018, and in May the number of users was already 21%. At the moment, 70% of all wallet users are residents of the Far East.
According to btcmanager
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