IDG Backs Crypto Wallet imToken with $10 Million Investment

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

Founded in 2016, imToken first entered the industry as a dedicated ethereum wallet service, but has since expanded to support a claimed 30,000-plus tokens, including "airdrops" and ICO issuances.

The company said in a release that the new equity financing will be used to expand its overseas businesses and to hire more technical staff for product development.

ImToken's CEO, Ben He, told CoinDesk that the company currently has fewer than 40 employees and will primarily expand its team in Singapore, alongside building new presences in other Asian and African countries including Japan, South Korea, Vietnam and Nigeria.

In addition, the CEO said the firm expects to launch a new security-related product at the end of June, though he refrained from disclosing further details.

IDG Capital has become notable in the cryptocurrency industry, having made a series of investments in major industry startups.

As previously reported by CoinDesk, IDG participated in Coinbase's notable $75 million series C round, as well as Circle's $50 million funding, both of which took place in 2015. More recently, the VC firm also backed China-based cryptocurrency data firm BiKan as a participating investor in the startup's $10 million fundraise.

Wallet image via Shutterstock