Largest Ethereum Wallet in China Moves to Singapore

The world’s biggest Ethereum wallet, imToken, is transferring its head office to Singapore. The move furthers its goal of expanding its global reach after securing a financial window facility from venture capitalist firm IDG Capital. ConsenLabs is imToken’s parent company. imToken is one of the first digital currency wallet apps that supported Ethereum.

The company earmarked global expansion at the top of it’s 2017 priorities, as 70% of its customer base is located in China. The company’s chief executive and founder, Ben He, was quoted as saying:

“With the new headquarters in Singapore, we hope to reach users in more countries,” and described the city-state as “friendly to blockchain technology.”

He also noted that Beijing’s sweeping crackdown on cryptocurrency and initial coin offerings (ICOs) since last year had made Singapore an attractive destination for Chinese companies engaged in the digital currency space.

To date, several vital blockchain-based companies have already established their presence in Singapore. Earlier this year, the world’s most prominent mining collective, Bitmain, established a regional office in the country, while the famous cryptocurrency exchange operator Huobi, opened up shop in the city.

Interestingly, imToken’s decision to have its global headquarters in Singapore came after securing $10 million in fresh series A financing from IDG Capital. The venture capital firm was also reported to have invested $75 million in Coinbase’ series C funding, as well as the $50 million funding round of Cycle.

The fresh capital is expected to be used by imToken not only for its offshore portfolios but also to improve its research and development (R&D) unit. Currently, a total of 30 people work in the company’s R&D team but there are plans to hire 20 more people from Singapore by the end of 2018, it was learned.

imToken forecasts to remain popular amongst the male market segment aged between 30 and 39 and who have earnings ranging from $150,000 to $250,000 per year.

It added:

“They are tech-savvy, early adopters who see cryptocurrencies as a kind of investment. The potential of the market is too big to estimate as more people start to use blockchain-enabled financial services.”

With its focus on Ethereum, imToken is on track to hit its target, if we are to believe Vitalik Buterin who recently announced that their network would soon have the capability to process one million transactions per second after its second-layer scaling solutions are rolled out.

Be the first to comment

Leave a Reply

Your email address will not be published.