Most cryptocurrency companies are in the midst of expanding their market presence. imToken, a popular Ethereum wallet headquartered in China, is moving to Singapore. This is part of the company’s plan to expand overseas and increase its presence in the market. The move is facilitated thanks to a new financing round from IDG Capital.
A big Move for imToken
In the world of Ethereum, various competitors have emerged. MyEtherWallet is a popular solution, but it faces stiff competition. imToken claims to be the largest Ethereum wallet service provider at this time. Their main priority throughout the remainder of 2018 is global expansion. Despite the success to date, over half of its users still reside in the company’s native country.
On paper, that is not necessarily a bad thing. However, given the company’s headquarters in China, their growth may be somewhat limited. As such, setting up shop in Singapore is a big step in the right direction. Unlike China, Singapore has a more open-minded approach to cryptocurrencies and its associated services. It also makes the region more accessible when it comes to this particular industry.
Moving to Singapore is facilitated by a new financing round for imToken. IDG Capital has injected more into this project to ensure it can expand its market presence. If this move proves to be successful, the wallet will reach over 10 million users by the end of 2018. Around half of those users will need to come from markets outside of China, which will be a rather tall order.
The Success of Singapore
Over the past few months, various regions have made their mark on the blockchain industry. Malta in Europe has become a prominent region in this regard. Singapore is trying to achieve the same goal in Asia as of right now. imToken founder Ben He considers Singapore to be a “blockchain-friendly nation”.
Under the hood, imToken claims to “control” $35 billion in crypto assets. That is on par with the assets controlled by a regular Chinese medium-size commercial bank. If those statistics are correct, the company is definitely on the right track to becoming a major entity in the Ethereum world. Rest assured its competitors will not sit by idly either in this regard. The cryptocurrency wallet business is constantly growing and evolving.
Depending on how the cryptocurrency ecosystem evolves, solutions such as imToken will continue to gain more traction. Consumers seem more than confident to trust these third-party wallet solutions. Blockchain-enabled financial services are the new hot commodity as of right now. With IDG Capital pumping $10 million into this project, it is evident there will be a bright future ahead for this wallet service.
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