Crypto wallet startup imToken raises $30 million in Series B round

Capital Markets • March 30, 2021, 10:21PM EDT
The Block

Crypto wallet startup imToken has raised $30 million in a Series B round led by Chinese venture capital firm Qiming.

The firm said in an announcement on Wednesday that it closed the round led by Qiming Venture Partners, which invested in notable Chinese tech firm like Xiaomi, Meitu and Megvii.

imToken said its $10 million Series A lead investor IDG Capital also participated in the round. Other new investors include Breyer Capital and Longling Capital, an investment firm chaired by Cai Wensheng, the founder and chairman of Meitu, which made headlines recently with its BTC and ETH purchases.

In addition, crypto-native funds Hashkey Capital, SNZ, Signum Capital as well as Liang Xinjun, co-founder of Chinese conglomerate Fosun International, also participated in the round.

Founded by Ben He in Hangzhou in 2016, imToken is known for its wallet services including non-custodial wallet imToken app and the imKey hardware wallet as well as the decentralized exchange Tokenlon.

With the new capital, the firm said it will hire additional staff in its bid to provide a suite of DeFi services to the development of imToken 3.0, the next upgrade for its wallet service. In addition, it plans to launch a research arm dubbed imToken Labs.