Chinese startup ImToken has developed one of the first ever cryptocurrency wallet apps, and within a year attracted 4 million customers who have used them to house $35 billion worth of digital currency.
A Chinese startup has just received a $10 million windfall courtesy of venture capitalists IDG Capital. ConsenLabs Inc. are the company behind ImToken, a cryptocurrency wallet in app form, which is one of the first of its kind. Within a year, ImToken has attracted over 4 million users, and now houses around $35 billion worth of stored cryptocurrency.
ImToken is already outperforming long-established rivals such as Coinbase and Xapo in the crypto-wallet market, and the stats are clearly indicated by the above graph.
Ben He – The Man Behind ImToken
35-year-old Ben He is the founder of both ConsenLabs Inc. and ImToken. He decided to go with Ethereum instead of Bitcoin for his app in 2016, even though it would be a year before the Ethereum blockchain would become the “weapon of choice” for startups looking at raising capital through ICOs.
In a recent interview, Ben He said:
“We noticed very early the potential of Ethereum and focused on it to differentiate against competitors. The growth has been completely organic. We didn’t have any marketing or promotional budget.”
The $35 billion stored in the ImToken app within 12 months outstrips the reported “more than $20 billion” in customer assets claimed by Coinbase. ImToken users now account for 10% of the average daily activity on the Ethereum blockchain, a figure which peaked at 21% during May, according to data provided by ImToken and Bloomberg.
In fact, so impressive are the figures attached to ImToken in terms of deposit growth over the past year, the app actually rivals such heavyweights as JPMorgan Chase & Co. and Citigroup Inc., according to figures provided by the Federal Deposit Insurance Co.
Ben He said that IDG’s investment will help the expansion of ImToken beyond Chinese market, which currently accounts for 70% of its users, starting with the opening of new office premises in Singapore later this year.