China’s imToken, provider of the self-proclaimed “world’s largest Ethereum wallet” has disclosed that it is moving its headquarters to Singapore following a financing round from IDG Capital. The move is part of an expansion push to achieve 10 million users by the end of the year.
The startup is recognized in the cryptosphere for developing one of the first crypto wallet apps to support the Ethereum blockchain. Though imToken’s app now has 4 million users, the firm revealed that it will set a target to increase its user base to 10 million by the end of 2019, with approximately half of all users from outside China.
According to the South China Morning Post, Ben He, CEO and Founder of imToken and ConsenLabs, said, “With the new headquarters in Singapore, we hope to reach users in more countries.”
imToken’s He explained that Singapore is “friendly to blockchain technology” and is seen as the up-and-coming destination for Chinese firms in the cryptosphere. His remarks reflect tightening regulations at home by the Chinese government regarding initial coin offerings (ICOs) and digital currencies.
imToken’s announcement regarding the establishment of its headquarters in Singapore followed the firm’s Series A round of funding that saw it receive US$10 million from IDG Capital. The investment will be funneled into the firm’s overseas expansion, as well as research and development.
According to He, there is still room to grow in the crypto market worldwide. The imToken founder said, “The potential of the market is too big to estimate as more people start to use blockchain-enabled financial services.”
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