imToken Raises $30 Million in a Series B Funding Round

In a Series B funding round, crypto wallet provider imToken raises $30 million to stimulate the development of its next iteration, imToken 3.0. According to the official blog post, the latest funding round was led by Qiming Venture Partners. IDG Capital, Breyer Capital, HashKey, Signum Capital, and Longling Capital also participated in the Series B funding. imToken plans to use the funding to expedite platform innovation, develop a dedicated research arm, and hire top talent.

imToken is the latest cryptocurrency wallet provider to obtain funding. A prominent crypto wallet provider, Blockchain.com, declared earlier this month that the organization had secured $300 million funding at a valuation of over $5.2 billion. imToken has over 12 million users in over 150 countries. It also has approximately $50 billion in assets recently placed on the platform. imToken has its headquarters in Singapore. Moreover, it has offices located in Hangzhou, Taiwan, and the U.S. As mentioned above, the cryptocurrency platform is preparing to employ the latest funds to build a dedicated research arm.

imToken Joins Forces with Matter Labs

Apart from its non-custodial wallets, imToken intends to offer access to a series of DeFi services in its next iteration, imToken 3.0. On March 29, imToken also announced a collaboration with Layer 2 solutions provider Matter Labs. This collaboration will concentrate on growing scaling solutions. imToken elucidated that natively supporting rollup technology zkSync will tremendously enhance wallet functionality, transaction speeds, and prices for its users.

Furthermore, zkSync accelerates Ethereum transactions by employing zero-knowledge rollups to batch transactions and process them off the root chain. It can also offer security guarantees similar to a typical smart contract on Layer 1. On March 1, zkSync developers Matter Labs declared its Series A funding round. Some big names led this round in crypto and web security, involving Union Square Ventures, Cloudflare, and Coinbase.

In enhancement to native support for zkSync, imToken also introduced a Layer 2 category in the dApp browser. It aims to offer “high-quality” L2 applications to users. Moreover, imToken may plan to combine more L2 projects in the future. This is because it expects to provide users with a simple-to-use ecosystem as an entry point for fast, low-cost experiences.

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