Ethereum Wallet ImToken has $ 35B in deposits, more than 99% of US banks

Ethereum Wallet ImToken

China-based ImToken, one of the first Cryptocurrency and Ethereum wallets listed on the Apple App Store, has processed more than $ 35 billion in deposits over the past few years, outperforming Coinbase.

Ethereum Wallet ImToken

Similar to Blockchain, MyEtherWallet and MyCrypto, ImToken is a free and non-portal wallet that allows users to store, send and receive cryptocurrencies such as Ethereum while retaining full control of their private keys and accounts.

In the early days of Ethereum, prior to developing popular wallets like MyEtherWallet and MetaMask, ImToken was the only reliable mobile wallet users could use on mobile devices. ImToken’s first-mover advantage and the simplicity of the app resulted in the platform handling more than $ 35 billion in deposits, representing more than 99 percent of US banks.

In May, Bloomberg reported that Xapo, which has processed more than $ 10 billion in deposits over the past three years, has more in its deposits than 5,670 banks in the United States or 98 percent of the country’s banks. $ 35 billion in deposits for ethers and other cryptocurrencies would make ImToken the top 0.5 percent, along with major banks and financial institutions.

Investment from Chinese VC Giant IDG Capital

IDC Capital’s China-based ImCrypto, which is one of the largest venture capital firms in Asia, received a $ 10 million round of financing this week. IDG Capital has invested in more than 700 companies with 150 successful exits, including multi-billion dollar companies such as mobile phone maker Xiaomi, wearable battery maker Anker, cryptocurrency company Circle and the cryptocurrency swap Coinbase.

The business model of ImCrypto is similar to that of Blockchain and other blockade non-depot platforms. Due to its transparent functionality and its free software, it has no stable source of income. While the simplicity of the ImCrypto platform ultimately led to its long-term success, the difficulty of monetizing ImCrypto despite the billions of dollars stored on the platform would be viewed as a major problem by investors, especially venture capital firms, in the traditional technology industry.

IDG Capital’s $ 10 million investment has shown confidence in the long-term growth of the cryptocurrency and wallet operators. Although non-postage-free wallets currently have no sales and low profit margins, venture capital firms still run millions of dollars worth of funding, recognizing the potential of cryptocurrency wallets.

“We recognized the potential of Ethereum at a very early stage and focused on differentiating ourselves from competitors, the growth was fully organic, we had no marketing or advertising budget,” said ImToken founder Ben He, stating that the newly acquired working capital IDG would enable the company to pursue marketing and aggressive expansion in the global cryptocurrency market.

Trust from investors

Recently, during an interview with Bloomberg Television, Dan Morehead, CEO of Pantera Capital, a $ 1 billion cryptocurrency hedge fund, said the cryptocurrency market’s valuation may exceed $ 40 trillion in the long run.

“The $ 400 billion crypto market could reach $ 4 trillion, and even $ 40 trillion is definitely possible, it’s the 10-year forecast, it will not happen overnight,” he said Morehead.

Large-scale venture capital firms and hedge funds are generally optimistic about the long-term nature of the cryptocurrency market and are confident that cryptocurrencies will become a major asset class that will compete with traditional assets and the global financial system.

Ethereum Wallet ImToken

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