ImToken Pte Wallet Had $35 Billion In Cryptocurrency Deposits In 2017, More Then 99% of US Banks

It is said that the early bird catches the worm and that proverbial statement pretty much applies to a Chinese startup called ImToken Pte which came up with one of the first cryptocurrency wallets.

ImToken Pte created one of the first and most popular digital currency wallet apps in 2017 with particular focus on the Ehtereum (ETH) blockchain. The crypto wallet has so far managed to attract roughly 4 million users who stored $35 billion worth of digital currencies in the wallet in 2017. This is more than the deposits made by some of the major rivals such as Coinbase.

The impressive performance of ImToken explains why it has received the backing of a venture capital firm called IDG Capital which has invested $10 million in the Chinese startup. ImToken announced on Thursday that its latest Series A funding is an indicator that investors are still confident in the cryptocurrency market despite the poor performance of digital currency prices. Investors are still willing to invest in startups which they believe are a vital part of the cryptocurrency ecosystem.

ImToken’s founder Ben He stated in an interview that the company saw the potential of the Ethereum network from an early stage and decided to approach it from a unique perspective compared to its competitors. He also pointed out that the growth of his company’s platform has been completely organic and that the startup did not have a marketing budget.

Ben He also revealed that he made the decision to support Ethereum in 2016 which was one year before it became the preferred network for cryptocurrency startups. This includes startups that raise capital using Initial Coin Offerings (ICOs). ERC-20 tokens have since then surged by huge margins and supporting such tokens has transformed ImToken into one of the top Ethereum wallets and even earned it global recognition.

ImToken reportedly handled about 10 percent of all the cryptocurrency activity taking place on the Ethereum blockchain on a daily basis since the start of 2017 according to a Bloomberg report. It also claims that the daily activity for the startup rose to 21 percent in May. An analysis from the Federal Deposit Insurance Co. claims that the deposits made at ImToken over the past one year have outgrown those of major banks such as Citigroup Inc. and JP Morgan Chase &Co.

The ImToken cryptocurrency wallet app is one of the local wallets that provide users with full control of their cryptocurrencies and as well as the responsibility of securing those digital assets.