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Crypto services provider imToken has raised $30 million in a Series B funding round to boost the development of its next upgrade, imToken 3.0, the firm said in a press release on 31 March.

According to the announcement, the Series B round was led by Chinese venture capital (VC) firm Qiming Venture Partners, and saw participation from investors such as IDG Capital, Breyer Capital, HashKey, Signum Capital and Longling Capital. Established in 2016, imToken has the goal of fixing some of the blockchain industry’s problems, such as user experiences, secure key management and scalable networks. The founder and CEO of imToken, He Bin, said in a statement:

“With our investors’ support, we are well positioned to tackle these challenges and grow our platform beyond our wallets – bringing our trademark focus on ease-of-use to a wide range of decentralized services with a goal of serving over 100 million users in the next five years.”

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The newly acquired funds will help the wallet provider establish a new research arm called imToken Labs, which will help the firm explore and apply more “advanced blockchain technology” to its suite of products. The funds will also be used to advance the development of its next upgrade, imToken 3.0, which will not only include keyless accounts and account recovery features, but also provide access to a suite of DeFi services to its users.

The firm also claimed in the press release that it already has more than 12 million users in over 150 countries, who have placed around $50 billion in assets on the platform. It also claimed that imToken has already exceeded $500 billion in total transaction value, and that one of the firm’s incubated projects, Tokenlon, has facilitated more than $10 billion in trading volume.

imToken is one of the latest crypto wallet providers to receive a considerable funding this year. Last week, wallet provider Blockchain.com closed a $300 million funding round, led by DST Global, which brought the value of the firm to around $5.2 billion.

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