imToken: The $35 Billion Cryptocurrency Wallet

  • ConsensLabs, the Chinese startup that developed the very popular cryptocurrency wallet imToken, has received $10 million in funding from IDG Capital.
  • The company will use this money to fund the expansion of this app into other markets, for development of new features, and to hire additional staff.

imToken, which claims to be the world’s largest Ethereum wallet with over four million monthly active users, has announced that it has secured $10 million in Series A funding from IDG Capital

imToken was developed by a Chinese startup called ConsensLabs, founded in 2016, and based in the city of Guangzhou. It achieved instant popularity by being the first cryptocurrency wallet in China that supported the Ethereum blockchain, such that you could use it to hold any Ethereum (ERC-20) token, such as Icon (ICX) or Auger (REP).

Although version 2.0 of imToken has quite a few interesting features -- such as support for multiple blockchain, offline signing, a DApp browser, and mobile-to-mobile token swap via Tokenlon, an in-app decentralised trading platform based on both Kyber Network and 0x protocol -- what is most remarkable about imToken, is that, according to Bloomberg, its users stored $35 billion in cryptoassets there over the past year; in comparison, Coinbase, says it held just over $20 billion in cryptoassets.

Consenslabs plans to use this $10 million in three ways: 

  • to fund the launch of imToken 2.0 in other markets -- starting with South East Asia, then moving to other Asian countries such as India, South Korea, and Japan, before moving to Africa, and finally United States and the rest of the world; currently, 70% of the users are based in China;
  • for development of new features, such as support for other blockchains, merchant payments, and additional security features to handle the needs of institutional investors; and
  • to increase the number of employees to 30 (from 10 in 2017)

The company will study the local regulations of each market carefully before launching its imToken app there. Founder and CEO Ben He told Techcrunch: "Regulations are maturing quickly and as a result we’re doing our due diligence amid increasing scrutiny from local government."

In an interview with Bloomberg, He said: “We noticed very early the potential of Ethereum and focused on it to differentiate against competitors... The growth has been completely organic. We didn’t have any marketing or promotional budget.”

It must be noted that this is not IDG Capital's first investment in China -- in fact, it was the first firm to bring foreign venture capital into China -- or into the crypto space, for example, it has also invested in Coinbase and Circle.

 

Featured Image Credit: photo by "David McBee" via Pexels; licensed under "CC0"

Binance Launchpad Holding Harmony (ONE) Token Sale With Updated Lottery Rules

On Thursday (May 16), Binance announced that the fifth cryptoasset to go on sale this year on its initial exchange offering (IEO) platform, Binance Launchpad, would be the Harmony (ONE) token.

According to a FAQ-style blog post Harmony published on 23 April 2019, the blockchain startup "helps businesses build marketplaces of fungible tokens (energy credits, security offerings) and non-fungible assets (game collectibles, real estate)." Also, it is working on "zero-knowledge proofs for data sharing (ad exchanges, credit ratings) while preserving the consumer’s privacy." 

Harmony hopes that its fast and secure blockchain architecture will eventually be able to support billions of users participate on decentralized marketplaces.

Harmony released its testnet (2.0) last month, and it is planning to launch its mainnet in late Q2 or early Q3 2019. 

The Harmony token has various uses on the Harmony network:

  • Staking so that you can become a validator in order to earn block rewards and transaction fees. 
  • Paying transaction, gas, and storage fees.
  • Voting (on-chain governance of the protocol).

22.4% of the 12.6 billion token supply was sold in Harmony's seed round. Current investors include Blockchain Assets, Consensus Capital, Qtum, and Skunk Capital.

Binance says that the Harmony token sale will be using the lottery format (the recording of users' BNB balances starts on May 19 at 23:59:59 UTC), but with two changes:

  • Binance is now calculating for each user account the average BNB holding over the holding period; this is calculated by taking the average of the BNB balance at 23:59:59 UTC on each day in the 7-day holding period.
  • Users may now sign the token purchase agreement "any time up until the end of the ticket claim period."

Per Binance's blog post, here are some of the key details about this token sale:

  • The Launchpad session starts on May 27 at 06:00 (UTC) and ends on May 29 at 08:00 (UTC). 
  • The hard cap is five million dollars.
  • 12.5% of the total token supply (i.e. 1,575,000,000 ONE tokens) is on offer.
  • The token price for this public sale will be $0.003175 (the BNB figure will be specified on the lottery draw date).
  • The maximum number of winning lottery tickets is 16,666.
  • The allocation per winning ticket is $300 (i.e. 94,488.18 ONE tokens).
  • The ONE token will be a BEP2 token issued on Binance Chain