Encrypt Ethereum's portfolio and altcoins receives US $ 10 million in investments

The China-based crypto-currency portfolio announced yesterday that it has closed a $ 10 million round of investments, fully funded by venture capital firm IDG Capital.

Founded in 2016, imToken first entered the industry as a dedicated ethereum portfolio service, but has since expanded to support more than 30,000 tokens, including airdrops and ICO emissions.

The company said in a statement that the new equity financing will be used to expand its overseas business and hire more technical staff for product development.

ImToken CEO Ben He said the company currently has fewer than 40 employees and will expand its team mainly in Singapore and build new presence in other Asian and African countries including Japan, South Korea, Vietnam and Nigeria.

In addition, the CEO said the company expects to launch a new security-related product at the end of June but refrained from divulging further details.

IDG Capital has become notable in the criptomoeda sector, having made a number of investments in major startups in the industry.

The financial company also participated in Coinbase's landmark $ 75 million C-round as well as Circle's $ 50 million financing, both occurring in 2015. More recently, the company also supported the China-based crypto data company BiKan.