ImToken, which recently secured a financial support form a venture capital firm, IDG Capital has made the announcement it would be moving its headquarters to Singapore in a bid to commence its expansion plans as proposed.
The announcement was made by the Chief Executive and founder himself, Ben He, saying:
“With the new headquarters in Singapore, we hope to reach users in more countries,” and described the city-state as “friendly to blockchain technology.”
ImToken is one of the early believers of the Ethereum project and has made its name from its developed cryptocurrency wallet which supports Ethereum and other native tokens on the Ethereum blockchain.
The wallet has, therefore, remained popular among youths and early adopters of cryptocurrencies as revealed by the founder.
“They are tech-savvy, early adopters who see cryptocurrencies as a kind of investment. The potential of the market is too big to estimate as more people start to use blockchain-enabled financial services.”
Why Singapore?
Not just ImToken, but it’s has been noticed in recent times that a lot of cryptocurrency and blockchain startups are moving into the country located just off the southern tip of the Malaysia Peninsular, Singapore.
Companies like Bitmain, the largest producers of ASIC cryptocurrency miners and Huobi, a cryptocurrency exchange both established their presence in Singapore.
The reason isn’t far-fetched. Tough regulatory decisions by China in recent times had caused these movements. Singapore, on the other hand, is said to be a country which is “blockchain friendly.”
Plans For The Future
Among the plans that the company has on the ground, the ImToken wallet will extend its functionality to accepting multiple cryptocurrencies like bitcoin and other significant coins.
Nevertheless, the Ethereum founder has recently in an AMA mentioned the possibility of the platform scaling up to a million transaction per second as plans are underway to implement a second layer scaling solution.
This means more efficient dApps on the Ethereum blockchain, and this could, in turn, drive the price of Ethereum a lot higher than we are seeing it today. And of course, the ImToken wallet will remain one of the trusted wallets that will hold the crypto coins.
