Chinese Ethereum wallet imToken announced it will be moving its global headquarters to Singapore as it sets its sights on the global market.
imToken‘s decision fits with its goal of expanding its global reach. The news came shortly after the company completed a $10 million financing round led by IDG Capital, a venture capital firm.
Claiming to be the largest Ethereum digital wallet in the world, the app boasts about 4 million users. It hopes to boost that number to 10 million, with at least half of the news users coming from outside China, the South China Morning Post reported.
Global expansion is the company’s primary focus this year, the local news outlet reported. Currently, 70% of its users are in China.
ImToken founder and CEO Ben He called Singapore “friendly to blockchain technology.”
Several other Chinese cryptocurrency ventures are also increasing their presence in Singapore. Bitmain, a leading mining collective, plans to open regional headquarters in the city and cryptocurrency exchange Huobi maintains operations there.
Singapore is “friendly to blockchain technology,” said Ben He, founded of imToken and parent company COnsenlabs.
Founded in 2016, imToken is on of the first-ever digital currency apps to support the Ethereum blockchain.
Hangzhou, where imToken was born, has spearheaded research and development of blockchain for various applications. Earlier this year, Hangzhou government officials announced a forthcoming $1.6 billion blockchain fund and industrial park.
Fujian, a southeastern coastal province, also announced a policy in late April to encourage local companies to adopt blockchain technology along with AI, computer vision, VR and edge computing.
While China has embraced blockchain in various sectors, Beijing cracked down on some cryptocurrency operations and initial coin offerings in February. In April, Alibaba‘s e-commerce site Taobao announced a ban on all cryptocurrency-related products
The regulatory and commercial tightening has prompted the migration of some companies abroad.