‘World’s Largest Ethereum Wallet’ ImToken Raises $10 Million Series A to Fund Global Expansion
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Chinese ethereum wallet startup imToken has raised a $10 million Series A from IDG Capital as it seeks to expand its product offering and finance international expansion into Asia, Africa, and the United States.
The Hangzhou-based company, which was founded in 2016, claims to be the world’s largest wallet, with more than 4 million monthly active users and support for 30,000 tokens.
ImToken says that $35 billion worth of funds have been stored in the app over the past calendar year, which is 75 percent more than the “more than $20 billion” that has said its customers have stored on its platform. Self-reported data also indicates that imToken users account for approximately 10 percent of all ethereum transactions.
“imToken has developed its product into one of the top crypto asset wallets in the world with such a sound reputation. We believe it will become a significant infrastructure for the tokenization manifesto, benefitting both the crypto economy and blockchain technology,” IDG Capital’s Young Guo was as saying in a press statement.
According to , 70 percent of imToken’s user base comes from China, and the company has said that ’s funding will be used to bootstrap international adoption. The firm will open an office in Singapore that will focus on expansion into Southeast Asia, after which it intends to expand into the rest of Asia as well as African countries where the app already has a core user group. Finally, the firm will make a global push, expanding into the US and other regions.
Though available to Western users, the app has yet to make much of a dent in this market. At present, the app has approximately from the Google Play store — which is not readily available in China — along with a four-star rating.
ImToken also intends to use the funds to expand the range of assets supported by the mobile wallet. The company recently rolled out support for bitcoin (including ), and it also intends to develop compatibility with EOS and other blockchains.
Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more efficiently, and sometimes even in their sleep.
Also read: Trading and Technical Charts
Cryptocurrency Algorithmic Trading Bots
Lots of bitcoin traders use trading bots to perform quicker trades than humans can naturally process by themselves. Trading bots became popularized in the cryptocurrency environment years ago, with the infamous Mt. Gox “” bots back in 2013. These alleged bots were accused of pushing the price of bitcoin up faster than a natural bull run. However, bots are not necessarily bad tools and they have been used in computational trading since the seventies. They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously without having to rest.
Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market actions, such as time, price, orders, and volume. Bots or program trading is used within many global stock exchanges and is a legal practice for the most part. bitcoin trading bots are said to establish more efficient trading and can be utilized on many well-known cryptocurrency exchanges today. There are bots that are free of charge and can be downloaded online. Some people have also designed their own . Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Subscription Bot Services
Haasbot
The algorithmic trading software, created by Haasonline, trades bitcoin and over 500 altcoins on many popular exchanges. This includes fully automated trades on platforms such as GDAX, Poloniex, Bitfinex, Kraken, Huobi, BTCC, Gemini and much more. Haasonline details the bot is customizable and enables a variety of technical indicator tools.
“Our bitcoin bot utilizes industry leading indicators such as StochRSI, MACD-Histogram, PPO, Ultimate Oscillator, Ulcer Index, Regression Slope Cross, and more,” explains Haasonline.
BTC Robot
considers itself the world’s first electronic cryptocurrency robot. The trading robot offers multiple plans for different types of software and membership. The cheapest robot plan is US$149 for the silver software, which gives traders a downloadable version for various Windows operating systems. Mac users have to pay a touch more. The company notes that its algorithmic trading does not predict markets perfectly, and there will always be losing and winning trades. It further added that:
100% winning systems are impossible, so don’t be fooled by so called “get rich scams” promising such impossible results.
Cryptotrader
is a cloud-based automated bitcoin trading bot that claims to allow users to build algorithmic trading programs in minutes. The company also offers a “Strategy Marketplace” where users can purchase and sell trading strategies. Cryptotrader says that it is supported by most of the popular exchanges such as Coinbase, BTCe, Bitstamp, and more. The business states that its automated trading bots in are unique compared to the current bots on the market today.
Trade While You Sleep
Bot trading may not be for everyone as the software can be difficult for inexperienced traders to understand. Furthermore, traders have to trust in the efficiency and reliability of companies or the free software that offers algorithmic cryptocurrency trading. There are many different businesses online offering bot services, and some of them may not be legitimate. Alongside this, free trading bot programs can be found on sites like Sourceforge, but people should research diligently before trusting any free software. However, reputable and functioning trading bots may increase trade profits, if used correctly.
What do you think about trading bots? Let us know in the comments below.
Images via Pixabay, Haasbot, BTC Robot, Cryptotrader websites.
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