IDG Capital’s imToken Ethereum Wallet to Integrate with Ledger and CoolBitX Devices
CoinDesk was first to break details of this arrangement. According to imToken, they have created a solution that will make it possible to link cold wallets from Ledger and CoolBitX. CoolBitX is a firm based in Taiwan that is partially owned by SBI Holdings, a huge financial company that operates in Japan.
What the Leadership Had to Say
According to the CEO and creator of imToken, the goal of this project is to bridge the hardware and software gap that exists in wallet solutions for crypto. The final mission is to increase the global adoption of crypto by the masses.
How Hardware Wallets Works
A hardware wallet is used to store crypto holdings offline. Thus, hackers have no way to gain access to them unless they physically steal the wallet. To access their digital coins, users usually need to have access to a desktop that is fitted with a client. The connection is made over a USB cable.
The CEO of imToken noted that while these types of wallets offer the best kind of protection, their adoption has remained quite low. That is why they had decided to bring the convenience of hot wallets to cold wallets and bring the security of cold wallets to hot wallets. This could help to change the perception of securing crypto assets in the budding crypto industry. It will ensure that crypto is secure while allowing users to manage assets with ease.
How It Will Work
With this imToken solution, users of Ledger and Coolwallet can still keep the private key offline. However, they will be able to conduct crypto coin transactions and take part in DApps using the imToken app.
Unlike the use of a USB cable, this compatibility will occur via Bluetooth. This integration will start with Blue from Ledger and Coolwallet S from CoolbitX, both of which have Bluetooth capability. The schedule is to integrate Coolwallet S in December 2018 and Blue in Q1 2019.
What This Means for Other Wallets
This means that only Bluetooth enabled cold wallets will access this feature. However, all other future wallets that come with Bluetooth connections will be able to use this feature. This news came out a short while after it was revealed that Ledger planned to expand into Asia. This is after Benjamin Soong joined the company. Thus far, Asia accounts for 30% of Ledger’s sale, which they aim to grow.
imToken was founded in 2016. Since then, it has become of the biggest wallets for the ETH network. Thus far, it has over 7 million users with about 75 percent coming from China. They have even claimed that they handle 10 percent of all transactions in ETH. The IDG Capital investment firm supported a round of funding where they raised $10 million.