Cryptocurrency users who store their private keys on Ledger's hardware portfolios will soon be able to manage their resources through imToken, the ethereum wallet app based in China supported by the IDG Capital investment company.
Revealed exclusively to CoinDesk, ImToken said on Friday that the company has independently constructed what it calls a "universal hardware solution" that will connect to the cold-walled devices made by Ledger and the Taiwan-based CoolBitX – a company partially owned by the Japanese financial giant SBI Holdings.
Ben He, founder and CEO of imToken, said that the goal is to bridge the gap between software and hardware-based portfolio services and ultimately help to enable wider adoption of cryptocurrencies.
Hardware portfolios store cryptographic resources in an offline environment to protect them from hackers. Currently, in order to perform transactions, users of the hardware portfolio must generally access their digital assets using a desktop client connected via USB.
"While cold wallets are the best option to keep private keys, they still have a low rate of adoption, but we want to bring that hardware security to hot wallet users and ultimately change their perception of what's more safe in the encrypted world, but at the same time allowing them to manage their assets with liquidity, "he said.
For example, he added, with the new solution imToken, users of Ledger and Coolwallet could keep their private keys offline, but start directly bitcoin, ethereum and EOS transactions for trading or participation in decentralized applications supported internally of the mobile app.
However, the CEO stated that the compatibility between the portfolios is obtained via Bluetooth. The additions with Coolwallet S of CoolBitX and Blu Ledger – both Bluetooth-enabled devices – should officially become operational by December of this year and in the first quarter of 2019, respectively.
While this means that the solution will not support Ledger's USB-only devices, like the Nano wallet, it would be able to integrate with future products if they add Bluetooth connectivity.
The news follows a recent report that Ledger is expanding into Asian markets with the appointment of capital market veteran Benjamin Soong. The company claimed that 30% of device sales come from Asian markets.
Meanwhile, imToken, founded in 2016, has become one of the largest ethereum portfolio services with around 7 million users, 75% of which come from its domestic market, China. The startup claims that it currently manages about 10 percent of all daily transactions of ethereum.
In June, ImToken raised $ 10 million in a Series A round of financing backed by IDG Capital's investment company.
In addition, today announced that imKey, a Beijing-based portfolio-based hardware manufacturer, in which the venture arm imToken has an interest, is about to launch a new hardware portfolio called imKey, with pre-orders to be started by the end of this year. 39; year.
Portfolio image through Shutterstock