Ledger wallet users will soon be able to manage cryptocurrency via the imToken, backed by IDG Capital. imToken claims that their solution will allow linking of cold wallets form Ledger and CoolBitX. A firm based in Taiwan, CoolBitX is partially owned by SBI Holdings, a huge financial company that operates in Japan.
The CEO and creator of imToken, Ben He said that the project is aimed at bridging the hardware and software gap in the crypto wallets. In doing so, they want to increase the global mainstream adoption of cryptocurrencies.
While using a hardware wallet crypto holdings are stored offline, which makes it difficult for hackers to access the assets. As for users, they require access to a desktop that is fitted with a client in order to access their digital coins. The connection is established via a USB cable.
The imToken CEO noted that the such wallets indeed offer the best kind of protection but their adoption rate remains quite low. Thus they felt the vacuum of collaborating hot wallets and cold wallets. They opted to integrated hot wallets with the security of cold wallets, evolving a better security for crypto assets. Users could manage assets with ease while ensuring the safety of their assets.
The imToken solution allow Ledger and Coolwallet users to keep their private key offline. However, instead of connecting the device every time, they can do cryptocurrency transactions and take part in DApps by using the imToken app. The USB cable is replaced with Bluetooth.
The integration of imToken for Blue from Ledger in Q1 2019 and Coolwallet S from CoolbitX in December 2018. For now only Bluetooth enabled cold wallets will be able to access this feature, however, all future wallets will have Bluetooth connections.
Founded in 2016, imToken has grow into the biggest wallets for the ETH network. With over 7 million users, 75% of which come from China, the wallet claims that it handles 10 percent of all transactions in ETH.