Business 6 September 2018Erik Gibbs
MyCrypto looks to create ‘consumer-friendly gateway’ to crypto
Taylor Monahan, who rose to prominence when she helped launch the MyEtherWallet, has used her skills to take that idea to the next level. Monahan has subsequently launched MyCrypto in 2017 and hopes to turn the platform into the first “consumer-friendly gateway” for cryptocurrency users. The company is off to a good start and recently completed a Series A funding round that will help catapult it forward. Led by Polychain Capital, the funding round secured an additional $4 million to help build the platform.
Redondo Beach, California-based MyCrypto provides a simple interface that makes storing, sending and receiving digital assets easier. It also offers a suite of tools that allows users to create new wallets and send and receive, as well as exchange, cryptocurrencies. The company recently introduced a desktop application that allows users to manage their crypto without having to use online services or protocols.
According to Monahan, “The cryptocurrency market is always changing and evolving, which can make navigating and understanding it difficult and overwhelming for both new and seasoned users. We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency.”
In addition to Polychain, the funding round was also supported by several other companies and individuals, including ShapeShift, Boost Venture Capital, Earn co-founder and Chief Financial Officer Lily Liu, Mainframe founder and CEO Mick Hagen and Chance Du of Coefficient Ventures. Polychain founder and CEO Olaf Carlson-Wee explained, “We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people. MyCrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next 100 million cryptocurrency users.”
Monahan indicates that the funding will go toward team expansion and product improvement. It will also allow the company to focus on and enhance the user experience. She pointed out that the blockchain and related products are typically extremely complicated for the non-initiated, and that the company hopes to create a solution that can allow anyone to interact with the technologies without feeling intimidated.
Polychain is digging in deep into the crypto space. Carlson-Wee’s prior experience at Coinbase has proven to be beneficial in helping a number of companies in the blockchain ecosystem succeed and will, no doubt, prove equally useful for MyCrypto.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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