MyCrypto has announced it has raised $4 million in a Series A funding round led by crypto hedge fund Polychain Capital. The funds are expected to go toward building an intuitive interface for cryptocurrency users.
Since the beginning of 2018 the value of the crypto market has struggled to gain traction. Yet, despite this interest in digital currencies continues to rise. In Venezuela, for instance, this is becoming evident as many citizens perceive crypto assets as being more stable compared to the bolívar.
According to recent research, around 22 million Bitcoin wallets are thought to have been set up globally. For a new wave of cryptocurrency users entering the field they need somewhere that provides them with a consumer friendly gateway.
MyCrypto is aiming to achieve this. As an open-source, client-side tool for generating ether wallets, the platform handles ERC20 tokens and makes interacting with the blockchain simple. Aside from Polychain Capital, additional investors in MyCrypto included Boost VC Fund 3 LP, ShapeShift, Mick Hagen, CEO and founder of Mainframe, Chance Du, founding partner at Coefficient Ventures, Ausum Blockchain Fund LP, Albert Ni, an early Dropbox employee, and Lily Liu, co-founder of Earn.
In light of the news, Olaf Carlson-Wee, founder & CEO of Polychain Capital, said:
“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 one hundred million cryptocurrency users.”
Yesterday it was announced that PolyChain Capital was one of several that had helped to raised $102 million for Dfinity, a blockchain startup that is building a “world computer.”
Since 2009, the cryptocurrency and blockchain market has continued to change. So much so, that according to research the blockchain industry is projected to grow to over $7.6 billion by 2022. Not only that, but crypto usage is increasing in countries such as Canada, Denmark, Finland, Sweden, the U.K., and the U.S. This is being aided by local crypto exchanges that are pushing real-world adoption.
According to Taylor Monahan, founder and CEO of MyCrypto, also the founder of MyEtherWallet (MEW), it is because of this changing and evolving landscape that can make navigating it difficult for new and seasoned users.
“We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency and are thrilled to see the overwhelming support we’ve received from our partners, investors, and community,” he added.
The platform also recently launched a desktop app designed to make it easier for users to secure their funds outside of an exchange. It allows them to manage and use their cryptocurrency without online services and protocols.