MyCrypto, a cryptocurrency startup that provides wallet services for ethereum-based tokens, has successfully raised $4 Million in a series A funding round led by crypto hedge fund Polychain Capital, the firm has announced.
According to the blogpost published on Thursday, the firm also received investments from blockchain accelerator Boost VC, ShapeShift, Ausum Blockchain Fund, as well as individuals including Mick Hagen, founder of Mainframe, Chance Du, founding partner at Coefficient Ventures, Lily Liu, co-founder of Earn, and Albert Ni, an early Dropbox employee.
Learn more about the round, our investors, and what our future holds: https://t.co/TyaT15rSX0
— MyCrypto.com (@MyCrypto) August 30, 2018
The funds will be used to improve its existing wallet to be more user-friendly, and efficient in line with the firm’s mission of building products for the next wave of cryptocurrency users.
“We need to prepare for the next wave of cryptocurrency users entering the space and help ensure they can interact with the blockchain, play with dapps, trade their coins and tokens, and do it safely, securely, and with confidence,” the post read.
The need for Consumer-friendly Wallets
Cryptocurrency, along with crypto related applications have for been associated with ‘very techy’ people. But with the growth in its popularity and interest from the entire society, developers are now making these apps suitable for mainstream adoption.
Taylor Monahan, the founder and CEO of MyCrypto, noted that as the crypto market continues to evolve, understanding and navigating blockchains become increasingly difficult, hence the need for simpler wallets.
“[MyCrypto is] 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,” she explained.
The team recently released a new desktop version of the MyCrypto App which allows users manage and use their cryptocurrencies without third-party protocols. It also launched a block explorer for Moreno [XMR].
Hedge Funding for Crypto Projects
Although Initial Coin Offerings are still used to raise substantial funds for crypto startups, a new trend have begun to emerge where these start-ups are opting for hedge funding. Case-in-view, Telegram reportedly canceled its planned ICO after it raised funds from investment rounds.
Polychain, which led funding for MyCrypto was also part of investors in Dfinity which raised $102 million recently. Olaf Carlson-Wee, founder of Polychain Capital expressed confidence in its latest investment. He stated:
“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.”