MyCrypto Inc raises $4 million to create a new consumer-friendly gateway for simplifying cryptocurrency wallets.
The company provides a suite of protocol that is helpful for a virtual currency exchanging process. Following this, this first mass consumer-friendly gateway is an open-source interface that gives an easy process of storing, sending and receiving digital assets. The $4 million project in series A will be led by Polychain Capital, a San Francisco-based investor in cryptocurrency protocols and companies.
The investors of MyCrypto include Mainframe founder and CEO Mick Hagen, Boost VC, ShapeShift, Chance Du of Coefficient Ventures, Earn co-founder and CFO Lily Liu and early Dropbox employee Albert Ni.
MyCrypto was founded last year and headquartered in the South Bay city of Redondo Beach. The company has recently launched a desktop app so that cryptocurrency users could manage and use their crypto or wallets without accessing the online services and protocols.
“The cryptocurrency market is always changing and evolving, which can make navigating and understanding a 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,” Monahan, the founder, and CEO of MyCrypto said, according to a report by Bizjournals.
About 22 million Bitcoin wallets have been developed across worldwide. In September, a number of unique Ethereum addresses exceeded 41 million according to Etherscan data. It is predicted that the blockchain market will be worth more than $7.6 billion by 2022.
MyCrypto is based on user-education which empowers individuals to control their funds securely as it is non-custodial. A single string of characters could create a loss which cannot be recovered.
Cryptocurrency transaction platforms such as MyEtherWallet, Coinbase and TrustWallet are the rivals of MyCrypto.
Monahan, the founder of MyEtherWallet, stated that the company is going to provide a platform for cryptocurrency users in order to secure their keys and interact with the blockchain directly, according to a report by Venturebeat.
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