MyCrypto Ethereum (ETH) Wallet Completes $4 Million Series A Led By Polychain Capital
MyCryptoWallet has announced that it raised $4 million in its series A funding earmarked for the development of a user-friendly product.
The platform announced that investor group Polychain Capital led the funding initiative that attracted several other contributors.
Some of the notable contributors were crypto exchange Shapeshift, Boost Venture Capital, Ausum Blockchain Fund, Coefficient Ventures, and Mainframe founder Mick Hagen, among others.
According to MyCrypto founder and CEO Taylor Monahan, the funds will be used to upgrade the wallet. Users will be able to easily and securely complete Ether transactions once the upgrade is done.
Commenting on the importance of the funding, the founder noted that that is what they really needed to keep up with an ever-changing crypto market. She said the team was thrilled to have received such support from partners and investors.
The target is primarily new users who should find the wallet more efficient, especially when buying or selling Ether. Monahan said that MyCrypto realizes that there is a problem, and would thus hire developers for the sole purpose of improving the wallet.
The upgrade is intended to make it easier for first-time users to enjoy the experience of using the wallet. Most users have reported having a difficult time buying or selling crypto, an aspect that has often put off many would-be users.
Monahan also revealed that the firm’s team was mostly made up of engineers and customer support staff. However, what the platform really need is an experienced team that would focus more on the user.
To that end, the company is after experts from outside the crypto circle who would bring new dimensions to the areas of user interface and design.
Targeting the new user
MyCrypto remains one of the most popular Ethereum wallets, and the new push appears to lead to one conclusion: the team has seen value in targeting new users.
The wallet drew most of its user base from the 2017 ICO boom because new users were people who had ether and all they wanted was a wallet that could help them participate in the token sales.
According to her, that is exactly what their new target is. She said that their market is not different from what it was a year ago. They are still targetting the same new user who wants an easier-to-use and safer platform.
MyCrypto has an ambition that is best explained by their decision to seek funding for a goal that is founded on future growth expectations. The platform anticipates that a new wave of interest in cryptocurrency is imminent.
As such, the funding will help it prepare a platform that will provide a user-friendly and secure experience. The lack of major movements such as those seen during the 2017 crypto boom has also helped the platform focus on developing its products.
“We are in the perfect position to build this super robust product,” Monahan said.
MyCrypto has fifteen employees, a group the chief executive feels is large enough to move with speed as they upgrade the wallet. However, she also thinks that the group is small enough to make quick changes where necessary.
The current bear market may be bad news to investors at the moment, but things could change at any time. That is primarily the reason why the just concluded funding round could prove to be such a big milestone for MyCrypto.
With partners like those who participated in the series A funding, the wallet provider may just have secured its future in the crypto industry.