PolyChain, a San Francisco-based VC firm with a focus on cryptocurrency and blockchain enterprises, has led a $4 million Series A funding round for MyCrypto—a cryptocurrency wallet startup. MyCrypto aims to significantly simplify the cryptocurrency custodial process to make digital assets more appealing to everyday users.
Details of the Funding Round
According to Crunchbase, this funding round is the first institutional financing for the startup that had hitherto been funded primarily by Taylor Monahan, the MyCrypto CEO. PolyChain led the investment round, which included other investors such as Chance Du (Coefficient Ventures), Shapeshift, Ausum Blockchain Fund and others.
Commenting on the merits of the project in a press release, Polychain CEO, Olaf Carlson-Wee 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.”
Going forward, MyCrypto plans to use the funds raised to initiate its growth and expansion programs. The first order of business is to hire more people to work on the project, especially in areas like UX design and software development.
Suggested Reading : Check out our picks for the best bitcoin and altcoin wallets.
MyCrypto: A Gateway Cryptocurrency Platform
MyCrypto is a gateway cryptocurrency platform that aims to provide full spectrum access to storing, sending, and receiving virtual currency. With MyCrypto, users can quickly create wallets for their digital coins as well as trade cryptocurrencies. The platform has launched a desktop app as part of its service catalog.
According to Monahan, MyCrypto’s unique selling proposition is that it simplifies the cryptocurrency storage and trading experience. Monahan, who also founded MyEtherWallet, said,
“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 and are thrilled to see the overwhelming support we’ve received from our partners, investors, and community.”
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