- MyCrypto Ether Wallet Raised $4 Million from Fundraise.
- The funding round was led by Polychain Capital.
MyCrypto, an Ether wallet provider, announced on Thursday 30th August that it has raised $4 Mln in its ongoing fundraising round launched as part of its efforts to make its Ether wallet more user-friendly.
According to the announcement, the Series A fundraising round was led by Polychain Capital, and also witnessed some appreciable investments from Lily Liu, Earn co-founder; Albert Ni, a former Dropbox employee; Chance Du, a partner to Coefficient Ventures; Mick Hagen, Mainframe founder; Ausum Blockchain Fund LP; ShapeShift; and Boost VC Fund 3 LP.
Taylor Monahan, MyCrypto’s founder and CEO, stated that the funds raised in the round would be used to upgrade MyCrypto’s user-friendliness and user experience so as to help new users to easily transact with and purchase Ether using the wallet.
Taylor stated that difficulty in transacting with and purchasing digital currencies is one of the critical problems facing the crypto realm. She added that MyCrypto has the intention of hiring designers and developers to create a product targeted towards beginners who are interacting with digital currencies for the first time. According to her:
“Right now, our team is really all engineers and customer support people and I think we need to build out a team that just advocates for the user more and has a ton of experience in user interface and design. Specifically, I’m looking for experts that don’t have a cryptocurrency background to join the team because their strength is outside the space.”
She added that this move means a change in MyCrypto’s target user base:
“The example to this is the ICO [craze] that took off last year, our user was someone who had ether and wanted to participate in an ICO. That’s our market, that’s the type of person that we targeted back then, that’s the type of person we’re targeting right now and our experience is satisfactory for that user.”
Monahan intends to ask users a number of several questions:
“When a brand-new person comes to our site, what happens, what does the flow look like, what do we recommend they do and how do we really build their confidence up, whether it’s buying cryptocurrency or sending someone some ETH or whatever it is.”
Monahan has not given any specific timeline for its development goals yet as she stated:
“Right now, we’re just building … I think that huge pendulum swing [last year] is why we’re in such a bear market right now, we went way too far … I think that at some point the market is going to realize or see the value that’s being created by all these different products in the space.”
Monahan concluded by saying that:
“We are in the perfect position to build this super robust product, we’re large enough that we can build things quickly but we’re small enough that we can pivot quickly, adjust to things quickly.”
This development should hopefully raise the number of investments in Ether as well as the price of Ether.