MyCrypto bags first round of funding, netting $4m

Cryptocurrency wallet MyCrypto has raised $4m in its Series A round of funding led by Polychain Capital.

Other contributors to the round included Boost VC, ShapeShift, and Ausum Blockchain Fund. There were also a number of individual investors to take part in the funding including, Mainframe co-founder Mick Hagen, Coefficient Ventures founder Chance Du, and Earn co-founder Lily Liu.

This investment marks the company’s first round of funding.

MyCrypto is an open-source, client-side tool to support the creation of ether cryptocurrency wallets. Founded in 2015, the platform helps users create a new wallet which is either on a dedicated hardware device, based through a browser extension or on a mobile app.

The platform also enables the trading and sending of tokens, and the swapping of held cryptos for others. Tokens supported include Bitcoin, Ethereum, Golem, Aragon, Bancor, Monero, 0X, Matchpool, and Civic, and others.

Following the investment round the company will look to simplify the platform’s interface and make the customer experience more streamlined.

MyCrypto founder and CEO Taylor Monahan 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.”

Earlier in the week, Polychain Capital took part in the $32m seed round of cryptocurrency developer Terra. While the company is currently a price-stable token, Terra is hoping to open itself up and enable others to develop decentralised apps through them. By doing this, the company is hoping it can support the evolution of payments into the next generation.

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.