MyCrypto Closes Funding Round for $4 Million Led by Polychain Capital
MyCrypto, the publisher of an open source interface that allows users to manage the process of cryptocurrency storage in a really easy process, has recently raised a $4 million funding round that was led by Polychain Capital.
With the capital raised in the latest round, MyCrypto plans to build a consumer-friendly platform for cryptocurrency users to create new wallets, as well as buy, sell or exchange virtual currencies.
MyCrypto has recently launched a desktop app that makes securing funds outside of an exchange easier for new users. The service allows customers to manage or use their cryptocurrency without online resources or protocols.
The platform is non-custodial, which means no user funds are held, nor is any personal information collected by MyCrypto. Because of this, the company emphasizes a focus on user-education by empowering customers to manage their funds securely and safely. This ensures that users are in control of their own private keys, which cannot be replaced if lost. MyCrypto supplies users with the information needed to prevent such an instance but maintains that funds are always protected at the user’s discretion.
In an accompanying statement, MyCrypto chief executive officer Taylor Monahan commented, “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.”
Monahan, who previously founded MyEtherWallet, maintains that through MyCrypto, users will be able to interact directly with the blockchain and control their keys all the time.
In response to the finalization of the funding round, Olaf Carlson-Wee, the CEO of Polychain Capital, noted, “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.”