MyCrypto Inc, an open-source interface for storing, sending, and receiving digital assets, has raised a $4 million Series A. The round marks MyCrypto’s first institutional round of financing. It was previously primarily funded by founder and CEO Taylor Monahan.
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The Los Angeles-based startup plans to use the capital infusion to build the first mass consumer friendly gateway for cryptocurrency users.
MyCrypto provides a suite of tools: users can create new wallets, send and receive cryptocurrency, and buy, sell, or exchange virtual currencies. The startup recently launched a desktop app that will allow users to manage and use their cryptocurrency sans online services and protocols.
Monahan is no stranger to founding crypto startups. She previously co-founded MyEtherWallet and has been in the industry since its early beginnings.
“The cryptocurrency market is always changing and evolving, which can make navigating and understanding it difficult and overwhelming for both new and seasoned users,” she said. “Last year, I saw the adoption of virtual currencies grow in a way no one could have predicted, and knew that in order for this to get to mainstream adoption, there needed to be better products and a simpler experience.”
San Francisco-based Polychain Capital—which primarily invests in cryptocurrency protocols and companies—led the Series A funding round in MyCrypto. Additional investors include Switzerland’s Shapeshift, Boost VC, Mainframe’s Mick Hagen, Chance Du of Coefficient Ventures, Ausum Blockchain Fund LP, early Dropbox employee Albert Ni, and Earn Co-Founder Lily Liu.
“We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people,” said Olaf Carlson-Wee, founder & CEO of Polychain Capital, in a press release. “MyCrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next one hundred million cryptocurrency users.”
MyCrypto is non-custodial, meaning it doesn’t hold funds or collect any sensitive information, Monahan noted.
“Because of this, we are really focused on user-education and empowering individuals to take control of their funds safely and securely,” she wrote via email. “When it comes to cryptocurrency, a single string of characters can cause irrecoverable loss. The loss of a private key can result in the loss of funds. Our main goal is to empower our users with the most information we can so this doesn’t happen.”
The company aims to grow its team and improve its product with the Series A funds and is specifically looking to hire “developers, product people, and UX people,” according to Monahan.
“The blockchain and subsequent products are notoriously complicated and intimidating. We want to change that so anyone—regardless of technical expertise or background —can interact with the blockchain and decentralized applications with confidence,” she wrote via email.