MyCrypto Raises $4m to Build Gateway for Cryptocurrency Users

Olaf Carlson-Wee, Founder & CEO of Polychain Capital
Olaf Carlson-Wee, Founder & CEO of Polychain Capital

MyCrypto, an open-source interface that simplifies the process of storing, sending, and receiving digital assets, has raised $4 million in a Series A round of funding in order to build the first mass consumer friendly gateway for cryptocurrency users.

Polychain Capital led the Series A funding round in MyCrypto, which also found investment from Boost VC Fund 3 LP, ShapeShift, Mainframe’s Mick Hagen, Chance Du (Coefficient Ventures), Ausum Blockchain Fund LP, early Dropbox employee Albert Ni and Earn Co-Founder Lily Liu (4T Global LLC).

Olaf Carlson-Wee, Founder & CEO of Polychain Capital, commented:

“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.”

Taylor Monahan, Founder & CEO of MyCrypto, 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.”

Taylor Monahan, Founder & CEO of MyCrypto
Taylor Monahan, Founder & CEO of MyCrypto

MyCrypto has recently launched a desktop app that will allow users to manage and use their cryptocurrency in online services and protocols in a move to make it easier for users to secure their funds outside of an exchange. The platform offers a suite of tools for users to create new wallets, send and receive, and buy and sell/exchange virtual currencies.

The increasing adoption of cryptocurrencies is real. Almost 22 million bitcoin wallets have been set up globally and the blockchain market is expected to grow to more than $7.6 billion by 2022. The number of unique Ethereum addresses surpassed 41 million this month and 46 percent of participants in a large-scale survey by SurveyMonkey have heard of Ethereum.