Open-Source Cryptocurrency Startup MyCrypto Raises $4M In Series A Financing

MyCrypto, a startup that provides a digital asset wallet, has closed a $4-million Series A round led by Polychain Capital.

Why It's Important

Cryptocurrency wallets are the application consumers use to buy, manage and store their cryptocurrency holdings. MyCrypto’s open-source application can offer developers and consumers a user-friendly way to manage cryptocurrencies.

“The cryptocurrency market is always changing and evolving, which can make navigating and understanding it difficult and overwhelming for both new and seasoned users,” MyCrypto CEO Taylor Monahan said in a press release.

“We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency.”

What's Next

The company said in a press release that it plans to be the “first mass consumer-friendly gateway for cryptocurrency users.” Frontier technologies like blockchain and cryptocurrencies often need an easy-to-use killer app to excite the public’s attention, like the iPhone did for smartphones.

If MyCrypto can make cryptocurrencies easier to access for everyday consumers, it could help pave the way for cryptocurrencies to be used more like traditional fiat currencies.

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