As part of its effort to ensure that it has a more user-friendly product, Ethereum-owned wallet MyCrypto has just raised some $4 million. The effort is championed by Polychain Capital with investments from other firms.
Recent press release by MyCrypto reveals that its Series A fundraising effort was led by Polychain Capital with investments also coming from the likes of ShapeShift, Boost VC Fund 3 LP, Ausum Blockchain Fund LP, Mainframe founder Mick Hagen, early Dropbox employer Albert Ni, Coefficient Ventures partner Chance Du, and Lily Liu who is also a co-founder.
How The Funds Is To Be Spent
The money raised is expected to be spent on efforts at ensuring that new customers find transacting on ethereum very easy. According to Taylor Monahan who is the company’s CEO, the aim is to ensure that purchases on ethereum no longer pose a challenge.
In an interview, Monahan reveals that the difficulty associated with cryptocurrency transaction in the space is what she considers as the greatest problem MyCrypto currently faces.
As such, it is the CEO’s plan to employ designers and developers aimed at reaching and interacting with first-time cryptocurrency consumers. In her words, she says:
I think we need to build out a team that just advocates for the user more and has a ton of experience in user interface and design. Specifically, I’m looking for experts that don’t have a cryptocurrency background to join the team because their strength is outside the space.
This means that MyCrypto may be changing her user base target soon. According to Monahan, the company can take a cue from ICO (craze) that started last year. She says that the user once had Ether but equally wanted to take part in an ICO. To Monahan, people like that are their new targets.
For a first-timer on the MyCrypto’s site, the CEO says she wants to be able to assure them of a few things. These include a bright flow look, relevant recommendations on what they need to do, and building their confidence in cryptocurrency transactions.
As it is, there is no firm timeline for these goals yet. However, Monahan is prepared to swing into action when next interest in cryptocurrency rises.
Now, she says she is studying the somewhat quiet market situation before what she considers the right product is developed.
To her, the company is more or less gathering momentum currently and would soon shoot into action. She attributed their rather slow start off to last year’s “huge pendulum swing.”
In Monahan’s view, the space market would soon get to see the values that each product currently in space parades. As for her, MyCrypto is on top gear to lunch into action soon. She believes they have enough capacity to commence their planned new product anytime they choose to.