MyCrypto, an Ethereum wallet headquartered in California, USA, has announced the completion of a $4 million Series A round of financing led by the well-known crypto venture capital Polychain Capital, with participation from Boost VC Fund 3 LP, ShapeShift, and Ausum Blockchain Fund LP , Mainframe founder Mick Hagen, Coefficient Ventures venture capital partner Chance Du, Dropbox early employee Albert Ni and Earn co-founder Lily Liu. The company raised an undisclosed amount of seed funding in January last year.

According to MyCrypto founder and CEO Taylor Monahan (Taylor Monahan), they plan to use this recent funding to improve the user experience and help new customers more easily buy and trade Ethereum.

As Tyler Monaghan said, the biggest problem in the encryption industry at present is that the process of buying and trading cryptocurrencies is still very cumbersome. In order to solve this problem, MyCrypto plans to recruit more developers and designers to help those who are first-time Consumers entering the world of cryptocurrencies interact more easily with their mobile apps.

It is worth mentioning that the core developer of MyCrypto comes from MyEtherWallet, another well-known Ethereum wallet, so many people are speculating that this new wallet product is to compete with MyEtherWallet, and the operation interface of MyCrypto is almost the same.

Tyler Monahan said that the current MyCrypto team is all composed of engineers and customer support personnel, so it is urgent to establish a team that "understands users" and provides support for users through rich experience in user interface and design. Not only that, Tyler Monahan also hopes to find some people who do not have a background in the cryptocurrency industry, because this can inject some fresh elements into them.

Obviously, the next step for MyCrypto is to enhance user interaction. Tyler Monaghan added:

“When a new user comes to our site, what does it do, what does the process look like. Also, whether it’s buying cryptocurrencies, or sending cryptocurrencies like Ethereum to other users, what should we advise them to do, how to Help users build trading confidence on the MyCrypto platform."

At this stage, MyCrypto has not given a specific timetable for product development goals, but Tyler Monahan said that they hope to prepare for the next wave of bull market, because the relatively calm market is actually more conducive to consolidation, Optimize products.

Regarding this investment in MyCrypto,” said Olaf Carlson-Wee, CEO of Polychain Capital:

“We believe the biggest problem facing cryptocurrency promotion right now is the lack of an easy-to-use user interface. MyCrypto is clearly positioned to attract another million new cryptocurrency users.”