Popular cryptocurrency wallet platform MyCrypto has recently announced the acquisition of Ambo, a blockchain-based product development company, to expand its reach and open up to the mobile platform world.
According to a press release shared with CryptoGlobe, Ambo is currently developing a wallet platform for iOS users, and plans on doing the same for Android in the near future. The company’s goal through the acquisition is to tap into the increasing number of cryptocurrency wallet users on mobile platforms.
MyCrypto was founded by Taylor Monahan, one of the co-founders of the widely used MyEtherWallet, which split from the venture last year. According to the document the firm’s move makes sense as the number of Ethereum addresses has recently surpassed 50 million, and last year alone “saw 54 million new crypto users” despite the bear market.
CryptoGlobe caught up with Monahan, who revealed last year’s bear market, which took BTC down from an all-time high close to $20,000 to about $3,200 before it started recovering, is different from that of 2014/2015 as there’s a lot happening in the ecosystem. She stated:
I think the bull run in 2017 caught a lot of people off guard (including myself!) and revealed that we’re not quite ready for mass adoption. We need great design, seamless interfaces, and products that approach interacting with cryptocurrencies in completely new ways
MyCrypto’s acquisition of Ambo is presumably a move that’s seeing the firm get ready for mass adoption. Since being officially launched in February of last year, it has seen growth month over month, although Monahan believes that if it didn’t start from scratch, it could’ve seen a drop-off during the bear market.
That said, she added, the growth MyCrypto has been seeing is “much slower than what we experienced at MyEtherWallet in 2017, but faster than what we experienced in 2015 and 2016.” 2017’s growth, she added, was “directly correlated” with the market’s exponential growth and the initial coin offering (ICO) boom.
Monahan added that she’s bullish for the future, but that before we see another bull run it’s important to “make interacting with these protocols and decentralized applications dead simple.”
I fully expect to see that sort of growth again across the entire ecosystem in the next couple years as people realize there is more to the blockchain and their assets than simple speculation.
The recent bull-run was driven by speculation but as more protocols and decentralized applications are launched, she added, we’re seeing some gain traction. As examples, she pointed to the growth Maker CDP and Compound have seen this year.
Her firm is reportedly “entirely focused” on making sure users are able to easily access the cryptocurrency ecosystem and everything it has to offer. Per her words, MyCrypto is looking to help people “understand what they can do with their tokens beyond just buying and selling. There are such remarkable things being built, we just need to give people an easy way to access them.”
Monahan’s split from MyEtherWallet wasn’t on good terms. As CryptoGlobe covered the latter’s domain suddenly changed, which caused confusion in the community. Later on, it was reinstated after what it dubbed a ‘hostile’ takeover. MyEtherWallet has since added credit card purchases.