MyCrypto's Acquisition of Ambo Opens a Whole New Mobile World

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.

Wikipedia Co-Founder Jimmy Wales Calls Crypto Integration 'Insane'

  • Jimmy Wales called integrating cryptocurrency onto Wikipedia "insane."
  • The co-founder has turned down multiple proposals to incentivize content contributors with digital assets. 

Wikipedia co-founder Jimmy Wales said that it would be “insane” to integrate blockchain or cryptocurrency into the encyclopedia platform. 

Speaking at the CoinGeek Conference, Wales claimed that he has yet to see a single practical use-case for crypto that would convince him to integrate the technology into Wikipedia. Wales went on to say that adding bitcoin or blockchain to the world’s largest online encyclopedia could prove detrimental to its vision and damage how the platform currently operates. 

He said, 

This is a really bad idea. It's an idea that doesn't actually work. If you take something that is a bad idea and put it on the blockchain, that doesn't necessarily make it a good idea.

Wales made his comments opposite of Craig Wright, explaining that he has turned down several proposals for rewarding content contributors with digital currencies. The co-founder argued that Wikipedia benefits from volunteers and enthusiasts to curate content, as opposed to an incentivized structure that could be manipulated by companies. 

Creating a mechanism where you effectively authenticate that type of behavior ... isn't going to help with the quality of Wikipedia at all.

He concluded by saying that cryptocurrency could “seriously harm,” the platform, 

To say to them, you're going to have to pay or put money at risk in order to edit Wikipedia is completely insane.

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