MyCrypto, the open-source blockchain interface focused on streamlining cryptocurrency transactions, has taken control of Ambo, a wallet developer targeting accessible crypto investment. The deal is in
MyCrypto, the open-source blockchain interface focused on streamlining cryptocurrency transactions, has taken control of Ambo, a wallet developer targeting accessible crypto investment. The deal is intended to propel development of versatile mobile solutions aimed at ordinary digital asset investors.
According to research from Cambridge's Centre for Alternative Finance, momentum in the crypto user base has been striking: the sector grew from 85 million participants in 2017 to 139 million in 2018, an expansion that unfolded despite the painful price decline dominating that year. This expanding user pool provides fertile ground for growth, especially among younger participants and individuals without software engineering backgrounds.
Working to capitalize on these opportunities, MyCrypto intends to harness Ambo's capabilities to launch mobile products. The platform anticipates tapping into rising demand from newcomers seeking entry into crypto, numerous of whom bring minimal technical expertise.
Ambo expanded its global footprint in November 2018 as it worked to establish itself as the wallet solution for cryptocurrency beginners. The firm maintains partnerships with systems like 0x and Augur while aiming to serve as the bridge connecting regular people to decentralized finance.
Discussing Ambo's philosophy, Jai Bhavnani, founder and CEO, shared his perspective: "One of the biggest lessons we learned from the 2017 bull-run and subsequent crash was just how under-utilised tokens are. We want to give people an easy way to actually use and gain value from the amazing tokens and protocols being developed beyond simple speculation."
Taylor Monahan, MyCrypto's CEO, reflected on the appeal of Ambo's approach: "Seeing how Jai and the entire Ambo team have prioritised serving the new young audience has been amazing. Their user research and experience has been different than ours as they target inexperienced and mainstream investors from the start."
She went on: "A lot of what they have done just made sense and made me wonder why we hadn't thought of that. The team, their vision, and their products were instantly attractive for those reasons."
The transaction demonstrates a broader shift taking place in the cryptocurrency space. As markets retreated in 2018, businesses began emphasizing accessibility and learning over pure speculation. Though MyCrypto will persist in offering options for both seasoned and novice participants, the Ambo merger shows the company's commitment to this emerging direction—particularly making inroads with typical consumers seeking straightforward entry.
Bhavnani remarked: "We're excited to work with such an amazing team and look forward to helping make MyCrypto the flagship desktop wallet."
Ambo's development roadmap outlines several important milestones. The wallet provider expects to introduce its iOS application in March 2019, with its web wallet arriving in June, then completing the rollout with an Android application in November.
