MyCrypto

MyCrypto originated as an open-source, client-side interface for interacting with the Ethereum blockchain. The company's journey began with Taylor Monahan, who co-founded MyEtherWallet (MEW) in 2015 alongside Kosala Hemachandra. Frustrated with the lack of user-friendly tools to manage Ethereum assets post-presale, Monahan, a front-end developer, created a simple interface to solve a personal problem, which was then shared on Reddit and grew from there. In February 2018, citing differences in long-term vision and the need for a more formal company structure to scale, Monahan forked the original MEW codebase to launch MyCrypto.

As an independent entity, MyCrypto established itself as a tool for users to manage their Ethereum and ERC-20 token holdings securely. The platform operates as a non-custodial wallet interface, meaning it never transmits, receives, or stores a user's private keys, passwords, or other sensitive information, giving users sole control over their funds. It allows individuals to generate wallets, view balances, and create transactions. MyCrypto supported integration with popular hardware wallets like Ledger and Trezor for enhanced security. The business model was not based on direct user fees for wallet usage; instead, it integrated third-party services like ShapeShift for in-wallet asset swaps and a Coinbase widget for purchasing crypto, which may have incurred their own fees. The primary cost for users on the platform was the Ethereum network's gas fees required for transactions.

In August 2018, MyCrypto secured a significant milestone by raising $4 million in a Series A funding round led by Polychain. This capital injection supported the team's efforts to completely rewrite the original codebase in React and TypeScript, enhancing security and modularity. A key development was the launch of a desktop application to provide a safer environment for users compared to web-only interfaces. On February 1, 2022, blockchain software technology company ConsenSys acquired MyCrypto for an undisclosed amount. The acquisition aimed to merge MyCrypto's team and technology with MetaMask, another ConsenSys-owned wallet, to bolster security, improve the user experience across desktop and mobile, and accelerate development. Following the acquisition, Taylor Monahan joined the MetaMask leadership team.

Keywords: MyCrypto, Taylor Monahan, Ethereum wallet, ERC-20 tokens, crypto wallet interface, MyEtherWallet, MEW, client-side wallet, non-custodial wallet, blockchain interaction, ConsenSys, MetaMask, Polychain, crypto asset management, hardware wallet integration, Ledger wallet, Trezor wallet, open-source crypto tool, Ethereum transaction, secure crypto storage, crypto wallet acquisition, Web3 tools, Dan Finlay, Aaron Davis, Kosala Hemachandra