Recently MyCrypto announced the purchase of Ambo which is a blockchain product development company. They are planning to expand their reach into the mobile platform by developing a crypto wallet. Ambo is currently developing an iOS crypto wallet, and they have plans for an Android one.
Why acquire Ambo?
Taylor Monahan is among the co-founders of MyEtherWallet and following the split of the venture she founded MyCrypto. With the acquisition, the company hopes to exploit the growing number of crypto wallet users on mobile devices. The move makes sense considering that the number of Ethereum addresses had increased beyond 50 million with last year alone having over 54 million new crypto users even though the market looked bearish.
Speaking about Ambo, Monahan said that they were different because since the beginning they chose to target mainstream and newbie investors. She indicated that what the Ambo team was dong and their products made them more attractive for the MyCrypto project.
MyCrypto prospects
The acquisition of Ambo is considered to be a move preparing MyCrypto ready for mass adoption. Since the launch of MyCrypto the firm has witnessed month over month growth and the founder believes that had it not began from scratch they could have experienced a drop off following last year’s the bearish market
Monahan indicates that the growth her venture is experiencing is slower compared to what MyEtherWaallet witnessed in 2017. But it has nonetheless been faster than the 2915/2016 growth, and this is due to exponential growth in the market as well as the blockchain boom. She added that she remains optimistic that they will experience another bull run in the future, but before then they need to simplify the interactions of protocols and the decentralized applications.
MyCrypto is seemingly more focused on ensuring that users easily access cryptocurrency systems and all that is available. According to Monahan, the firm is looking to make crypto users understand that they can do more than just buying and selling.
The split from MyEtherWallet was on mutual understanding although creative differences on what the wallet should look like in future might have played a role.
