Cryptocurrency wallet platform MyCrypto today announced the acquisition of Ambo to expand its reach on the mobile platforms.
MyCrypto was founded last year by Taylor Monahan, one of the co-founders of the widely used MyEtherWallet, after her split from the venture. She developed the new platform as a fork of MyEtherWallet.
Ambo, a blockchain-based product development company, is focusing on wallet platforms for mobile devices. The firm is currently developing a wallet platform for iOS users and has plans to do the same for Android users along with web interfaces.
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With this acquisition, Monahan aims to tap the increasing new blockchain wallet users who are adopting the digital assets using mobile-based wallet platforms.
Mentioning this acquisition, Monahan said: “Seeing how Jai and the entire Ambo team have prioritized 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. 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.”
Dispute Led to Split
Monahan’s split from her previous venture was not on good terms. Though both co-founders said the split was mutual, Finance Magnates reported earlier that her former business partner filed a lawsuit against her for a dispute over the financial books of MyEtherWallet. She was also accused of hijacking MyEtherWallet’s Twitter handle and moving thousands of its followers to the account of MyCrypto.
“One of the biggest lessons we learned from the 2017 bull-run and subsequent crash was just how under-utilized tokens are,” said Jai Bhavnani, CEO of Ambo. “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. We’re excited to work with such an amazing team and look forward to helping make MyCrypto the flagship desktop wallet.”