MyCrypto Acquires Ambo to Expand into Mobile

MyCrypto.com, a user-friendly web wallet service primarily targeted at Ethereum users, today announced the acquisition of a mobile development company called Ambo. Ambo is described in a press release as such:

Ambo is a platform that allows users to acquire and hold their own assets, and interact with popular DeFi protocols like 0x and Augur. The company’s mission is to create products for the next generation of finance and bridge the gap between cryptocurrencies and new users with little to no experience. Ambo’s unique approach, and focus on user interface and experience, is what MyCrypto believes will be a gateway for prospective users in the future.

MyCrypto.com CEO Taylor Monahan

The acquisition is notable because, to date, Ambo has not actually released any mobile wallet products. MyCrypto intends to use the acquisition to build out its mobile platform. MyCrypto allows anyone to create and use a portable Ethereum wallet, among other tokenized networks like EOS or Expanse.

The company also owns a useful community tool called EtherScamDB. EtherScamDB is a registry of known scams run on the Ethereum network.

MyCrypto believes that ease of adoption is key to expanding the blockchain landscape. They focus on developing interfaces that are familiar to non-technical people. The philosophy of companies like this is that using cryptocurrency should be as easy as using e-mail: limited learning curve, maximum usage, and default security. Most importantly, MyCrypto does not control private keys, much like its biggest Ethereum wallet competitor, MyEtherWallet.

Ethereum Exceeds 50 Million Addresses

They cite a report by EtherScan that Ethereum now has more than 50 million user accounts. In Ethereum, the percentage of active addresses is much higher than Bitcoin-based cryptos because of the way the system works. The user has one Ethereum address which can receive any Ethereum token, as well as Ether itself. So it’s less likely that users will have a multitude of addresses associated with them.

Taylor Monahan, last quoted by CCN.com in this story about MyCrypto’s #MyCryptoWinter contest, said of the acquisition:

Seeing how Jai and the entire Ambo team have prioritized serving the a 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.

MyCrypto sponsors white hat hackers to find and report security flaws via HackerOne. Notably, the company has been in business since 2015. Acquisitions typically are a sign of health for a firm, indicating that we will be hearing from them for some time to come.

Last modified: March 4, 2021 2:30 PM

P. H. Madore: P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for an investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.