MyCrypto Buys Ambo Blockchain Product Company to Develop Android and iOS Crypto Wallet
Currently, Ambo is developing a crypto wallet for iOS and it has plans to develop a similar one for Android. MyCrypto, a crypto wallet platform recently announced that it had acquired Ambo to expand into mobile devices.
Taylor Monahan, who was amongst the cofounders of MyEtherWallet, created the MyCrypto project last year. After she left the venture, she developed a new platform, which is essentially a MyEtherWallet fork.
Ambo is a blockchain-based company that has a focus on developing crypto wallets for mobile devices. The firm is working on a wallet for iOS users and it plans to do the same for Android devices as well as a web interface.
What Monahan Hopes To Achieve
With the purchase, Monahan is hoping to tap into the growing number of crypto wallet users who are entering the crypto world via mobile wallets. Talking about the acquisition, Monahan said that Jai and the whole Ambo team were quite different from them. This was because they had opted to target both newbies and mainstream investors since the beginning.
As a result, Monahan thought most of what they were doing made a lot of sense and she wondered why she had not thought of it before. She concluded by saying that the team and their products were immediately attractive to the MyCrypto project.
Why There Was A Split
The reasons for the split have never been made public. Both parties claimed the split was mutual. However, it would appear that there were some creative differences on what future versions of the wallet should look like. The two founders began the project as a side project and they did not know it would grow to be so huge.
In a Medium post some time back, Monahan explained that the rise of crypto in 2017 took a toll on her. She said that her sleep routine was affected, her mental health suffered, and a few other areas. She also explained that feedback requests from users of MEW grew from about 20 daily into thousands.
As 2017 ended, she said MEW was no longer just a side project. GitHub contribution increased for its cofounders from 2015 to 2017. After the split, the other co-founder, Hemachandra said that MEW would continue working as normal.
However, things were not all rosy, a media report at the time claimed that Monahan was being sued for a dispute over the MEW financial books. Besides that, when she left, she managed to leave with almost the entire MEW wallet team. She was also accused of changing the MEW twitter handle into the MyCrypto handle. This was later resolved and the account returned to MEW.
What Ambo Had To Say
According to the CEO of Ambo, the 2017 Bull Run and the crash that followed showed them that crypto was under-utilized. Thus, they intend to give users an easy way to gain value from crypto beyond mere speculation. He added that they were happy to be working with MyCrypto in the launch of their flagship desktop wallet.