Wallet solution Mycrypto has raised $4 million to build a platform allowing users to create new wallets, the full details of which are in this edition of The Daily. Also, the wallet advertised by software guru John McAfee, Bitfi, is removing the ‘unhackable’ claim from its branding, an Islamic crypto exchange applies for a license in Malta, and Eminem’s new album features bitcoin.
Popular ethereum interface Mycrypto has raised $4 million in a funding round led by Polychain Capital. The money will be used to build a platform that allows users to create new wallets as well as buy, sell and trade cryptocurrencies.
The news comes after the team recently launched a desktop app with which clients can manage or use their cryptocurrency without online resources or protocols and secure their funds outside an exchange. The platform is non-custodial, does not hold customers’ funds or personal data, and users are in control of their private keys.
“We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency and are thrilled to see the overwhelming support we’ve received from our partners, investors, and community,” Mycrypto CEO Taylor Monahan commented.
The team behind crypto wallet Bitfi, which has been advertised by cyber security ‘expert’ and entrepreneur John McAfee, has announced it will no longer describe its product as “unhackable”. The statement follows the release of evidence by a group of researchers showing the wallet has been compromised, BBC reported. Earlier this month, security experts claimed they had successfully sent signed transactions with the wallet and someone had even managed to establish root control over the device.
Bitfi had previously offered a bug bounty of $250,000 to anyone who managed to hack the wallet. One of the conditions was that the cryptocurrency be removed from the wallet. The group claimed to have hacked it once before but Bitfi and McAfee refused to accept the presented evidence as the digital assets had not been withdrawn.