ZenGo, a mobile crypto wallet for retail investors, today announced that it has closed a $ 20 million Series A round led by Insight Partners with the participation of Distributed Global (in partnership with Temasek Holdings) and Austin Rief Ventures, as well as existing investors Benson Oak Ventures, Samsung Next, Elron, Collider Ventures, FJ Labs and others.
The ZenGo team plans to use the money to expand its range of services, including a Visa debit card, and a wider range of driveway, walk away, trade, and savings choices. Additional plans include expanded asset and chain support – currently the wallet supports more than 50 assets, including Bitcoin, Ethereum, Binance Coin, Tezos and Terra – and the further development of its keyless wallet security technology.
Unlike existing hosted or self-hosted solutions, ZenGo’s multi-party computation (MPC) -based keyless wallet technology replaces the traditional and infamous crypto private key with two independently created math secret shares while on-chain and by the user. remain monitored. ZenGo has no access to users’ funds, and unlike traditional self-hosted wallets, account backup and recovery are easily secured using facial biometrics. This approach enables ZenGo to securely and seamlessly place full ownership and control of digital assets in the users’ hands.
“We believe that a true crypto-based future requires solutions that are radically simple, mobile-first and on-chain. Our approach to security, based on MPC, eliminates traditional single points of failure, and has helped us build an innovative consumer-class wallet that makes crypto simpler and an order of magnitude more secure. “
– Ouriel Ohayon Co-Founder and CEO of ZenGo
The investment comes less than a year after the company launched its wallet on iOS and Android in early 2020, and less than three months after it shattered its previous annual throughput volume records, hitting $ 100 million USD in the first quarter of 2021 alone.