ZenGo Cryptocurrency Developer Raises $4 Million To Launch Wallet Without Private Keys
The Israel-based company’s product, smartphone wallet app ZenGo- currently in beta phase testing-aims to help simplify custodial wallet usage for entry-level cryptocurrency users as seamless as possible.
Revolutionizing The Cryptospace
The company is hoping that users will be able to benefit from a simple wallet interface while not relying on a third party or themselves to hold their private keys and other sensitive pieces of information.
The firm aims to achieve this by using a combination of split key storage and biometric security features that will not only simplify the process but also secure the wallet.
The smartphone and cloud storage are the basic sharers of information that is needed by the user to sign a transaction, which is a part of a new set-up called the threshold signature.
Ouriel Ohayon, the company’s CEO and co-founder said in a blog post on April 15 that:
‘’Zengo uses open source threshold cryptography to replace the private key and all the troubles related to securely managing non0-custodial wallets. He also added:
‘’Our solution eliminates the typical friction points of onboarding and backup and does so without the existence of a single point of failure”.
Although Samsung is the most popular of the investors, other firms that are in total support of the new wallet are Elron and Belson Oak Ventures.
The new product builds on a particular trend that fellow start-up Casa began with its mobile app Keymaster https://blog.keys.casa/casa-keymaster-security-mobile-key-overview/.
Casa at the moment only supports bitcoin, while ZenGo does not limit users to a specific coin, it supports a variety of altcoins.
On the issue of the cloud server security aspect needed for basic transactions to work, Ohayon told The Block that special backup procedures would be put in place after the launch of the wallet.
The private beta is currently available in IOS, with an Android equivalent to follow.
This development goes in line with a report on bitcoinexchangeguide.com on April 17 about the plan by ZenGo to create a crypto wallet that would foster mass adoption cryptocurrency wallet via a unique feature
As previously reported, the company is ready to release the ZenGo mobile application that would allow users to manage and handle their digital currencies securely and seamlessly. The company aims at solving many of the current issues that others are facing.
Finding a solution became a necessity due to the proliferation of crypto space by quite a lot of digital assets.
The company will be using a public and private key, but all will be very transparent for the user, in other to make everything clear and easy.
Security of wallets is one of the significant issues facing the crypto space, and with a breakthrough like this, users can be confident that their funds are safe and secure.