ZenGo, a crypto mobile wallet for retail investors, recently announced that it closed a $20M Series A funding round. The funding round was led by Insight Partners. Other participants involved in the raise included Distributed Global and Austin Rief Ventures. Additionally, existing investors such as Samsung Next, Benson Oak Ventures, FJ Labs, and Collider Ventures took part.
How The Funds Will Be Used
According to the April 27th announcement, ZenGo will use these funds to expand its existing financial services. Users of the ZenGo wallet can buy, sell, trade, and seamlessly earn digital assets. Its core infrastructure creates an environment where users no longer have to worry about private keys, passwords, or seed phrases. Additionally, facial biometrics gives investors complete control over their assets.
We're thrilled to announce our Series A raise led by @insightpartners
— ZenGo (@ZenGo) April 27, 2021
As part of the expansion effort, ZenGo will offer users access to more chains and digital assets. Currently, users have access to over 50 assets that include Terra, Tezos, Binance Coin, Ethereum, and Bitcoin. ZenGo also plans to improve the wallet’s security by upgrading the Keyless Wallet technology. The recent investment comes less than 12 months after they launched the iOS and Android versions of the crypto wallet in early 2020. It also comes less than three months after the wallet broke its previous annual processing volumes to achieve $100M in Q1 2021 alone.
Why ZenGo Is Unique
One unique aspect of ZenGo is the Keyless Wallet technology. The infrastructure replaces the traditional private key technology with a pair of independently mathematical secret shares. It manages to achieve this while remaining on-chain and user-controlled.
Unlike crypto exchanges, ZenGo does not have access to user funds. Additionally, unlike traditional self-hosted solutions, users can backup, and restore their accounts using facial biometrics. The innovative feature makes it possible for ZenGo users to have full control and ownership of their crypto assets.
The ZenGo mobile wallet is available on iOS and Android devices. It offers retail investors a safe and easy method for buying, selling, trading, and earning via 50+ cryptocurrencies and growing. The company has a mission of ending financial exclusion and lowering the entry barrier into the digital economy via its wallet service.
According to the CEO and co-founder of ZenGo, Ouriel Ohayon, they believe that a crypto-based future will require radically simple, mobile-first, on-chain solutions. He added,
“Our approach to security, based on MPC, eliminates traditional single points of failure, and has helped us build an innovative consumer-grade wallet that makes crypto simpler, and also an order of magnitude safer.”
According to the Co-Founder and Managing Director of Insight Partners, the most exciting aspect of ZenGo is the team. He noted that the co-founders offered a special mix of consumer knowledge and crypto expertise. He added,
“They understand the latest developments across the ecosystem and push the limits of threshold cryptography and Multiparty Computation (MPC). As new protocols mature, the team has innovated with products that enhance the user experience. We are thrilled to partner with ZenGo as they continue to scale and reach new consumers.”
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