ZenGo is an Israeli startup offering a crypto mobile wallet for retail investors. The company has raised $20 million in a Series A round led by Insight Partners with participation from 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.
Everyone is talking about cryptocurrencies these days. Bitcoin is the most valuable one, but it is also the most volatile. It keeps setting record highs, followed by a crash. But how exactly do you use cryptos and where do you keep the money? You can’t have a crypto account in a bank and most businesses do not accept them as currency.
Well this is where a company like ZenGo comes in. It offers a place for people to store their cryptocurrencies.
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ZenGo’s mobile wallet is available on both iOS and Android. It offers retail investors the “safest, easiest way to buy, sell, trade, and earn over 50 crypto currencies and counting.” Its Keyless Wallet technology, based on Multiparty Computation (MPC), replaces traditional single point of failure security with distributed secret shares and facial biometrics. ZenGo’ says that its mission is to end financial exclusion and break the barriers of complexity by building the safest, most accessible wallet service so that anyone can thrive in the digital economy.
We’re thrilled to announce our Series A raise led by @insightpartners
— ZenGo (@ZenGo) April 27, 2021
“We believe that a true crypto-based future will require solutions that are radically simple, mobile-first, and built on-chain”, said Ouriel Ohayon Co-founder and CEO at ZenGo. ” 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.”
“What excites us most about ZenGo is the team. The co-founders bring a special combination of consumer know-how and crypto expertise to the table,” said Jeff Horing Co-Founder and Managing Director at Insight Partners. “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.”