ZenGo, a mobile app for managing your cryptocurrencies, has closed a Series A financing round worth $ 20 million, led by Insight Partners. ZenGo is an unguarded wallet, which means the company doesn’t manage your crypto assets for you – you are in control.
Other investors are Distributed Global and Austin Rief Ventures. Existing investors such as Benson Oak, Samsung Next, Elron, Collider Ventures, FJ Labs and others also participated in today’s funding round.
What sets ZenGo apart from other wallet apps is that the company tries to create something that is more secure than your average crypto wallet, yet easy to use and understand. It competes with other non-custody wallets, such as wallets Coinbase wallet (not Coinbase.com), Argent, etc.
In particular, ZenGo is based on Multiparty Computation (MPC). When you first create your wallet, ZenGo generates several secrets that are stored and encrypted in different ways. This means that the company cannot access your tokens directly and You can get your wallet back if you lose your phone.
Other crypto companies that focus on infrastructure and enterprise customers have also chosen MPC as their security model. Fire blocksAn example is a company that recently raised $ 133 million.
But ZenGo is building a consumer app. In 2020, the company processed over $ 100,000 million in crypto transactions from 100,000 users. ZenGo hit the same milestone in the first three months of 2021, adding another 100,000 users.
You can browse DeFi projects through ZenGo and access savings pools. The startup reduces these investments.
With today’s financing round, ZenGo plans to expand with the same philosophy. You can expect support for more chains and assets, more partnerships and options to buy and convert cryptocurrencies into fiat money, etc.
The company recently announced plans to introduce a debit card. This allows users to convert their crypto assets and then spend them anywhere Visa cards are accepted. In other words, ZenGo is creating a crypto super app with an emphasis on security.
Credit: ZenGo