Israel-based crypto mobile wallet for retail investors ZenGo raised $20m in Series A funding.
The round was 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.
The company plans to use the funds to expand its set of financial services, including a VISA payment card and a larger set of choices for on-ramp, off-ramp, trade and savings options. Additional plans include expanded support for assets and chains. Currently, the wallet supports over 50 assets including Bitcoin, Ethereum, Binance Coin, Tezos and Terra whilst further developing its Keyless Wallet security technology.
Led by Ouriel Ohayon, ZenGo’s mobile wallet, available on iOS and Android, offers retail investors a way to buy, sell, trade and earn over 50 cryptocurrencies 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.
Unlike crypto exchanges, ZenGo does not have access to user funds. Additionally, users can backup, and restore their accounts using facial biometrics. The feature enables ZenGo users to have full control and ownership of their crypto assets.
The recent investment comes less than a year after it 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 alongside adding another 100,000 users.
In November last year, the Tel Aviv-based cryptocurrency company joined Visa’s FinTech Fast Track program which allowed the firm to develop a co-branded innovative payment card. This way, users will be able to convert their crypto assets and spend them wherever Visa cards are accepted.
Commenting on the funding, Ohayon said, “We believe that a true crypto-based future will require solutions that are radically simple, mobile-first, and built on-chain.
“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.”
Sharing the bullish sentiment, Insight Partners managing director Jeff Horing added, “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. They understand the latest developments across the ecosystem and push the limits of threshold cryptography and 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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