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A new crypto wallet that offers simple and easy-to-use interface is about to launch, after receiving $4 million funding from multiple investors.
South Korean electronics manufacturer, Samsung shows more interest in cryptocurrency. After adding crypto wallet on their newest Galaxy S10, the tech giant is reported to be one of the investors for a new crypto wallet, ZenGo.
The new startup just raised an impressive $4 million in an investment round from multiple investors, including Samsung, Elron and Benson Oak Ventures.
With many crypto wallets already on the market, what is so special about ZenGo?
It boasts unique cryptographic protocol that makes the overwhelming process of writing down a private key and safely store it are no longer required.
This way, that even the average Joe would be able to use ZenGo at ease.
Moreover on the technology, it uses threshold signatures or multi-sig to secure the wallet, which requires multiple parties to initiate a crypto transaction.
However, the good news is instead of using a traditional private key, the message is signed using a public key and multiple secret shares held by the participating parties.
All the aforementioned processes take place in the backend, whereas on the users’ end, they’re only required to scan their face to approve a transaction.
Talking about the new product, CEO Ouriel Ohayon said, “Sending crypto is like sending a message…Its deeply human and I cared about making that experience more human. As I learned about it [crypto] I was shocked by how prehistorical solutions were…even the best ones.”
Ohayon also responded to the concerns if ZenGo’s server shuts down by mentioning his plan to hire a trustee to trigger a share recovery process and allow ZenGo’s users to continue using its service, as reported by The Block.
As of reporting time, ZenGo is still in private Beta, with public launch date is still pending until it's “the right time” to enter the competitive crypto wallet market.