thecoinrepublic.com
- ZenGo, an infrastructure-focused cryptocurrency wallet platform, has recently raised $20 million in a Series A fundraising round
- The firm has plans to create a super crypto wallet app with a focus on the security features
- With the latest funds, the firm is seeking more partnerships to roll out more crypto-related features for its users
ZenGo, a mobile application offering a non-custodial wallet, has recently raised $20 million in a Series A capital-raising round. It is known that Insight Partners had participated in the funding round to help the firm raise capital.
With Insight Partners, other investors, including Distributed Global and Austin Rief Ventures, Benson Oak, Samsung Next, Elron, Collider Ventures, and others, had also participated. Moreover, now the crypto custodian firm can expand its operations with the same philosophy strategy.
What does ZenGo aim for?
Observing other crypto custodial service providers, it seems that ZenGo has a unique strategy. The firm offers a non-custodial wallet service, meaning it does not manage the cryptocurrencies for its users.
However, the firm has a different aim than other wallets, as it aims to create something more secure than an average cryptocurrency wallet. On the other side, it seeks to keep the infrastructure handy and straightforward for its users.
ZenGo’s app focuses on infrastructure
In the current scenario, ZenGo competes with other wallets like Coinbase Wallet and Argent. The firm uses multiparty computation (MPC), which helps create multiple secrets that are stored and encrypted in different ways.
Simultaneously, most of the crypto-firms in the industry that are focused on infrastructure and enterprise clients have been observed opting for the MPC model only for security.
How will the latest raised funds will help the firm?
In the latest funding round, ZenGo has raised $20 million in the capital, which can help the firm to expand its services. According to ZenGo, the wallets’ users can expect more chains and assets. On the other side, the firm seeks more partnerships to allow its users to purchase crypto assets. Moreover, the users will also be able to convert their crypto assets to fiat currencies.
ZenGo has recently announced its plans to launch a debit card. Hence, using the card, the users will be able to convert their digital assets and spend them wherever Visa cards are accepted. Following the aim and strategy of ZenGo, it is clear that the firm is seeking to bring a cryptocurrency super app with a focus on security.