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ZenGo Introduces First-Ever On-Chain Wallet for Polygon (MATIC) with No Seed Phrase Vulnerability

Security

u.today 25 January 2023 14:27, UTC
  
Reading time: ~2 m

Multi-platform cryptocurrency wallet ZenGo shares the details of its latest development. A new combination of technologies makes it a go-to solution for Polygon Network (MATIC) enthusiasts.

ZenGo eliminates seed phrase vulnerability, streamlines cryptocurrency experience for Polygon (MATIC) users

According to the official statement shared by the ZenGo team, its noncustodial cryptocurrency wallet for Bitcoin (BTC) and major altcoins becomes the first solution for Polygon (MATIC) network with no seed phrase vulnerability.

ZenGo brings unique functionality for Polygon (MATIC) users

For years, using seed phrases has been the “gold standard” for noncustodial cryptocurrency wallets on all mainstream blockchains. However, a seed phrase itself is a vulnerable mechanism: attackers can hack storage — both physical and digital — with it.

In ZenGo, seed phrase authorization is based on advanced biometrics and cutting-edge MPC cryptography. As such, users can activate their wallets directly from their iOS- and Android-based smartphones. The most dangerous vulnerability of noncustodial wallets is removed in this design: no ZenGo wallet has been hacked over its entire history of operations since 2018.

For Polygon (MATIC), it is the only wallet with such a seamless and newbie-friendly procedure of authorization. Ouriel Ohayon, ZenGo CEO and co-founder, stresses that this release is of paramount importance for all Polygon (MATIC) users:

We’re delighted to become the first Polygon wallet with no seed phrase vulnerability and built-in Web3 firewall protection. We've been blown away by the innovation, engagement, and growth in the Polygon ecosystem, the global brands building on it, and can't wait to securely onboard newcomers.

As covered by U.Today previously, in December 2022, ZenGo became the technical partner of the first Web3 release of legendary game The Smurfs.

ZenGo smashes through 800,000 user milestone

Hamzah Khan, Head of DeFi at Polygon Labs, is sure that this development will introduce Polygon (MATIC) solutions to a new generation of crypto users:

Today, digital asset security is still one of the biggest concerns, especially when it comes to those just starting their web3 journey. This is why the integration of ZenGo is so beneficial to Polygon users, allowing them to reliably and securely self-custody their cryptocurrencies. It also aligns perfectly with Polygon’s mission to onboard the next billion users to web3, making the space as accessible, safe, and inclusive as possible

Besides MPC, ZenGo protects its users with ClearSign, a built-in transaction firewall. With ClearSign, users can see which transactions are approved from their wallets.

Also, in the last few months, the number of ZenGo wallet users exceeded 800,000 for the first time ever.


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