ZenGo, a Tel Aviv-based firm, claims to be the first non-custodial wallet without points of failure, private keys, passwords, all with a custodian-grade experience. After last years’ $4 million USD in seed funding from Elron, Samsung, Benson Oak and three blockchain grants from Tezos, Zcash and Zilliqa, ZenGo is going public with its provision of security and simplicity.
The co-founder of the firm, Ouriel Ohayon said, “This is the first secure user controlled crypto wallet which can be adopted and used by anyone, removing the typical friction points you find in alternative solutions. Until now users had the choice between two poisons, be their own bank at the cost of complexity, human errors or hacks or trust a third party blindly (which they chose by default because it’s just easier but then lose total control).”
Frustrated with the tedious and overwhelming state of crypto wallets while first entering into the industry, Ohayon and his fellow partners aimed to offer the users of ZenGo complete control over their money, without any annoyance of a traditional wallet. Ohayon boasts on the fact that his app is simple to setup, has an option of account restoration, and has a password-less access. Also, ZenGo has been audited by AppSec and Kudelski. ZenGo offers biometric encryption, and guarantees that their money will not be impacted if the user’s phone or server is hacked. Ohayon said, “Once we knew we could take the core principles of threshold cryptography and distributed computation and make it highly performant on the mobile, we knew we could build a step function improvement to whatever was existing.” Also, unlike multi-sig technology, ZenGo is blockchain agnostic and it will support any asset.
“After a few weeks of beta on iOS we already manage seven figures AUM in USD in our system.” The platform is due to launch on Android in a few weeks.
ZenGo early adopters will have a lifetime of free access. Once established the company plans to charge a subscription fee to new customers and add services that will generate transaction fees. We believe wallets will become the default interface to interact with blockchain based services as long as they are usable.” said Ohayon.