ZenGo Raises $4M to Bring ‘Keyless’ Crypto Wallets to Mainstream Users
ZenGo wants to make storing and managing cryptocurrencies less intimidating for the average user. The firm has raised $4 million from investors including Benson Oak Ventures, Samsung, and Elron.
While the message “not your key, not your bitcoin” is frequently repeated throughout the cryptoverse, many are still reminded of the stories of individuals accidentally throwing away their bitcoin-filled hard drives or having their life savings stolen from exploited hardware wallets.
But the process of having to write down a private key and safely store it might be too much of a hassle for your average Joe to get into crypto. Enter ZenGo; a mobile crypto wallet leveraging a unique cryptographic protocol to provide security and ease of use.
The technology powering ZenGo’s system is threshold signatures —similar to multi-sig. With threshold signatures, multiple parties must cooperate to initiate a crypto transaction. According to ZenGo “instead of using a traditional private key, the message is signed using a public key and multiple secret shares held by the participating parties.”