Cryptocurrency specialist ZenGo has announced that a Series A funding round brought in $20 million. It was led by Insight Partners, with participation from Distributed Global (in partnership with Temasek Holdings) and Austin Rief Ventures, as well as existing investors Benson Oak Ventures, Samsung Next, Elron, Collider Ventures, FJ Labs, and others.
“What excites us most about ZenGo is the team. The co-founders bring a special combination of consumer know-how and crypto expertise to the table,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “They understand the latest developments across the ecosystem and push the limits of threshold cryptography and Multiparty Computation (MPC). As new protocols mature, the team has innovated with products that enhance the user experience. We are thrilled to partner with ZenGo as they continue to scale and reach new consumers.”
ZenGo’s multi-currency digital wallets are secured using biometric facial recognition technology from face biometrics expert FaceTec. ZenGo eschews the route taken by crypto exchanges in that it cannot actually access its users’ funds, and its multi-party computation-based Keyless Wallet tech replaces the traditional crypto key method.
The company has said it plans on using the funds to help it expand its suite of financial services, including a VISA payment card — Zengo recently joined VISA’s Fast Track program, which paved the way for better integration between the two companies — as well as an expansion of the 50 different assets it currently supports.
“We believe that a true crypto-based future will require solutions that are radically simple, mobile-first, and built on-chain”, said Ouriel Ohayon, Co-founder and CEO at ZenGo. “Our approach to security, based on MPC, eliminates traditional single points of failure, and has helped us build an innovative consumer-grade wallet that makes crypto simpler, and also an order of magnitude safer.”