The crypto wallet platform ZenGo has reached an important milestone, protecting over a million end users. More remarkably still, its eponymous wallet has seen zero hacks, thanks to its use of sophisticated facial recognition technology from FaceTec.
The companies first announced their collaboration in 2019, when ZenGo began offering users a face-based login system using FaceTec’s technology. Even at that early date, FaceTec had already achieved third-party tested compliance with Level 2 of ISO’s presentation attack detection specifications — a feat that has since become industry standard for face-based biometrics systems.
ZenGo also leveraged FaceTec’s solution for account recovery, further helping to eliminate the need to rely on knowledge-based identity verification.
This solid security framework helped ZenGo to grow to prominence as the crypto boom picked up steam. Within a couple of years, the startup was able to announce a Series A funding round that brought in $20 million, in early 2021.
Of course, the crypto sector has slowed down since then — yet ZenGo has continued to experience impressive growth.
“Despite the crypto winter, customers continue to recognize Zengo for our infallible track record,” the company stated in its million-customer announcement. “Even when the crypto industry is experiencing a slower growth period, we continue to attract customers who are looking for a secure and straightforward way to store their assets.”
Likewise, FaceTec itself has seen astonishing growth in the years since its ZenGo partnership began. In its most recent quarterly update, the company reported year-over-year revenue growth of 50 percent, and that’s coming after a Q3 report in 2022 that showed 96 percent year-over-year growth. FaceTec has built a strong reputation on the sophistication of its facial recognition technology, and has backed it up with an industry-leading Spoof Bounty Program that offers payouts totalling $600,000 for successful hacks of its tech.
That Spoof Bounty Program may even have been inspired by FaceTec’s work with ZenGo. Before it was launched in October of 2019, ZenGo had challenged hackers to try to break into its own wallet. It couldn’t be done then, and it seems it still can’t be done now.
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(Originally published on FindBiometrics)
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