ZenGo Updates Platform to Enhance TSS and Stablecoin Capabilities

ZenGo Updates Platform to Enhance TSS and Stablecoin Capabilities

ZenGo has updated its cryptocurrency app to offer support for Ethereum’s ERC-20 tokens and other stablecoin currencies. Stablecoins are cryptocurrencies that have been tethered to a local currency, a precious metal, or some other commodity, which makes them less susceptible to the large price fluctuations that have been associated with other digital assets.

According to ZenGo, the introduction of ERC-20 will promote open finance, and make crypto-based financial services more accessible to anyone with an internet connection. The other currencies available with ZenGo v2.2 include USD Coin, Tether, Paxos, and Maker, all of which can be organized with an improved My Wallet feature that makes it easy to keep track of multiple currencies. The platform will also offer support for Dai in the next few days.

In other news, ZenGo went on to explain how it developed a new Threshold Signature Scheme (TSS) SDK for the Klaytn blockchain, which is backed by the South Korean tech giant Kakao. TSS negates the need for a single private key, and allows the security responsibility for a blockchain transaction to be distributed across multiple parties.

The new Klaytn SDK is part of a broader effort to encourage the mass adoption of blockchain technology. To that end, ZenGo’s agnostic TSS tech can be easily integrated into other blockchain platforms, enabling the creation of discreet digital signatures and smart contracts that do not incur the same fees or exposure risks as other MultiSig solutions.

Unlike other cryptocurrency wallets, ZenGo offers customers biometric authentication and account recovery using FaceTec’s ZoOm facial recognition platform. Hackers failed to crack the system even after ZenGo issued a public challenge asking them to do so.

ZenGo has since upgraded its wallet to offer support for QR codes, and now stands as one of the three founding companies of the newly formed MPC Alliance.