ZenGo Closes $20M Series A Round to Build the Ultimate Retail Crypto Wallet
TEL AVIV, April 27, 2021 /PRNewswire/ -- ZenGo, the crypto mobile wallet for retail investors, today announced a $20M Series A round 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.
ZenGo plans to use the funds to expand its set of financial services, including a VISA payment card, and a bigger set of choices for on-ramp, off-ramp, trade and savings options. Additional plans include expanded support for assets and chains - currently the wallet supports over 50 assets including Bitcoin, Ethereum, Binance Coin, Tezos, and Terra - and further developing its Keyless Wallet security technology. The investment comes less than a year after the company launched its wallet on iOS and Android in early 2020, and less than three months after it shattered its previous annual processing volume records reaching $100M USD in the first quarter of 2021 alone.
Unlike existing hosted or self-hosted solutions, ZenGo's multi-party computation based Keyless Wallet technology replaces the traditional and notorious crypto private key with two independently created mathematical secret shares, while remaining on-chain and user-controlled. Unlike crypto exchanges, ZenGo cannot access users' funds, and unlike traditional self-hosted wallets, backup and restoration of accounts are simply secured using facial biometrics. This novel approach allows ZenGo to safely and seamlessly put full ownership and control of digital assets where they belong - solely in its users' hands.
"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."
"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 mobile wallet, available on iOS and Android, offers retail investors the safest, easiest way to buy, sell, trade, and earn over 50 crypto currencies and counting. Its Keyless Wallet technology, based on Multiparty Computation (MPC) replaces traditional single point of failure security with distributed secret shares and facial biometrics. ZenGo's mission is to end financial exclusion and break the barriers of complexity by building the safest, most accessible wallet service so that anyone can thrive in the digital economy.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.