ZenGo raises $4M to bring “keyless” crypto wallets to mainstream users

posted 4 months ago
Mobile crypto wallet ZenGo raised $4 million from Samsung and 2 others. The wallet uses a cryptographic technique called threshold signatures aka multisig to create a “secure and easy-to-use” transaction process. The ZenGo system uses a two-of-two multisig system, requiring two “shares”, one from the user and one from ZenGo, to send a transaction. An encrypted copy of a share is stored on ZenGo’s server, while the decryption code is stored on the user’s iCloud account.

If a ZenGo user wants to send transactions they scan their face, via Apple’s FaceID feature, which will signal ZenGo’s servers to send over the encrypted share for signing. CEO Ouriel Ohayon said “Sending crypto is like sending a message…Its deeply human and I cared about making that experience more human.” If ZenGo’s server were to shut down, an independent trustee triggers a share recovery process to allow ZenGo’s users to use its service.
Tags: bitcoin, news