ZenGo, an Israeli company that developed a keyless bitcoin and cryptocurrency wallet, announced a $20 million Series A funding round last week 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 said it 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.
Founded in 2018, the Tel Aviv-based company offers a crypto mobile wallet for retail investors available on iOS and Android. 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.
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 surpassed its previous annual processing volume records reaching $100 million in the first quarter of 2021 alone.
“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.”