ZenGo
Key Data
- Trading Name: ZenGo
- Legal Entity: ZenGo Ltd/KZen Networks Ltd
- Activities: non-custodial mobile crypto wallet
- Location: Israel
- Regulations: unregulated
- Key People: Ouriel Ohayon/Tal Be’ery
ZenGo is the trading name of the Israeli ZenGo Ltd, an unregulated non-custodial mobile crypto wallet operator offering a respective wallet app on Apple and Android.
The company was established in 2018 by Ouriel Ohayon, Tal Be’ery and Omer Shlomovits. ZenGo claims to have 500,000+ clients.
Offering
ZenGo is a cryptocurrency wallet that offers a unique approach to security and user experience. Unlike traditional cryptocurrency wallets that require the management of private keys, ZenGo eliminates the need for these keys with a keyless wallet technology. This means users do not have to worry about losing their private keys and being unable to access their funds as a result.
The wallet uses a combination of biometric identification and a cryptographic technique called threshold signatures to secure user accounts. This setup splits the responsibility of signing transactions between the user’s device and ZenGo’s servers, ensuring that the user always remains in control.
ZenGo offers the following features:
- Buying and Selling Cryptocurrencies: Users can buy, sell, and trade a variety of cryptocurrencies directly from the app.
- Earn Interest: ZenGo allows users to earn interest on their cryptocurrency holdings.
- User-Friendly Interface: Designed for ease of use, making it suitable for both beginners and experienced users.
- Multi-Currency Support: Supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and many others.
- Non-Custodial: As a non-custodial wallet, ZenGo ensures that users retain control over their funds at all times.
Overall, ZenGo is geared towards providing a secure, simple, and accessible way to manage cryptocurrency assets, catering to users who prefer convenience without compromising on security.
Security:
Zengo uses multi-party computation (MPC) instead of private keys or seed phrases to help secure your assets. MPC splits what has traditionally been used to authorize cryptocurrency transactions — private keys — into multiple pieces. In very basic terms, when you make a transaction, the Zengo server and your phone run separate computations that allow your transaction to go through. The company says this prevents any single private key from being controlled by a single party.
Zengo features a recovery system called 3FA. 3FA uses your email address, a 3D FaceLock (an encrypted mathematical representation of your face) and a recovery file that you can store in a cloud backup location such as iCloud or Google Drive. This is a step beyond two-factor authentication, or 2FA.
Customer Review
Trustpilot: 4,1 Stars with 600+ Reviews
Conclusion and Rating
In conclusion, ZenGo earns a “Green” rating based on its comprehensive compliance data and well-established reputation. The service has demonstrated a strong commitment to transparency and security, making it a commendable choice for those seeking reliable cryptocurrency management solutions. However, potential users should be aware that ZenGo operates in an unregulated sector. This lack of regulatory oversight could pose risks, particularly in the rapidly evolving landscape of cryptocurrency regulations. Users are advised to consider this factor carefully when deciding to utilize ZenGo’s services.
