Tl;DR: We now protect crypto for over 1 million customers, with no hacks, since we launched! Thanks to cutting-edge MPC technology, Zengo was the first investor-facing wallet with no seed phrase vulnerability; Today, we continue to push the boundaries of secure self-custody and advance the industry forward.
Despite the crypto winter, customers continue to recognize Zengo for our infallible track record. And we couldn’t have done it without all of you. Thank you for being part of this journey with us: Your support is helping make crypto a better place for everyone.
How did we get here? Zengo’s Journey
Zengo as a company was founded in 2018 when my co-founder Tal and I noticed a pressing problem: Many wallet options existed, but none focused on self-custody that is secure by default. Until Zengo wallet was launched in 2019, crypto users had to decide between two primary options, both of which had significant tradeoffs:
- A seed phrase wallet – whether hardware or mobile – has a single point of failure (the seed phrase) where a single security factor controls the funds. Every day, folks lose their crypto or have their wallet drained because their seed phrase (and/or private key) is stolen, lost, or exposed in a phishing attack.
- Centralized exchanges don’t have a seed phrase vulnerability – but as we’ve learned in recent years they have massive counterparty risks. Can you afford to risk your assets disappearing without your control, as in the case of FTX, Celsius and others?
Enter Zengo: We became the 1st consumer-facing crypto wallet to introduce multi-party computation (MPC), which until then had only been available to billion-dollar institutions. MPC removes this single point of failure inherent to traditional seed phrase wallets – even hardware wallets. We introduced multi-factor security by default to the world of wallets. We re-invented, among other things, how secure authentication was built in crypto wallets with magic links, cloud back up, and Liveness biometrics. All of these are now routinely used and copied in the industry: We set a new standard.
Learn how we leverage MPC here.
Secure by Default: The Zengo Way
The crypto industry’s mental model has perpetuated for too long the adage “not your keys, not your coins.” The problem is that over $100 billion dollars worth of bitcoin alone has been lost or stolen because of these seed phrase vulnerabilities.
Traditional hardware wallets are expensive and fail to eliminate the seed phrase vulnerability. If there was any doubt, hardware wallets are nothing more than firmware wallets.
Zengo is not your typical self-custodial wallet; It is security on steroids. Unlike traditional seed phrase wallets, Zengo protects you against account takeovers like phishing or SIM swaps because it does not have traditional vulnerabilities based on single-factor security. With Zengo, you’ve already got the secure hardware: Your mobile device’s Secure Enclave (for iOS) or TEE (Trusted Execution Environment, for Android). Zengo is the corresponding secure software.
Pushing the boundaries of security with Zengo Pro
But we did not stop there. We set an even higher standard for wallet security in ways never seen before with Zengo Pro.
Zengo Pro customers benefit from the industry’s most advanced security measures, including Theft Protection, Legacy Transfer, and a Web3 Firewall.
Say goodbye to worrying about someone unlocking your phone and draining your wallet. That’s what Theft Protection is here for. By locking your assets to your unique 3D FaceLock biometrics, we’ve turned the future of asset security into reality.
Do you ever think about how your crypto will be passed onto future generations should something happened to you (memory loss, accident, death)? Securely transfer your digital assets to a trusted friend or family member with Legacy Transfer – no KYC needed. Zengo’s inheritance-style feature is the first of its kind, supporting digital asset continuity over generations.
Additionally, with crypto scams and rug pulls rampant, our Web3 Firewall warns you before continuing with a risky transaction. Known scam? You’ll get a red notification letting you know something is off. Making a possibly suspicious transaction with an unknown smart contract? Proceed with caution – you’ll see this in yellow. And if you’re proceeding with a known legitimate smart contract, you’re covered – that’ll show up as green. See how it works!
Want more details about how Zengo goes above and beyond to secure your crypto? See here.
What Customers are Saying
Don’t just take our word for it – see why over 1 million safe customers trust Zengo with their assets, and Zengo was rated 1 in customer satisfaction by the G2 Consumer Software Comparison Platform.
“Zengo is a fantastic, reliable app. But by far the best thing about Zengo is the responsiveness of their customer service and their recommendations.”– Thomas H.
“I’m very happy with Zengo! I’m fairly new to the crypto world, and I find it extremely user-friendly and easy to navigate and understand. Easy to send/receive/buy/sell etc.”– Lynda B.
“Trust me when I say this, you will experience 0 holds and delays. If you are an entry level bitcoin investor, or just want an additional wallet to keep your coins in for a faster usage/purchase, this is the perfect app for you.”– Anonymous
What’s next for Zengo?
Zengo remains committed to its mission of being the most secure crypto wallet. Even when the crypto industry is experiencing a slower growth period, we continue to attract customers who are looking for a secure and straightforward way to store their assets.
As we continue to grow, we will continue to develop cutting-edge new security features both for Zengo Pro and Essentials customers. In the coming months, look out for even more support for layer 2 blockchains, as well as more advanced security features.
Thanks for being part of the journey. Onwards to the next 10 million!
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