Crypto Wallet With Biometric Security Drives $20M Series A Funding Round

Cryptocurrency specialist ZenGo has announced that a Series A funding round brought in $20 million. It was 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.

“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 multi-currency digital wallets are secured using biometric facial recognition technology from face biometrics expert FaceTec. ZenGo eschews the route taken by crypto exchanges in that it cannot actually access its users’ funds, and its multi-party computation-based Keyless Wallet tech replaces the traditional crypto key method.

The company has said it plans on using the funds to help it expand its suite of financial services, including a VISA payment card — Zengo recently joined VISA’s Fast Track program, which paved the way for better integration between the two companies — as well as an expansion of the 50 different assets it currently supports.

“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.”

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(Originally posted on Mobile ID World)

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FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

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Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

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