Zengo Introduces New Premium Subscription ‘Zengo Pro’ with Enhanced Security Features for Crypto Wallet Users

Zengo Introduces New Premium Subscription ‘Zengo Pro’ with Enhanced Security Features for Crypto Wallet Users

Zengo, a cryptocurrency mobile wallet, has introduced a range of new features and a premium subscription called “Zengo Pro,” priced at $20 per month. This optional subscription offers enhanced security features for users with significant crypto assets or those who prioritize security. The basic accounts will remain free, and the app has also undergone a redesign.

As a self-custodial wallet that utilizes multi-party computation, Zengo stands out from wallets like Metamask, as it cannot be recovered using a seed phrase, making it less susceptible to phishing attempts. Moreover, unlike centralized exchanges such as Coinbase, Zengo does not control users’ cryptocurrencies.

For initiating transactions from the Zengo wallet, approval from all parties is required. This involves the secret share stored on the user’s device and the secret share stored on Zengo’s server.

In case of a lost or malfunctioning phone, users can recover their Zengo wallet on a new device using a recovery file stored in an online cloud storage account, such as iCloud Drive or Dropbox. Additionally, a confirmation via email inbox and a face scan are required for the recovery process.

Zengo has experienced success, surpassing one million downloads, and processing over $1 billion in transaction volume.

Co-founder and CEO, Ouriel Ohayon, explained that while Zengo has resolved many security issues, there were still some use cases that required attention. As a result, they have launched Zengo Pro, a paid subscription offering these innovations across all blockchains.

Zengo Pro addresses two critical pain points rarely tackled by other crypto wallets. Firstly, the risk of someone stealing the user’s phone and accessing their financial apps with the passcode, potentially causing significant harm. With Zengo Pro, an additional layer of security is provided for outgoing transactions by utilizing a 3D scan of the user’s face during the wallet setup.

Secondly, Zengo plans to introduce a legacy transfer feature to address the issue of inheritance. By inviting a trusted individual as a legacy contact and creating a shared secret stored on an online storage service, like Dropbox, users can have their crypto assets automatically transferred to the contact after a defined inactivity period, such as 24 months without using the app.

In the future, Zengo Pro intends to add more features, including improved customer support and enhancements to the legacy system allowing multiple contacts and asset splits.

By introducing Zengo Pro, the company aims to create a sustainable, recurring revenue model that aligns with user interests, distinguishing itself from other wallet companies that often rely on trading activity, leading to potential seasonal challenges.

To support these developments, Zengo has secured additional funding from both new and existing investors, including Yat Siu, the CEO of Animoca Brands.

Overall, Zengo Pro represents an innovative business model that allows for a controlled and user-centric approach to wallet services.