The multichain self-custodial Zengo Wallet addresses the inherent vulnerabilities of seed phrases by employing multiparty computation cryptography as a more secure alternative.
Over the years, numerous news reports have detailed how people have lost their life savings while using centralized crypto custodians. This, coupled with the high-profile collapses of major crypto firms such as FTX, Celsius, and BlockFi, caused users to turn their attention to self-custody solutions, which can be a safer approach for avid investors. Still, over $100 Billion dollars of Bitcoin alone has been lost or stolen in the last 10 years because of seed phrase mismanagement.
And according to Chainalysis, hackers siphoned off a staggering $3.8 billion in 2022. While flawed smart contracts and vulnerable cross-chain bridges contributed significantly to this figure, many victims lost their crypto holdings due to compromised seed phrases.
A seed phrase is a sequence of 12 to 24 randomly generated words that acts as a master key to access your digital assets. However, despite their intended purpose, seed phrases alone cannot always guarantee absolute security for your digital assets. Malware or spyware installed on your devices can capture your seed phrase when you enter it. Malicious actors may also employ social engineering tactics to trick you into revealing your seed phrase. These tactics can involve phishing emails, fake websites, or even personal interactions. Once they have your seed phrase, hackers can easily steal your crypto assets. Ultimately, a seed phrase represents a single point of failure for wallets that rely on them.
What’s the solution?
The self-custodial Zengo Wallet features multiparty computation (MPC), which eliminates the single point of failure inherent in private keys and seed phrases. This robust security is further enhanced by three-factor recovery, which ensures that an account can always be recovered using a combination of an email address, 3D FaceLock, and the Zengo Recovery File. All these security measures have proven their effectiveness, resulting in zero Zengo wallets drained or hacked since the company launched in 2018.
But Zengo Wallet also tackles other pain points in the crypto space. A Legacy Transfer feature means digital assets can be passed on to your loved ones — ensuring seamless inheritance and secure access even if you are unable to manage them yourself. The wallet’s robust Web3 firewall provides real-time alerts and protection against cyberattacks, safeguarding your assets from potential threats. Additionally, Zengo offers 24/7 customer support, guaranteeing a response to your queries within an hour and typically answering in under five minutes.
The team behind Zengo Wallet claims it has already attracted more than one million customers, all while in the middle of a bear market, and aims to onboard the next wave of crypto enthusiasts in a safe and secure way as the industry recovers.
📣 A big announcement: #MPC is trending
— Zengo Wallet (@ZenGo) November 7, 2023
Zengo wallet now protects over 1 million customers, with 0 hacks since launching 🖤🧡
Secure by default: This is by design. Zengo is not a traditional wallet. Zengo was built for this very purpose.
A 🧵on how we got here & what's next pic.twitter.com/lcY5JyhPEw
Elad Bleistein, Zengo’s chief marketing officer, said:
“In an era where everyone is desperately searching for solutions to secure self-custody, Zengo’s position as an MPC market leader is paying off. As consumers leave exchanges, Zengo’s MPC solution stands out compared to the endless sea of traditional seed-phrase wallets.”
An enhanced experience
Zengo Wallet supports over 120 different types of cryptocurrencies — Bitcoin (BTC), Ethereum (ETH) and Polygon (MATIC) among them. Digital assets can be bought, sold and traded in one place, and users can connect to many Web3 decentralized apps (DApps). It’s also possible to store and view nonfungible tokens (NFTs) and interact with decentralized finance (DeFi) protocols.
In a world where phishing scams and hacks all too often dominate the headlines, Zengo is the industry-leading MPC wallet that’s changing the narrative — blending security and convenience in the process.
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