Strong points
The Zengo wallet, in addition to a safe and simple place to store cryptocurrency, also allows selling, buying and trading thereof.
Zengo is known as an incredibly secure cryptocurrency wallet. You should also know that Zengo is only available as a mobile application on Android and Apple. In other words, with Zengo you can have your crypto anywhere, you just need your smartphone!
Zengo ‘s management team is as follows:
The main strengths put forward by Zengo wallet are the following:
“ We dream of a world where owning and using your money is no longer complicated and investing and transacting is as easy as sending an email. Zengo’s mission is to end financial exclusion and break down the barriers of complexity by creating the most accessible and secure wallet service that enables anyone to thrive in the digital economy. » Ouriel Ohayon, co-founder and CEO of Zengo
Currently, the Zengo application is present in more than 188 countries and has several thousand customers.
Zengo
Zengo
The Zengo wallet was launched in 2019. It was created by the Israeli company KZen Networks Ltd. To develop, this start-up successfully organized several fundraisers with major investors. For example, in 2021, the startup raised $4 million from Elron Electronic Industries, Benson Oak, and Samsung Ventures. That same year, during a second fundraiser, the Israeli start-up did even more by raising $20 million . This latest fundraising has included new investors such as:
Even though Zengo only comes in the form of a mobile application, Zengo offers its users many crypto services. Discover the Zengo ecosystem.
The Zengo application allows you to acquire cryptocurrencies. Depending on the chosen crypto and your preference, you can do this in two ways: by making an exchange or by buying the crypto directly with fiat money.
While principally a wallet, Zengo also functions as a crypto exchange by offering a service that allows you to exchange cryptos for other cryptos or fiat money. It all depends on the chosen trading pair. The cryptocurrencies available on the exchange are those managed by the Zengo wallet. However, it is difficult to find information on the number of cryptocurrencies currently available for trading. There seem to be dozens of cryptocurrencies on Zengo. There are more than 120 cryptocurrencies supported on Zengo. For example, you find the following cryptocurrencies:
With the Zengo app , you can directly buy cryptocurrencies with fiat money. The authorized means of payment are credit card (Visa or MasterCard), Google Pay, bank transfer (SEPA and Swift), debit card (Maestro), and Apple Pay. The following coins can be purchased directly this way:
The principle is simple, you just have to choose the crypto you want, define the desired amount and indicate the currency with which you pay. Dozens of currencies are accepted including of course the euro and the dollar. Once you have given this information, all you have to do is provide the address of your wallet. Your cryptocurrencies will then be credited to your wallet.
Another way to earn passive income is through staking. That’s good, it’s possible to do staking on Zengo!
What is staking ? Simply put, staking is lending your cryptos in return for income. Your cryptocurrencies will then be used for the management of the blockchain network and its security. At the time of writing this guide, Zengo offers Tezos (XTZ) staking with their partner Chorus One. But Zengo affirms it, many other cryptos will be available for staking soon.
We would almost forget it but at the base, Zengo is a wallet! In addition to managing many cryptocurrencies, what are the particularities of the Zengo wallet?
First of all, the Zengo wallet is part of hot storage in the sense that it stores your cryptos online. But the Zengo wallet is different from a classic hot wallet. For what ? The Zengo crypto wallet uses an innovative technology called Multi-party Computation (MPC). Concretely, a classic hot wallet involves two keys:
The Zengo wallet differs somewhat from this standard. Indeed, this wallet has replaced private keys with MPC. MPC sends codes across the Zengo servers to the customer’s device hardware. For account restoration, Zengo makes use of the loud, but because it is not a private key, it is useless to any potential hackers.
One key is stored on Zengo’s servers, the other on your mobile. In other words, to carry out a transaction, you therefore need the two keys and therefore the Zengo servers and your mobile. For added security, Zengo offers the option of setting up a backup of your second private key on their servers. So even if you lose or have your smartphone stolen, you can recover your second private key. This backup system uses the cloud as well as biometric identification (facial recognition).
The Zengo app stands out from many other exchanges with this service. Indeed, Zengo has created a financial partnership with OnJuno in order to allow its users to… convert their monthly pay (or part of it) into Bitcoin, Ethereum or even USD Coin! Note, however, that this service is currently only available to users located in the United States.
To convert your payroll to crypto, you need to follow these steps:
Currently, you get a $50 bonus in Bitcoin and Ethereum for any deposit of at least $250.
Zengo
Zengo
You are now more familiar with the Zengo universe. You still have to find out how to trade crypto on the Zengo mobile exchange.
To open an account, the first step is to download the application. As a reminder, it is available on Android and Apple. Next, the application will ask you to provide your email address. You will then only have a few seconds to check your emails and confirm your address. You can do this by opening the automatic email sent by Zengo and clicking “Tap to confirm”. Once you have completed these few operations, you can start using the Zengo application.
The application is therefore not lying when it highlights that opening an account on Zengo takes less than 20 seconds! In this, it differs from other exchanges where the steps to open an account are rather laborious!
As explained above, you have two ways to acquire cryptocurrencies. The direct method is to buy the cryptos with fiat money using your bank card for example. In this case, you need to select the “Buy” option on the app.
The other way is to use Zengo’s exchange services. In this case, you need to fund your Zengo account beforehand. For this, you need to go to the “Trade” option of the app.
Cryptocurrency trading happens on the app’s “Trade” menu. As mentioned above, you will find many cryptocurrencies available. In addition to traditional cryptos, you will have access to meme coins (Dogecoin), metaverse cryptos (The Sandbox), DeFi tokens (Uniswap), stablecoins (USD Coin, Dai, Tether), etc.
Zengo
Zengo
The use of the services of the Zengo exchange may incur certain fees. It is best to find out in advance so as not to be surprised by the fees charged by Zengo when making a transaction. Fees can be broken down into several categories:
On Zengo, you can anticipate the following fees and conditions, among others:
To send or receive crypto:
To buy cryptos by bank transfer
To buy cryptos by credit card :
To sell cryptos :
To trade cryptos :
To deposit or withdraw funds from remunerated savings (Nexo):
Although it is a mobile application , Zengo applies strict security measures. For example, if you are familiar with crypto exchanges , you are surely familiar with the two-factor authentication method or 2FA. Basically, with 2FA, you need your password to connect but also a code sent to you by email, SMS or via an application like Google Authenticator . This prevents someone from usurping your identity and connecting in your name and then carrying out financial transactions that would be harmful to you. Well, Zengo uses the principle of 2FA but goes even further by using the 3FA method!
Zengo’s 3FA method therefore offers three levels of authentication which are:
Zengo stands out as the most secure crypto wallet through its robust security measures that have successfully shielded it from any breaches since its inception in 2018. Utilizing MPC (Multi-Party Computation) cryptography and a 3-factor-authentication recovery model, Zengo boasts a flawless track record with zero reported security incidents among its 1 million-plus customers. The absence of a seed phrase vulnerability, a characteristic unique to Zengo powered by MPC (learn more), sets it apart from other wallets, eliminating the risk of lost or stolen seed phrases.
With Zengo’s secure wallet recovery mechanism (learn more), users need not fret over the possibility of losing their seed phrases. Operating as an on-chain wallet, Zengo’s industry-leading security model surpasses the trustworthiness of exchanges and the security of hardware wallets, further ensuring the safety of over 1 million accounts. Additionally, Zengo provides 24/7 live in-app support, undergoes regular audits, and remains committed to open source practices, reinforcing its dedication to securing the assets and trust of its extensive user base.
Enhance your security even further by unlocking premium features through Zengo’s subscription service, available for as low as $5.8 per month:
Dive into a feature-rich experience with Zengo, where the offerings transcend basic crypto storage. This platform is your one-stop-shop for all things crypto, allowing you to seamlessly:
Zengo is registered in Israel and is subject to the jurisdiction of the district courts of Tel Aviv and Jaffa. On the other hand, Zengo prioritizes user convenience by providing a range of payment options, aiming to be the most user-friendly wallet in the market. Whether you prefer the ease of Visa, Mastercard, or mobile payment apps, or the efficiency of SEPA and Swift transfers, Zengo caters to diverse preferences. It’s worth noting that for bank transfers (exclusive to EU and UK users), there is a minimum transfer amount in place, ensuring flexibility while adhering to regulatory standards. Zengo is also available in USA.
Zengo
Zengo
Zengo Wallet emerges as an innovative contender in the realm of cryptocurrency wallets by challenging conventions and redefining security and accessibility. Its password-free and recovery-phrase-free approach, based on a bipartite system, marks a milestone in simplifying the login process without compromising security.
By eliminating conventional passwords, Zengo addresses a common concern in the cryptocurrency space, providing users with a smoother user experience without sacrificing the integrity of their digital assets. The combination of a locally stored “seed key” and a “cryptographic shard” on secure servers ensures secure and authorized access.
It is crucial to note that, while Zengo presents an appealing solution, security in the cryptocurrency arena is a dynamic field. Users should fully acquaint themselves with Zengo’s security model before committing substantial amounts of cryptocurrency. In summary, Zengo Wallet positions itself as a trailblazer in the convergence of security and accessibility, offering users a unique and cutting-edge option to manage their digital assets.
