Israeli cryptocurrency developer KZen has raised $ 4 million from sponsors, including the South Korean electronics giant Samsung, the blockbuster The Block news agency reported on April 17.
The company's product, the wallet application for ZenGo smartphones, which is currently in beta testing, aims to simplify the use of a depositary wallet for users of entry-level cryptocurrency.
Using a combination of storage functions with shared keys and biometric security features, the company hopes that users will be able to take advantage of the simple user interface of the wallet, without relying on third parties or they themselves keep their private keys and other confidential information.
The smartphone and cloud storage form two sources of information needed to sign a transaction, which is part of a setup called threshold signatures.
“ZenGo uses open source threshold cryptography to replace the private key and all the problems associated with the safe management of non-custodial wallets,” wrote General Director and Co-Founder Oriel Ohayon on his blog on April 15.
"Our solution eliminates typical friction points when connecting and backing up and does it without a single point of failure."
Other sponsors of the investment round were Elron and Benson Oak Ventures.
The product is based on the trend that the new start-up start-up Casa started with the Keymaster mobile app. However, Casa only supports Bitcoins (BTC), while ZenGo does not limit users to certain tokens.
Regarding the security aspect of the cloud server, which is necessary for the operation of transactions, Ohayon told The Block that additional backup procedures will appear after the launch.
The closed beta version is currently available on iOS, with an Android counterpart.