Crypto Developer Raises $4 Mln From Samsung, Others to Launch Wallet Without Private Keys
Summary
Israeli cryptocurrency developer KZen has raised $4 million from backers including South Korean electronics giant Samsung, industry news outlet The Block reported on April 17. A smartphone and cloud storage form the two sharers of information needed to sign a transaction, part of a setup called threshold signatures. “ZenGo uses open source threshold cryptography to replace the private key and all the troubles related to securely managing non-custodial wallets,” CEO and cofounder, Ouriel Ohayon, wrote in a blog post on April 15. The product builds on a trend that fellow custody startup Casa began with its mobile app Keymaster. Regarding the security of the cloud server aspect needed for transactions to work, Ohayon told The Block that extra backup procedures would appear following launch.