Samsung invests in simplified crypto wallet

Israeli blockchain developer KZen has raised $4 million from investors, including Samsung. The company is working on a smartphone wallet called ZenGo, which is currently in beta testing. ZenGo is aiming to simplify the use of wallets for beginning investors.

Samsung obviously is interested in simplified cryptocurrency wallets. The company recently launched its Samsung Galaxy S10 series, which has a built-in hardware wallet. It’s the first phone from Samsung that incorporates a cryptocurrency wallet, and it probably won’t be the last. Investments like these show that Samsung has a long term interest in the blockchain and cryptocurrency business.

One of the major changes ZenGo is introducing, is the removal of private keys. Instead the app will be using a combination of split key storage and bio-metric security features. Users will be using a smartphone to login, combined with data that’s saved in cloud storage.

ZenGo isn’t the only company trying to do this. A startup called Casa has the same kind of app called Keymaster. However, this app only supports bitcoin. ZenGo is not limiting users to specific tokens and supposedly aims to support everything on the market. In the current beta version only bitcoin and ethereum are supported though.

The current private beta is only on the iPhone, while a similar testing phase will follow for the Android version. Traditionally the Android version is more challenging, because that platform is much more open and therefore vulnerable to external threats.

Originally published at NEDEROB.