Crypto Developer Raises $4 Mln From Samsung, Others to Launch Wallet Without Private Keys

ZenGo uses new forms of transaction signing to simplify the crypto experience for non-technical new crypto users 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.The company’s product, smartphone wallet app ZenGo — currently in beta phase testing — aims to simplify custodial wallet usage for entry-level cryptocurrency users.Using a combination of split key storage and biometric security features, the company hopes users will be able to benefit from a simple wallet user interface while not relying on a third party or themselves to hold their private keys and other sensitive information.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.…