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.…

Reuters: Japanese Regulators to Introduce New Rules Regarding Exchanges’ Cold Wallets

Japan’s Financial Services Agency will reportedly introduce new rules regarding cold wallets for storing cryptocurrencies. Japan’s Financial Services Agency (FSA) will reportedly introduce new rules regarding cold wallets for storing cryptocurrencies at crypto exchanges, Reuters reported on April 17.Citing a source familiar with the matter, Reuters reports that the country’s financial regulator will reportedly require cryptocurrency exchanges to strengthen internal supervision of cold wallets — devices for storing digital currency which are not connected to the Internet.By implementing the new regulation, the FSA purportedly addresses the difficulties of ensuring the security of digital currencies and other risks for the country since it intends to boost the fintech industry to stimulate economic growth.Although cold wallets are not connected to the Internet and, therefore, provide better security to digital assets, the FSA suggests there could be risks of internal theft.…