Zengo Review | Does The MPC Features Add Real Value?
Jack Moreau
Feb 2024
7 min read
Fact checked
Introduction: With cryptocurrencies rising in value and prominence, the demand for secure storage has never been higher. The Zengo Wallet claims to be this generation's Fort Knox for digital currencies. In this Zengo Wallet Review, we dissect its features, ease of use, support cryptocurrencies and overall reliability! Keep reading and discover if it's the right wallet for you!
Zengo is a company that provides a keyless cryptocurrency mobile wallet and was founded in 2018 by Ouriel Ohayon, Tal Be'ery, and Omer Shlomovits. ZenGo has raised a total funding of $52M over 4 rounds from 14 investors including Samsung, FJ Labs, Elron Ventures and more.
Zengo Wallet is based in Tel Aviv, Israel and has over 60 employees based around the world. With Zengo wallet, users can buy, sell, trade, store and send over 70 cryptocurrencies and NFTs, backed by the power of MPC security, a guaranteed recovery model, and 24/7 customer support.
Zengo Wallet USPs
Users can further unlock even more security features such as Asset Withdrawal Protection and an advanced Web3 Firewall with Zengo pro, the premium subscription service.
Zengo wallet has grown to over 900,000 users over the 5 year that it has been operating. The wallet is available only on mobile for Android and IOS where it has received a stellar 4.6 rating based on over 10,000 reviews. At the time of writing, Zengo is not available as a browser or desktop wallet but is mobile only.
Zengo wallet app
Zengo Crypto Wallet
The user experience on Zengo is good as users simply have to download the wallet on either Android or IOS in order to get started. There are no seed phrases to write down with Zengo so users begin by providing their email.
Once users have verified their email address, Zengo will create two MPC secret shares, one personal and one remote. Users are then further prompted to provide finger print verification for additional security.
Before users can begin buying cryptocurrencies, they will need to create their recovery kit which means connnecting their email and then creating the 3D FaceLock which means scanning one's face.
The final step before users can get started is to create a recover file which is uploaded to google drive. Once this somewhat tedius process has been completed users can buy cryptocurrencies through third-party providers such as Banxa and MoonPay albeit for high fees.
Zengo Wallet third party providers
Zengo is the self-custodial wallet where there is no seed phrase for users to manage. Zengo’s security model instead relies on self-custodial Multi-Party Computation security with includes the 3D FaceLock and recovery key stored online.
Overall, the user experience on Zengo wallet is fine but nothing overly impressive as there are a rather limited selection of cryptocurrencies that users can buy.
Zengo Wallet Features
User on Zengo have the ability to buy and sell over 70 cryptocurrencies including Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), Polygon (MATIC), Dogecoin (DOGE), Shiba Inu coin (SHIB) and many others.
Zengo Wallet cryptocurrencies
For users that want to swap cryptocurrencies within the app, they can do easily from one crypto to another. Users can also track their portfolio with real-time data to get an clear breakdown of their assets. Staking is also available on Zengo as users can easily earn staking rewards on their assets within the app.
Zengo is Web3 compatible which means that users can easily connect with Dapps, use DeFi, and explore the new world of Web3 via Zengo's Wallet Connect integration. Users can also view their Ethereum and Polygon NFTs directly within the NFT gallery.
Zengo Wallet Web 3 dApps
Users can easily buy Bitcoin and other cryptocurrencies in more than 180 countries with fiat with payment methods including including bank wire, credit or debit cards, or Google Pay.
Bank wire for buying crypto and Bitcoin are also available in USA, Europe, United Kingdom, Australia, Canada, Turkey, South Africa, and Brazil. Zengo is collaborating with Banxa and MoonPay to offer crypto fiat purchases.
Buy crypto on Zengo with fiat
Fees can range between 1.99% for those buying with credit card to zero fees if users choose SEPA, POLI, or other type of bank transfers. Users also have the option to withdraw fiat currencies to their bank account.
Zengo stands out for its unique security approach with a focus on MPC cryptography which eliminates the vulnerabilities with traditional seed phrases and private keys.
Zengo MPC security
The wallet has additional safety mechanisms such as a secure 3FA recovery system for pro members. This multi-factor authentication consists of an email account, 3D biometric scan, and a unique Zengo recovery file.
For transaction security, Zengo has integrated features like withdrawal protection. Users can prevent unauthorized transactions exceeding a specified amount unless they provide biometric verification through 3D FaceLock.
Zengo Wallet 3FA Recovery
Simultaneously, Zengo is also offers a Web3 Firewall that offers real-time risk assessments and alerts against potential Web3 threats. While some of ZenGo's cryptography is open-source and can be access on their Github, not all of ZenGo's software is open-source but is in fact closed source and copyright protected.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
