February 11, 2025
Zengo, a self-custodial cryptocurrency wallet provider, has announced a strategic investment from Tether, the issuer of USDt and a major player in the digital asset sector. The funding round also saw participation from existing investors Insight Partners, Benson Oak, and Elron, along with Solana’s CEO, Anatoly Yakovenko. Financial terms of the investment were not disclosed.
Launched in 2019, Zengo has built a multi-party computation (MPC) wallet designed to eliminate seed phrase vulnerabilities. The company reports serving over 1.5 million users globally without experiencing security breaches, phishing incidents, or unauthorized account takeovers. The investment is expected to support Zengo’s expansion, including broader stablecoin integration across major blockchain networks such as Ethereum Layer 2s, Solana, and Tron. Additionally, the company is working on enhanced security features and new business-focused tools.
About Zengo
Zengo is a self-custodial cryptocurrency wallet utilizing multi-party computation (MPC) technology to enhance security by removing seed phrase risks. The platform enables users to store, transfer, and transact with Bitcoin, Ethereum, stablecoins, and other digital assets. It includes built-in payment tools, cross-chain swaps, and 24/7 customer support.
Website: https://zengo.com/
X: @ZenGo
About Investor
Tether
Tether is the company behind USDt, one of the most widely used stablecoins in the cryptocurrency market. Founded in 2014, the firm operates across multiple blockchain ecosystems, including Ethereum, Tron, and Solana, facilitating digital transactions for businesses and individuals globally.
Location: British Virgin Islands
Website: https://tether.to/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments