Zengo, the cryptocurrency mobile wallet, has unveiled an upgraded subscription plan called Zengo Pro, which offers enhanced security features for users with significant crypto assets or those deeply concerned about security. The optional subscription, priced at $20 per month, complements the app’s free basic accounts and comes with a redesigned interface.
Zengo sets itself apart as a self-custodial wallet utilizing multi-party computation, providing additional protection against phishing attempts and ensuring users retain full control over their cryptocurrencies, unlike centralized exchanges like Coinbase.
Transactions initiated from Zengo wallets require approval from all parties involved, with secret shares stored on the user’s device and Zengo’s server being necessary for authorization. In case of phone loss or malfunction, users can recover their Zengo wallet on a new device using a recovery file stored in their cloud storage account (e.g., iCloud Drive or Dropbox). This recovery process also involves email confirmation and facial scanning.
Zengo’s success has been notable, boasting over one million downloads and facilitating over $1 billion in transaction volume. However, the company recognized certain security challenges that still need addressing in the crypto wallet space.
Zengo Pro addresses two specific pain points. First, to enhance security against theft, users can enable an additional layer of protection for outgoing transactions through a face scan requirement. This feature, leveraging FaceTec’s software technology, prevents unauthorized access even if someone knows the user’s passcode.
Second, Zengo Pro plans to introduce a legacy transfer feature, simplifying inheritance matters. Users can designate a legacy contact, and after a predetermined inactivity period (up to 24 months), the crypto assets will be automatically transferred to that contact. Even if the user’s subscription can’t be renewed due to payment issues after their passing, Zengo will ensure the assets are transferred as per the specified arrangements.
Zengo’s subscription model is designed to address the limitations of traditional wallet company business models, which often rely on fluctuating trading activity. The recurring and predictable revenue stream of Zengo Pro aligns user interests with the company’s sustainability. The company has secured significant funding, including investments from Animoca Brands’ CEO Yat Siu, to support its innovative approach.
With a focus on improving customer support and refining the legacy system by allowing multiple contacts and asset split definitions, Zengo Pro aims to establish itself as a reliable and user-friendly solution for crypto enthusiasts. The introduction of a subscription-based plan marks an exciting step forward for Zengo as it seeks to cater to users’ evolving needs and solidify its position in the competitive cryptocurrency wallet market.