Over $200+ Billion Gone Because of Seed Phrases: Zengo Launches Desktop Wallet with no Seed Phrase Vulnerability
[PRESS RELEASE – Tel Aviv, Israel, November 13th, 2024]
Zengo’s desktop wallet builds on its battle-tested MPC architecture, with 0 wallets hacked or phished, standing at over 1 million users.
Zengo crypto wallet is proud to announce the launch of Zengo Desktop: A secure, self-custodial desktop wallet that brings its MPC security model to desktop users. In the last 10 years, over 1 million Bitcoin have been misplaced, lost, or stolen due to poorly designed or compromised wallets. With no seed phrase vulnerability, Zengo Desktop offers the same level of industry-leading security that has made its mobile wallet trusted by over 1 million users worldwide.
To discover this new approach to secure desktop wallets, users can get started at web.zengo.com.
Zengo Desktop introduces two improvements to an industry plagued by flawed wallet models.
First: No seed phrase, key share, or sensitive information is stored on the user’s desktop. While transactions can be initiated from the desktop, all final signing is authorized securely through the user’s mobile device. This feature ensures an added layer of security by requiring multiple device authentication, protecting against malware or unauthorized access.
Second: With Zengo, users reduce the risk of mistakes or potential fraud by having a clearer, more informative interface during transaction approvals. Unlike external hardware wallets with tiny screens and no ability to render advanced authorization logic, Zengo Desktop requires users to double-confirm transactions on the large screen of a mobile device. According to the team, this offers a better user experience compared to traditional external hardware wallets that often have tiny screens, making it difficult to clearly see what they are approving.
Leading blockchain security firm, CertiK, conducted an independent assessment in 2024 and highlighted Zengo Desktop as having the best approach to desktop wallet security. Their analysis emphasized the vulnerabilities in other desktop wallets, including risks from supply chain attacks and inadequate encryption methods. Zengo’s multi-party computation (MPC) technology, seedless architecture, and mobile-initiated signing were recognized as providing a significantly more secure and user-friendly experience.
Traditional wallets that rely on seed phrases are one of the biggest sources of lost cryptocurrency. According to industry estimates, 20% of all Bitcoin is permanently inaccessible due to lost private keys and mismanaged seed phrases. Zengo’s removes this seed phrase vulnerability, leveraging institutional-grade Multi-Party Computation Technology (MPC) instead.
“While most high-value crypto transactions occur on a desktop, desktop wallets with private keys are extremely vulnerable, and often compromised by malware,” said Elad Bleistein, CMO of Zengo. He added, “Zengo Desktop closes this security gap, ensuring individuals and businesses have access to a secure, non-custodial wallet solution that doesn’t compromise on convenience.”
Zengo Desktop is now available. Readers can learn more here.
About Zengo Wallet
Zengo is the most secure crypto wallet: Self-custodial, 0 wallets ever hacked. Instead of a vulnerable seed phrase, Zengo uses MPC (Multi-Party Computation) cryptography for unmatched protection. Upgrade to Zengo Pro for exclusive features like Legacy Transfer, a first-of-its-kind inheritance-style solution, Theft Protection, and an advanced Web3 Firewall. Trusted by over 1 million users, Zengo is backed by 24/7 live support. Join the self-custodial revolution with Zengo, powered by cutting-edge security technology leaving traditional hardware wallets behind.
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