Non-custodial crypto wallet ZenGo adding support for Facebook's Libra coin

Facebook • July 2, 2019, 9:41AM EDT
UPDATED: July 2, 2019, 9:42AM EDT
The Block

ZenGo, a provider of non-custodial cryptocurrency wallet, is adding support for Facebook's upcoming cryptocurrency Libra, according to an announcement Tuesday.

The firm has released a proof-of-concept for Libra testnet, using a cryptographic technique called threshold signatures scheme (TSS), which helps create a secure and easy-to-use transaction process.

"TSS removes the burden of the single atomic private key and splits the responsibility between multiple parties. Each of the parties generates its own secret and uses this secret to distributively sign a transaction without revealing the secret to the other parties," ZenGo explained.

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Facebook's crypto subsidiary, Calibra, will be launching a default custodial wallet for storing Libra, but that could hinder mass adoption of the cryptocurrency because users would have to trust Calibra to store their coins, ZenGo CEO, Ouriel Ohayon, told The Block.

"True ownership comes with non-custodial options which Libra seems to encourage too. The challenge is to get a large number of users unfamiliar with security, key management and complex backup process to cross that path. It's great to see that developers can build true non-custodial Calibra alternatives where users control their funds," Ohayon added.

ZenGo wallet currently supports bitcoin (BTC) and ether (ETH) cryptocurrencies. It is currently also preparing to add support for Binance's BNB, Zilliqa's ZIL and Tezos' XTZ tokens, with more cryptocurrencies planned for the future, per the announcement.

ZenGo recently raised $4 million from investors including Samsung and Benson Oak Ventures, aiming to simplify the process of storing and managing cryptocurrencies for common men.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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