FTX Collapse Drives Record Downloads of ZenGo’s Non-Custodial Wallet | News Direct

FTX Collapse Drives Record Downloads of ZenGo’s Non-Custodial Wallet

facebook icon linkedin icon twitter icon pinterest icon email icon Tel-Aviv, Israel | November 17, 2022 09:52 AM Eastern Standard Time



ZenGo, the non-custodial crypto wallet with no private key vulnerability, has reported record downloads in the wake of the FTX collapse. Following the failure of FTX’s centralized exchange on November 8 and subsequent pauses on customer withdrawals for crypto custodians like BlockFi,customers have flocked to ZenGo in search of a safer crypto storage solution.

Across every key benchmark, ZenGo has reported rapid growth in the past week including a 375% increase in asset deposits. There’s also been a 230% increase in new wallet users who’ve deposited funds within this period.

ZenGo’s multichain support means users can transfer and store digital assets that exist on numerous blockchains. In the wake of the FTX bankruptcy filing, ZenGo has seen large deposits of BTC, ETH and stablecoins such as USDC and USDT.

“ZenGo was built for a moment like this,” said CEO Ouriel Ohayon. “For years we’ve focused on creating the most secure non-custodial crypto wallet with no private key vulnerability, powered by next-gen MPC cryptography. We’ve seen record new and active customers move additional assets to ZenGo - many moving assets from an exchange to a wallet for the first time, appreciative of our 24/7 customer support during what has been a stressful week”

“We see this trend as sparking a new wave of adoption as the industry wakes up to the security advantages MPC-powered products offer compared to complicated, confusing, and vulnerable private-key based wallets.”

ZenGo CMO Elad Bleistein added: “Since FTX paused withdrawals on November 8, we’ve seen a rush of funds from exchanges to non-custodial crypto wallets. However, many run into a confusing user experience, hampered by seed phrases and private keys. This is where ZenGo stands out as a secure self-custodial crypto wallet with no private key vulnerability. We expect the industry to move in this direction, catalyzed by recent events.”

Founded in 2018 and based in Tel-Aviv with 700,000+ users globally, ZenGo’s non-custodial wallet and crypto investment app enables customers in over 70 countries the ability to safely buy, store and earn crypto. ZenGo eliminates onboarding complexities and single points of failure linked to private key management and enables anyone to safely set up or recover a wallet in seconds. This is made possible using open-source MPC cryptography, advanced biometrics, and multi-factor passwordless authentication.

ZenGo eliminates typical onboarding complexities, allowing users to safely set up in seconds from any iOS or Android device.


About ZenGo


ZenGo is a secure crypto wallet with no private key vulnerability. ZenGo has never been hacked thanks to guaranteed account recovery, no seed phrase vulnerability, and a built-in Web3 firewall. Enjoy 24/7 in-app customer support, and join 700,000+ users to buy, store, trade, and get up to 8% APY.


Learn more: https://zengo.com

ZenGo on Twitter: @ZenGo 


Contact Details




Ari Gore, Head of Communications




Company Website