Zengo Wallet Review – Keyless Wallet of The Future?

In the world of Crypto, bitcoiners are finding new ways to secure their cryptocurrency. The traditional ways being a hot or cold wallets.

These sorts of wallets require the use of public keys to facilitate transactions and private keys to secure holdings. Zengo is trying to change that by being the first Keyless multi-factor crypto wallet. Can they really do it? 

This review will unpack what Zengo has to offer and everything else you need to know.

Zengo Background 

ZenGo was founded in 2018 by co-founders Ouriel Ohayon, Gary Benatta, Tal Be’ery, and Omer Shlomovits. Each founder has a skill set that there proficient which really helps round out the security and engineering of ZenGo.

The company is Israeli-based and has been growing over the past two years. It’s backed by a number of big investors some of the more notable is Samsung Next and BlockNation. 

The goal of ZenGo is to make the global crypto economy more accessible. They understand that managing your cryptocurrency can be complex and comes with its own risk. 

So, they built a wallet that solves those issues. 

ZenGo Wallet Overview

A series of Zengo app on 3 phones


ZenGo offers customers a unique “keyless mobile wallet” to store their cryptocurrency. The first of its kind ZenGo wallet radically changed the way cryptocurrency is stored.

This keyless wallet requires no passwords, hardware, or complex backup schemes. 

Most importantly as the term, “keyless” would suggest there is no private key. This is the key differentiator when compared to other wallets. 

The ZenGo team prides itself on obsessing over security. So, the keyless feature directly ties into those principles as the lack of a private key removes a big security flaw. 


Buy Bitcoin – Customers can purchase a short yet growing list of cryptocurrencies and tokens. A couple of the main cryptocurrencies being bought our Bitcoin (BTC) and Ethereum (ETH). Zengo customers can purchase with credit card (Visa and Mastercard), debit cards, Apple Pay, or bank transfers. 

Swap/Trade Cryptocurrency – With ZenGo users have the ability to swap cryptocurrency for another of the same value. Trades can take anywhere between 5 to 30 minutes; the time can be dependent on market conditions. 

Send And Receive Bitcoin – Users can perform traditional tasks like sending or receiving Bitcoin from their ZenGo wallet. 

Unlike other custodial wallet providers, Zengo can’t initiate transactions. Rather users initiate this transaction process.

Zengo server and your devices share communication to sign off on the transaction. This done without revealing delicate information. 

Zengo Savings – Customers can earn interest and rewards on their crypto holdings. This made possible by providing liquidity via Compound or staking coins like Tezos to earn rewards. ZenGo makes it easy to see the interest and rewards rates for each coin. 

ZenGo Debit Card – ZenGo is slated to release its own debit card in 2021. The card is powered by Visa and can be used everywhere Visa is accepted.

This is the result of ZenGo joining Visa’s fast track program, this crypto payment card is set to be launched in the USA. 

Currencies & Payment Methods

ZenGo does not support a large number of cryptocurrencies. We suspect as the platform grows so will the number of cryptocurrencies supported. We listed all of them below including tokens. The full list can be found here. 

Bitcoin (BTC)

Binance Coin (BNB)

Ethereum (ETH)

Tezos (XTZ)

TerraUSD (UST)

Luna (LUNA)

ERC-20 Tokens:

Basic Attention Token (BAT)

ChainLink Token (LINK)

Compound (COMP)

Dai (DAI)

Decentraland (MANA)

Maker (MKR)

OmiseGo (OMG)

Paxos Standard (PAX)

Tether (USDT)


As we mentioned in our features section, ZenGo customers can purchase with credit card (Visa and Mastercard), debit cards, Apple Pay, or bank transfers.

Supported Countries

Zengo allows customers to purchase crypto globally but has restrictions in a number of select countries. Some of the more notable are Cuba, North Korea, and Zimbabwe. The full list can be viewed here.

As for the USA, there are four states not currently supported to purchase on ZenGo: Connecticut, Hawaii, New Mexico, and New York. 

Zengo Fees 

Zengo fee structure requires a bit more clarity. According to the help center, ZenGo stated that it’s completely free. We suspect as the platform grows, they’ll look for ways to make money. Introducing premium features or charging some sort of monthly fees like other exchanges. 

Now, this doesn’t mean users won’t expect network fees on transactions made in the blockchain. There are two types of fees related to trading either exchange or network fees. 

How Secure Is ZenGo’s Keyless Wallet 

We’ve come across a lot of crypto platforms each one fitting the traditional level of security. This the huge differentiator for ZenGo. Elements like KYC, Passwords, and backup seed phrases are all different in varying levels on Zengo.

Mathematical Secret Shares – Private keys are replaced with what ZenGo calls “Mathematical secret shares”. 

There are two shares, one share is stored on your mobile device and the other is in ZenGo servers. This means there isn’t a single point of failure where hackers can access your digital assets.

No Access To Funds – Zengo cannot access your funds which are welcomed personal security measures. Many custodial wallet providers have the means of accessing or freezing users’ funds. In the crypto world that can be challenging for some.

In fact, a common phrase used in the community “ If you don’t possess your private keys you don’t own bitcoin”. This typically drives users to store crypto offline so a feature like this is impactful.

3D Biometric Scan – The ZenGo team wanted to eliminate the risks associated with private key management and account recovery. Obviously, a password isn’t a secure enough option to replace a recovery phrase. 

So Zengo tied all of its security measures through a 3D biometric scan of a user’s face. The same efforts are applied to the login making the entire ZenGo platform completely password-free.

Backing Up Wallet Without Seed Phrase – Its a headache to store seed phrases. ZenGo alleviates this issue through a unique backup method. An encrypted copy of the user’s device mathematical share is stored on ZenGo servers.  The decryption code is stored separately in the users’ personal iCloud (iOS) or Google (Android) account.

Only with the user’s 3D biometric face map can a hacker or someone access this encrypted share.  

Zengo Back Up Process

Customer Reviews & Support 

ZenGo is still in its early phases so we weren’t able to source a larger pool of customer reviews. From some of the reviews, we spotted in the play store users were generally happy with ZenGo.

Overall customers felt the ZenGo platform was very efficient and user-friendly.

Others mentioned that the customer service team went the extra mile. Helping customers quickly through chat support or email tickets. 

Forms were also positive toward Zengo, liking the intuitive nature of the platform. 

Our final thoughts

Man looking at Zengo through a telescope

Riddle throughout their website is the mission ZenGo is on. Innovating a superior user experience that enables users to store cryptocurrency without private key management and account recovery. 

The concept sounds odd when compared to traditional wallets but ZenGo in use is flawless. The platform is straightforward and is packed with a load of features. Users will like the ability to earn interest on cryptocurrency stored. 

Although the ZenGo debit card is set to be released in 2021 it’ll add more liquidity as users will be able to spend their crypto on everyday items.  

One area we’d like to see improved is the amount of cryptocurrency supported. Seems limited for now and we hope that more coins will be added as the platform grows.

ZenGo is definitely a crypto wallet worth looking into. It offers something different for users looking to have a crypto wallet without private key management. 

Keyless nature of the wallet allows for full control of your crypto through a simple UI. The security measures are sound and is thoroughly thought out. 

On a personal note, It’s exciting to see companies like ZenGo introduce a new take on the crypto wallet.