FTX Collapse Leads to Record Downloads of ZenGo’s Noncustodial Wallet
Tel Aviv, Israel
ZenGo, the noncustodial crypto wallet with no private key vulnerability, reported record downloads following the collapse of FTX. Following the failure of the centralized FTX exchange on November 8 and subsequent pauses on customer withdrawals for crypto custodians like BlockFi, customers flocked to ZenGo in search of a more crypto storage solution. safe.
Through each key reference, ZenGo reported rapid growth over the past week, including a 375% increase in asset deposits. There was also a 230% increase in the number of new wallet users who deposited funds during this period.
ZenGo’s multi-chain support means users can transfer and store digital assets that exist on many blockchains. Following FTX’s bankruptcy filing, ZenGo saw large deposits of BTC, ETH, and stablecoins such as USDC and USDT.
“ZenGo was built for a time like this,” said CEO Ouriel Ohayon. “For years we have been focused on creating the most secure non-custodial crypto wallet, with no private key vulnerabilities, powered by the next generation MPC Cryptography. We’ve seen record new and active customers move additional assets to ZenGo – many assets moving from an exchange to a wallet for the first time, enjoying our 24/7 customer support for what has been a week stressful”
“We see this trend as triggering a new wave of adoption as the industry realizes the security advantages offered by MPC-powered products over complicated, confusing and vulnerable private-key wallets.”
Elad Bleistein, CMO of ZenGo, added, “Since FTX suspended withdrawals on November 8, we have seen a rush of funds from exchanges to non-custodial crypto wallets. However, many are encountering 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 vulnerabilities. We expect the industry to move in this direction, catalyzed by recent events.
Founded in 2018 and based in Tel Aviv with over 700,000 users worldwide, ZenGo’s non-custodial wallet and crypto investment app enables customers in over 70 countries to buy, store and earn safe crypto. ZenGo eliminates integration complexities and single points of failure associated with private key management and allows anyone to securely setup or recover a wallet in seconds. This is made possible through open-source MPC cryptography, advanced biometrics and passwordless multi-factor authentication.
ZenGo eliminates typical onboarding complexities, allowing users to securely install in seconds from any iOS or Android device.
About Zen Go
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 built-in 24/7 customer support and join over 700,000 users to buy, store, trade and get up to 8% APY.
Learn more: https://zengo.com
Zen Go on Twitter: @ZenGo
Ari Gore, Communications Manager
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