Overview
Zengo is a mobile crypto wallet that removes the single point of failure in traditional wallets: the seed phrase. Instead, it uses MPC (Multi-Party Computation) cryptography to split your private key, ensuring that even if your phone is hacked or lost, your funds remain secure and recoverable. It allows buying, selling, and swapping crypto directly within the app.
The Wild West of Finance
What is Cryptocurrency?
Digital money that isn't controlled by a bank or government. Bitcoin is the digital gold standard, while things like Ethereum act more like a global computer.
Self-Custody vs Exchanges: Storing crypto on an exchange (like Coinbase) is easy but if they go bust, you might lose it. "Self-custody" (like Zengo) means YOU hold the keys, but if you lose your phone/backup, it's gone forever.
High Risk Warning
Crypto is unregulated in the UK. If you invest in crypto assets, you should be prepared to lose all the money you invest. There is no FSCS protection, and refunds are rare if you get scammed. Prices can swing wildly in a single day.
Pros
- ✓ No Seed Phrase: Eliminates the risk of losing your paper backup.
- ✓ 3FA Recovery: Restore access via email, 3D FaceLock, and a recovery file.
- ✓ 24/7 Support: Real human support within the app.
- ✓ Web3 Ready: Connect to DApps securely.
Cons
- ✕ Mobile Only: No desktop interface currently available.
- ✕ Fees: Buying crypto via card can incur higher processing fees.