KZen Crypto Wallet Secures $4 Million as Plans to Offer Bitcoin Investors New Custody Features
Kzen Wallet Wants to Make Waves in the Crypto World
A new wallet has emerged in the crowded crypto wallet world. KZen is a company that was founded by former TechCrunch editor Ouriel Ohayon. It recently announced that it had completed a $4 million funding rounding while working hard to build an intuitive and user-friendly crypto wallet. The company plans to offer the world first non-custodial wallet. Users will not have to manage their private key.
Why the ICO
The company decided not to use an ICO to fund the project and chose to go to traditional start-up funding methods. Ohayon laid out the rational for not utilizing an ICO in a post on Medium on August 7. Benson Oak Ventures led the funding round. The project managed to attract prominent group investors that include BlockNation, Elron, Samsung Next, and FJ Labs. There were also various prominent individual investors.
Besides the capital they got from investors, the Kzen team received a research grant from leading crypto projects such as Zilliqa and Tezos. On top of that, Benson Oak Manager Partner Robert Cohen will join the Kzen board as an advisor.
In addition to Ohayon, there are three other co-founders. These are Gary Benattar, who is head of engineering, Tal Be’ery that is in charge of security, and Omer Shlomovits, who is in charge of cryptography. This project is going to be open source. Thus, interested collaborators will be able to review work on Gitthub to see the progress.
Private Beta Launch Will Happen Soon
When the announcement of the capital raised was made on the company’s blog, KZen said that it expects to have a beta version released to select groups in coming weeks. Those who wish to participate can register for Beta testing on the firm’s site.
KZen admits there are already numerous wallets in the market. However, they have a goal to create a superior wallet that can be easy to use by the average retail trader. Taken a glance at the current wallets, one will easily find dozens of options on offer.
Could It be a Wallet for Crypto Newbies?
The number of wallets on offer combined with the features one must compare is a roadblock in itself for newbies. By creating a simpler, faster, and easy-to-use wallet, Kzen might position itself as the choice crypto wallet for newbies. Kzen claims that the new wallet will use new ways to manage the private keys, which will cut down the risk of human error and security breaches.
It will be exciting to watch the Kzen team as they try to create a market-leading wallet. The combined expertise of the team and the financial muscle they have accrued gives them a shot at creating an easy-to-use wallet.
This wallet could help speed up crypto adoption by the masses. There are many companies working on building advanced products for crypto traders. However, most of these projects ignore the fact that the crypto world is still small, and there is room for growth. The Kzen project is a move in the right direction.