ZenGo Crypto Wallet Partners With Compound For Lending and Figment For Tezos Staking

ZenGo has reportedly launched a new look wallet that is likely to tower over its peers. The ZenGo wallet now allows users to earn additional funds via interest classic hallmark of a savings account.

ZenGo has been developed and built by Tel Aviv based KZen Networks with most of their funding coming from backers like Samsung. Notably they are in a class of their own as they are the first keyless wallet. This essentially means that security is shared between users’ device and ZenGo servers ensuring that even if the wallet was hacked the assets are still under lock and key.

The company has incorporated two Decentralized Finance (DeFi) projects in their wallet which are seen to be instrumental for the strides they have recently made. Via ZenGo clients can now select the percentage of Dai they want to stake to earn interests. They can constantly check on the progress their investment is making with interests accrued being ploughed back. Clients may then opt to move the funds back to the wallet at their own convenience.

Partnered with DeFi projects

ZenGo has incorporated Compound protocol which is a pool of assets that relies on algorithm to determine the interest rates (floating interest rates) based on the supply and demand of the asset. The suppliers and borrowers interact directly with the platform and can get funds without having to negotiate on interest terms with another party.

The crypto wallet has also teamed up with Figment. Figment offers a gateway between token holders and stake based Blockchain. It will allow ZenGo users to stake Tezos. Staking is locking funds in an account because you approve of networks undertakings with quite a few of these networks relying on Proof of stake.