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Keyless crypto wallet ZenGo is now similar toa savings account.
ZenGo is expanding its services as it works to be ahead of other crypto wallets. At present, it doesn’t only allow its users to hold, send and receive crypto assets because it just launched a saving mode that enables users to save and enjoy interests from their crypto coins, TechCrunch reported.
The crypto wallet has partnered with two DeFi (decentralized finance) projects for the new feature. DeFi has become a hot trend in the crypto space because its projects are blockchain equivalent of traditional financial products because it allows users to lend and borrow money, invest in derivative assets and more.
For ZenGo users, you can now open the savings tab, pick a crypto asset in your wallet and select a percentage of the holdings you want to save. After that, just wait and you will get an overview of your savings account with the total earned interests. The interests are automatically reinvested and you can move your money from the DeFi projects back to your wallet anytime you want.
The interest rates could go up and down depending on the supply and demand that’s why users can earn more interest when injecting Dai (DAI) or USD Coin in Compound. However, this could change over time.
ZenGo uses the Compound protocol, a lending DeFi project that works like a LendingClub. It also uses Figment to stake Tezos. This means that locking money in a staking project is supporting the operations of that particular project. However, only a few blockchains support staking because they need to be based on proof-of-stake.
ZenGo is just like a savings account whether it’s relying on Compound or Figment. Coinbase Wallet and Argent also offer users access to DeFi projects, but they are too complicated for regular users. ZenGo, on the other hand, aims to be the crypto wallet for the masses.
Meanwhile, in April 2019, ZenGo raised $4 million from Benson Oak Ventures, Samsung and Elron. The crypto wallet is “easy to backup, simple to recover, and guarantees that only the customer has control of their funds.”
