Overview
Zengo is a mobile wallet built around one idea: no seed phrase. Founded in 2018 in Tel Aviv, it uses MPC (multi-party computation) cryptography to split your private key into two “shares” — one on your phone and one on Zengo’s servers. Neither share alone can move funds, so Zengo cannot spend your crypto, and a thief who steals only your phone cannot either.
In April 2026 the trading platform eToro agreed to buy Zengo in a deal reported at about $70 million. Zengo says the wallet continues as a self-custody product.
How it works
Setup takes a couple of minutes: you register an email, save an encrypted recovery file to your iCloud or Google Drive, and scan your face to create a 3D “FaceLock”. To recover your wallet on a new phone you need all three: email, cloud file and face. There are no 12 or 24 words to write down.
Zengo also has a legacy transfer feature and, in its paid Zengo Pro plan, extra protections such as a theft-protection mode and a web3 firewall.
Features
- Bitcoin, Ethereum, Solana, BNB Chain, Polygon, Arbitrum and 120+ tokens.
- Buy, sell and swap crypto through partners.
- Connect to dApps through WalletConnect.
- An emergency “ransom kit” lets you rebuild your key without Zengo if the company ever disappears.
Security
Zengo says no Zengo wallet has been hacked since launch, and it has run public challenges inviting hackers to steal Bitcoin from a test wallet. Its security research team has found and disclosed flaws in other wallets.
The trade-off: you rely on Zengo’s servers for normal use and on your cloud account and face scan for recovery. The core MPC library is open source, but the app is not.
Pros and cons
Pros
- No seed phrase — removes the most common way people lose crypto.
- Strong security track record.
- Very easy for beginners.
- Independent recovery kit if Zengo shuts down.
Cons
- Depends on Zengo’s servers for everyday signing.
- Fewer supported assets than big multichain wallets.
- Best protections are behind a subscription.
- Ownership change to eToro may bring product changes.
Who it’s for
Zengo is ideal for people who are afraid of losing or exposing a seed phrase — for example, family members new to crypto. Power users who want full, offline control will prefer a hardware wallet.
Verdict
Zengo makes self-custody genuinely simple without giving your keys to a custodian. Its no-seed design and clean record make it one of the safest hot wallets for beginners.