Israeli startup KZen Networks has announced that it has raised $4 million in seed funding for a new cryptocurrency wallet. As there are many software wallets, hardware wallets, paper wallets, etc at present the company feels that there is no solution and so with the help of crypto wallet users would depend on a central entity and it would let people buy and sell cryptocurrencies.
According to the KZen’s founders, people are storing a lot of money in these wallets and crypto wallets will be central to the crypto economy. And so far, thieves have stolen an estimated $1.1 billion in cryptocurrency in 2018 and this has resulted in no great solution that gives peace of mind to users.
The company has concentrated in creating the user experience with the help of new security paradigm and cutting-edge cryptography. It aimed to find a new technique to make and accomplish private keys that would meaningfully decrease and even fix the difficulties of security gaps and human error.
The company has even considered an initial coin offering (ICO) and quickly rejected it because it did not make any sense. So it found investors that decided with its method and idea. As per Venture Beat, the company believes its mission is opportune since hackers are making off with users cryptocurrency wallet money on an unvarying basis.
As per the Medium blog post by CEO of Kzen Networks, Ouriel Ohayon, the company is very much thrilled to announce a seed round of $4 million led by Benson Oak Ventures and a number of other great investors: Elron, Samsung NEXT, FJ Labs, Collider VC and BlockNation. It is happy to welcome angel investors like Jonathan Smith (co-founder of Civic), Pierre Kosciusko-Morizet, JeanDavid Blanc and more. From an office in Israel, with the assistance of an unlimited investor group, the company is happy to get the cryptocurrency wallet the world requires and will love using.
The post Israeli Startup KZen Raises $4 Million In Seed Funding For New Cryptocurrency Wallet appeared first on OWLT Market.
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