KZen from Israel has successfully raised more than $4 million from investors like Samsung, Benson Oak Ventures, and Elron to produce its smartphone wallet app, ZenGo.

ZenGo aims to make wallet use simpler for novice cryptocurrency users, mainly by removing the need to have private keys to secure the wallet. In order to also protect user information from third parties, ZenGo uses a mixture of split key storage and biometric security features.

The wallet also relies on the use of threshold signatures, which has similarities to using multi-sig. Threshold signatures involve a smartphone and a cloud storage forming two points of information required to authorize a transaction. ZenGo is currently in private beta version.

Company CEO and co-founder Ouriel Ohayon explained that, “ZenGo uses open source threshold cryptography to replace the private key and all the troubles related to securely managing non-custodial wallets. Our solution eliminates the typical friction points of onboarding and backup and does so without the existence of a single point of failure.”

The product started with a trend that fellow custody startup Casa began with its app Keymaster. Unlike Casa, which only supports Bitcoin (BTC), ZenGo does not limit users to specific tokens.