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ZenGo Brings Seedless Wallets to Polygon to Address Security Vulnerability

ZenGo Brings Seedless Wallets to Polygon to Address Security Vulnerability

Interest in self-custody and extra security via non-custodial wallet solutions has surged after the failures of many centralized crypto exchanges and lending protocols lately. Indeed, the risks of trusting custodial wallets to safeguard user crypto holdings came to light.

A custodial wallet refers to a type of cryptocurrency wallet where the private keys are held by a third-party service provider, known as a “custodian.” With this approach, the custodian is responsible for securing a crypto’s private keys and protecting them from theft or loss, meaning users of the wallet do not have direct control over their own private keys and must trust the custodian to manage their funds appropriately.

Users are withdrawing large amounts of cryptocurrency from custodial wallets at centralized exchanges and lending protocols amid heightened anxiety about digital asset security. As a result, non-custodial solutions, whereby users secure and store their own digital assets, have experienced a sharp uptick in new users. 

To offer more friendly and intuitive wallet solutions to meet growing user demand and rising digital asset security concerns, non-custodial wallet provider ZenGo has integrated its wallet solution with Polygon (MATIC).

The fresh integration gives Polygon users the first seedless self-custody option for Ethereum (ETH-USD), Polygon, Bitcoin (BTC-USD), and other digital assets available within the ecosystem. 

Through its wallet offering, ZenGo employs multiple security measures that reduce the complications of securely accessing a wallet and safely using it to transact, including ClearSign, which acts as a transaction firewall to help users safely navigate blockchain transactions. The decision to integrate with Polygon reflects the ecosystem’s strong growth, especially among Web2 brands like Nike (NYSE:NKE) and Starbucks (NASDAQ:SBUX) entering the Web3 universe of products and services like NFTs, the Metaverse, and other related offerings. 

Not Your Keys, Not Your Crypto

The reason custodial wallets remain popular is that they remove many of the complicated activities that involve managing a crypto wallet. Private key management and recovery-seed phrases rank among the problematic elements that prevent mass market accessibility, making an exchange-based wallet a much simpler proposition for many crypto users. 

Still, trusting third-party service providers like centralized exchanges with private keys to cryptos can…

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