Noursalehi explained that the application will store private keys directly on users’ smartphones, which is expected to provide maximum security, in contrast to “more vulnerable, third-party exchanges for custody.” Moreover, tZero’s private key recovery system will allow users to restore their funds in case if they lose their private keys or a mobile device, the press release notes.
Initially supporting two major cryptocurrencies such as bitcoin (BTC) and ether (ETH), tZero hopes its crypto app will become the “foundation of trading all digital assets for tZero, whether it’s art, real estate, or private companies,” Noursalehi stated in the announcement.
The news comes on the heels of tZero’s funding round of $5 million from Chinese investment firm GSR Capital in May. The investment accounted for about 2% of the originally projected investment of $404 million from GSR Capital and Singaporean private equity firm Makara Capital.
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