tZero, United States retail giant Overstock’s crypto subsidiary, has launched a digital wallet and exchange app for crypto, the company officially announced in a tweet on June 27.
The firm calls its new mobile crypto app a hack-resistant solution for trading and storing cryptocurrencies, tZero CEO Saum Noursalehi said in a press release to Reuters.
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.
Most recently, another Overstock’s subsidiary, Medici Land Governance, signed a memorandum of understanding with Liberia to help the African nation digitize government services.