Encrypted wallet ZenGo completed $10 million round A expansion financing

It is reported that ZenGo, a cryptocurrency wallet provider, is raising funds in the A series of deferred financing. According to a promotional material obtained by The Block, ZenGo hopes to raise US $10 million through convertible notes before the full round B financing later this year. The valuation of the A round of deferred financing is US $100 million, which is the same as the valuation of ZenGo’s A round of financing two years ago. ZenGo obtained a round A financing of US $20 million from investors including Insight Partners, Austin Rief Ventures and Samsung Next in April 2021.

Interpretation of this information:

ZenGo, a cryptocurrency wallet provider, is planning to raise $10 million before a full round B financing later this year through convertible notes in an A series of deferred financing. The valuation of the A round of financing is $100 million, the same as ZenGo’s A round of financing two years ago. The company recently received $20 million in round A financing from investors like Insight Partners, Austin Rief Ventures, and Samsung Next in April 2021.

Interpretation:

Cryptocurrency wallet provider, ZenGo, is seeking investors to raise $10 million in a series of deferred financing before the full round B financing later this year. The promotional material that spread the news highlights that the valuation of the A round of financing is $100 million, despite it being equal to the valuation of the company’s A round financing two years earlier. 
ZenGo has only recently received $20 million from famous investors, some of them being Insight Partners, Austin Rief Ventures, and Samsung Next. The fact that the company has received funds from investors in two successive rounds of financing shows how the company is growing even more popular amongst investors.
If ZenGo succeeds in obtaining $10 million through deferred financing, it will mark the start of its full round B financing later in the year. 
The mere fact that ZenGo is attracting investments portrays the growth of the cryptocurrency market in recent times. As various businesses continue to embrace cryptocurrency, the demand for cryptocurrency wallets and related services is expected to continue.