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Zengo Vaults
Zengo Vaults

Zengo Vaults is a powerful security feature that protects your funds from emergencies or potential attacks.

Matias Fabius avatar
Written by Matias Fabius
Updated over 2 months ago

Zengo Vaults

Zengo Vaults is a powerful security feature designed to protect your funds from emergency situations or potential attacks. This guide will walk you through everything you need to know about Zengo Vaults and how to use it to safeguard your assets.

What is Zengo Vault?

Zengo Vaults provides an extra layer of protection for your funds. It includes:

  1. Highest Security: Your funds are locked and protected from emergency situations or attacks.

  2. Zengo Vault is protected using TimeLock is a security feature that allows you to lock your funds for a set period of time. Once activated, the TimeLock prevents any withdrawals until the specified countdown is completed. This ensures that even if your account is compromised, your assets remain protected for the duration of the TimeLock, giving you time to take corrective action if needed.

You can customize the TimeLock duration based on your preference, and only after the countdown has finished will you be able to withdraw your funds.

  1. Safe Withdrawal: You can withdraw your funds only after the TimeLock countdown has ended.

* 3D FaceLock: For added security, 3D FaceLock is required to access your vault.

How to create your Zengo Vault

  1. Go to Zengo ‘Home’ tab

  2. On the top of your screen tap on the dropdown arrow.

  3. A dialog will open, tap on ‘Create vault’
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How to Set Up a Vault

Step 1: Create Your Vault

  1. Start by choosing the type of vault you want to create (only Bitcoin for now)

  2. Give Your Vault a Name: When setting up your vault, start by assigning a unique name to it.

  3. Choose TimeLock Duration: Decide how long you want your funds to be locked. This will prevent any withdrawals until the TimeLock period ends.

  4. 3D FaceLock is mandatory for using vaults. If you haven’t set up 3D FaceLock on your device, you will be prompted to enable it during this process.
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Congratulations! Your vault has been created.

Step 2: Deposit Fund into Your Vault

You can fund your vault in several ways:

  1. Deposit from another Zengo wallet: If you already have funds in another Zengo wallet, you can transfer them to your vault.

  2. Deposit from an external wallet or exchange: Transfer funds from an external wallet or any supported exchange.

  3. Buy assets: Use the in-app buying feature to purchase crypto directly into your vault.

  1. Choose the amount you want to deposit.

  2. Review and Confirm the details of the deposit you selected.

  3. Slide to confirm.

How to Withdraw Funds from Your Vault

Once your funds are deposited and protected by TimeLock, you need to follow these steps to withdraw them:

Step 1: Disable TimeLock

  1. Disable TimeLock: To initiate a withdrawal, you must first disable the TimeLock.

    1. Go to the “TimeLock” status in the vault home screen vault.

    2. Disable TimeLock, and the countdown will begin (e.g., a 7-day countdown, based on the duration you set earlier).

  2. Cancel the Countdown: You can cancel the countdown at any point while it is in progress, should you change your mind about withdrawing funds.

Step 2: Withdraw Your Funds

Once the TimeLock countdown has finished, you have two options:

  1. Withdraw Your Funds: You can only withdraw your assets to one of your Zengo wallets.

  2. Change the TimeLock Duration: If you decide not to withdraw, you can modify the TimeLock duration to protect your funds for a different period.

How to Turn back on TimeLock Protection

To ensure that your funds are protected again:

  1. Navigate to the Vaults home screen.

  2. Click on the “Protect” button in the TimeLock status to reactivate TimeLock and secure your funds.

  3. The TimeLock duration you previously configured will be reactivated, securing your funds.

FAQ

What Are the Key Benefits of Using Zengo Vaults?

Using Zengo Vaults provides the highest security for your assets by locking them away and protecting them from emergency situations or attacks. The Vault feature includes TimeLock Protection, which ensures that your funds are secured for a set period of time, preventing any unauthorized withdrawals.

What is TimeLock Protection?

TimeLock Protection is a security feature that allows you to lock your funds for a specific period of time. Once the TimeLock is enabled, no withdrawals can be made until the countdown is completed. This added layer of protection ensures that your funds are safe even if your account is compromised, giving you time to take corrective actions.

You can customize the TimeLock duration based on your needs, and only after the countdown ends can you withdraw your funds.

How can I access my funds?

Vaults also allow for safe withdrawals. You can only withdraw your funds after the TimeLock countdown has ended, providing you peace of mind that your assets are secure until you need them.

What happens if I want to withdraw funds before the TimeLock ends?

You cannot withdraw funds until the TimeLock duration has ended. This ensures that your assets are fully protected during the set time frame.

Can I modify the TimeLock once it’s set?

You can only change the TimeLock duration once TimeLock is disabled. If you need more flexibility, make sure to carefully choose the TimeLock period when setting it up.


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