Zelcore Technologies Inc.

United States · zelcore.io · 7 vendors

Zelcore is a non-custodial multi-asset cryptocurrency wallet and Web3 gateway that enables users to store, manage, trade, buy, and sell digital assets across numerous blockchains. It provides full control over private keys and offers features like decentralized two-factor authentication for enhanced security. The platform aims to simplify the decentralized finance experience by offering a unified interface for various crypto activities.

Resilience scores

Disruption prediction

Zelcore Technologies Inc. has an estimated 11% probability of disruption in the next 6 months.

6 of Zelcore Technologies Inc.'s 7 vendors monitored for disruptions.

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 7 sub-vendors.

Insights

Last updated 2026-08-14 · revision 1

7 direct vendors, 165 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 8/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Zelcore Technologies Inc. exhibits a medium-to-high level of migration readiness (Score: 75). Strengths include a modern and flexible tech stack, utilizing languages and frameworks such as JavaScript, TypeScript, Node.js, Electron (Desktop), React Native (Mobile), and Next.js (Website), which suggests a modular and adaptable codebase suitable for migration. The company employs modern development practices, leveraging GitHub for version control and GitHub Actions for CI/CD, which are crucial for efficient migration efforts. Furthermore, the use of Flux Decentralized Cloud for d2FA node infrastructure indicates an architectural approach that may already be distributed and potentially cloud-agnostic, simplifying the migration of these components. There is also moderate vendor diversity with identified partners for critical services (e.g., crypto swaps, fiat on/off-ramp, hardware wallet integration), and the existence of multiple providers for similar services suggests some flexibility in switching if needed. Challenges and opportunities include significant data gaps regarding 'Regulatory Environment', 'Data Residency Requirements', and 'Financial Stability' (revenue, growth), which make it difficult to fully assess potential compliance hurdles, data relocation complexities, or the financial capacity to fund a large-scale migration. These areas would require thorough investigation. Additionally, blockchain-specific infrastructure components like Blockbook and ElectrumX might require specialized expertise and careful planning during migration. The 'Vendor Lock-in Risk: Unknown' also means potential dependencies on specific vendor technologies or contracts could emerge as challenges.

Compliance

8 in-scope frameworks identified; showing 3.

MiCA — Assessment Required

MiCA (Regulation EU 2023/1114) entered into full application on December 30, 2024, and represents the EU's comprehensive regulatory framework for crypto-asset service providers (CASPs). The risk is HIGH because: (1) Zelcore serves EU users (500,000+ global users, app available in EU app stores); (2) MiCA Article 3 defines CASPs broadly, including entities providing custody and administration of crypto-assets on behalf of clients, operation of trading platforms, exchange of crypto-assets, and execution of orders; (3) while Zelcore is non-custodial (users hold their own keys), the integrated swap, on-ramp, off-ramp, and exchange services may qualify as CASP activities under MiCA; (4) MiCA requires CASPs serving EU clients to be authorized by an EU national competent authority; (5) no MiCA authorization or CASP registration has been identified; (6) non-compliance with MiCA can result in prohibition of services to EU users and significant fines.

Evidence: https://zelcore.io, https://zelcore.io/terms, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114

GDPR (source) — Assessment Required

Zelcore Technologies Inc. is incorporated in the United States but explicitly serves a global user base of 500,000+ users across 80+ blockchains, with the app available on the Apple App Store (listed under Greek App Store URL: apps.apple.com/gr/) and Google Play globally. The Privacy Policy explicitly acknowledges data transfers from outside the United States, stating 'If you are located outside the United States and choose to provide information to us, please note that we transfer the data, including Personal Data, to the United States.' This confirms EU/EEA residents are actively using the service and their personal data (IP addresses, usage data, cookies) is being collected and processed. GDPR applies extraterritorially under Article 3(2) to any entity offering services to EU/EEA data subjects. The risk is HIGH because: (1) the company collects personal data (IP addresses, cookies, usage data) from EU users; (2) the Privacy Policy does not reference GDPR-specific rights (right to erasure, data portability, right to object); (3) no Data Protection Officer (DPO) is mentioned; (4) no EU Standard Contractual Clauses (SCCs) or adequacy decisions are referenced for data transfers; (5) no GDPR-compliant consent mechanism is described; and (6) enforcement by EU data protection authorities against crypto wallet providers is increasing.

Evidence: https://zelcore.io/privacy-policy, https://zelcore.io/terms, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R0679

OFAC Sanctions Compliance — Partially Compliant

OFAC sanctions compliance is mandatory for all US persons and entities, including those in the cryptocurrency sector. The risk is MEDIUM because: (1) Zelcore's Terms of Service explicitly prohibit use by persons in sanctioned countries (Cuba, Iran, North Korea, Syria, Crimea, Donetsk, Luhansk regions) and those on OFAC SDN lists — demonstrating awareness of sanctions obligations; (2) however, as a non-custodial wallet, Zelcore has limited technical ability to enforce these restrictions (users control their own keys and transactions go directly to blockchain networks); (3) OFAC has issued guidance and enforcement actions against crypto platforms for sanctions violations; (4) the absence of a described technical screening mechanism (e.g., IP blocking, wallet address screening against OFAC SDN list) creates residual risk; (5) OFAC's 2021 sanctions compliance guidance for the virtual currency industry sets expectations for risk-based compliance programs.

Evidence: https://zelcore.io/terms, https://home.treasury.gov/system/files/126/virtual_currency_guidance_brochure.pdf

Financials

Three-year financials

Financial Resilience Score: 5/10

Zelcore (a product of InFlux Technologies Limited) presents a mixed resilience profile constrained by zero financial transparency. On the positive side, the company operates a low-fixed-cost model with a 100% remote workforce, offers salary payment in crypto to reduce cash burn, and has diversified revenue rails including swap/exchange partner fees, on/off-ramp fees, staking fee shares, and the Zelcore+ premium subscription. The non-custodial wallet architecture materially reduces balance-sheet and regulatory risk relative to custodial peers (FTX, Celsius, BlockFi that have failed). Product longevity since 2018, a claimed 500,000 users, support for 100,000+ tokens across 80+ blockchains, and a steady weekly release cadence through 2024–2025 suggest sustainable engineering funding. However, resilience is difficult to score with confidence because no audited or public financial statements exist. The entity is not an SEC registrant, and statutory accounts under InFlux Technologies Limited have not been located. Revenue is highly exposed to the crypto cycle, regulatory tightening (EU MiCA, US Treasury travel-rule proposals) is intensifying, and the business is tightly coupled to the FLUX token ecosystem. The Terms of Service cap liability at USD 100, suggestive of a thin balance sheet or aggressive risk transfer, and the Careers page snapshot showing 'no open positions' may indicate a hiring freeze. Jurisdictional ambiguity between the 'Zelcore Technologies Inc.' brand and the Swiss-law-governed InFlux Technologies Limited adds counterparty uncertainty. A mid-range score reflects operational durability offset by opacity and cyclical risk.

Key strengths: Established product since 2018 with 500,000 users and 100,000+ tokens supported, 100% remote workforce and crypto-denominated salaries reduce fixed costs, Diversified revenue: swap fees, on/off-ramp fees, staking fee share, Zelcore+ premium, Non-custodial model reduces balance-sheet and regulatory risk vs. custodial peers, Independent security audit by Cure53, Steady weekly release cadence (v8.10–v8.18) through 2024–2025

Risk factors: Zero financial transparency: no published accounts, no audit, no disclosed runway, Revenue exposure to crypto cycle volatility, Regulatory tightening for non-custodial wallets (EU MiCA, US Treasury proposals), Tight dependency on FLUX token ecosystem value, Jurisdictional ambiguity between US 'Inc.' branding and Swiss-law entity, Liability capped at USD 100 in Terms of Service signals thin balance sheet, Careers page shows 'no open positions' — possible hiring freeze

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