On May 21, 2020, Zumo, a mobile wallet and payments startup backed by Coldplay star Guy Berryman, launched an app that stores, sends, and allows for easy spending of crypto assets online.
Since the start of the Covid-19 lockdown in March, the price of BTC has risen gradually as retail investors rush to the digital coin as a safe haven.
Founder and CEO of Zumo, Nick Jones, believes that there is growing demand from small private investors to own cryptocurrencies amid turbulence in equity markets.
Nick Jones, CEO and founder of Zumo, remarked:
“Covid-19 has fast-forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one.”
According to Jones, the new Zumo app will allow people from all walks of life to safely use and store their digital cash online without needing a bank account, which wasn’t possible when the last financial crash hit in 2008.
Zumo fintech startup is based in the Scottish city of Edinburgh, which is an emerging blockchain hub in the region.
Zumo Fosters Crypto Adoption In the EU
The Scottish Investment Bank has also invested in Zumo, in a move that will help the startup reach the hundreds of millions of ordinary people across Europe.
Zumo says it is working to incorporate currencies, including the British Sterling and Euro on the app, which will work in conjunction with a debit card. The app will also centralize a user’s control over their financial, personal, employment, and genetic data.
In fostering the use of digital cash, Zumo has made its software development kit available for other businesses to take payments in crypto. It plans to launch a partnership with a new challenger bank focused on emerging markets before the end of this year.
Removing Barriers to Financial Inclusion
Zumo’s team is on a mission to radically improve the security, cost, and speed of payments globally, which are currently serious barriers to financial inclusion. These hindrances particularly affect those with no bank account online, mainly in developing countries.
With investments pouring in from David Murray, managing director of Murray Capital, and famous icons like UK’s Guy Berryman, Zumo seems set to develop the technologies that will shape future generations’ financial security.
This point was driven home by Charles Read, a strategist and adviser to blockchain startups. He stated:
“Zumo has all the benefits of decentralized technology without the teething problems for new users, that’s why I am really excited to be a part of it.”
Charles added that apps like Zumo that combine traditional and digital currency in one user-friendly interface, are a huge step forward for the blockchain world.