Uncertainty – it’s the word of the present, without a doubt. The entire world has been thrust into uncertain times by a global pandemic and all of the ramifications that come with it.
As you’ve probably noticed, uncertainty can be the catalyst for big financial changes and in turn, spread panic through the general public. When markets drop 20, 30 or even 40% in a day, people start to worry and look for alternative places to store their hard earned cash.
Coindesk recently reported that Bitcoin adoption has been on the up recently, and they attributed it to the ‘coronavirus-induced rush for assets with safe-haven appeal’. This is shown by an increase in small Bitcoin wallet balances, a total which beats even the heights of the famous 2017 bull market.
For crypto enthusiasts, this is great news. Those that are passionate about crypto are extremely keen for mass adoption to happen sooner rather than later, so the more people that get into the game, the better.
Of course, it’s also great for cryptocurrency related businesses that provide the bridge from the ‘real money’ of GBP, USD or other fiat currencies, into the world of digital assets. That’s why today we’re looking at Zumo and how they have recently become a fiat on-ramp, perfectly seizing the market current opportunity.
GBP support: enabled
We knew it was coming, but now it’s here. Zumo now supports GBP in a regulated manner, and it’s so easy to deposit your money and get your hands on some cryptocurrency. Keep in mind, GBP is only available to UK users.
How it works
Once you’ve got a Zumo wallet set up, you can link a UK bank account that’s in your name. This linked account will be the only account you can use to deposit and withdraw, so make sure you pick the right account for the job.
Once you’ve linked an account, that’s it! You can freely move GBP between your bank account and your Zumo wallet whenever you want for zero fees!
The best part about this new addition is how easy and seamless it makes buying crypto for a UK user. Setting up a Zumo wallet is super simple, as is linking your bank account, and once you’re all set up you can fund your Zumo wallet with GBP in no time.
The Zumo exchange is built into the wallet, which you can use to buy either BTC or ETH with your GBP funds. Easy!
Regulated and real
To make this happen Zumo partnered with Modulr, an Electronic Money Institution. The GBP funds in your wallet are regarded as e-money, facilitated by Modulr, which is regulated in the UK by the Financial Conduct Authority (FCA). This is also why GBP is only available to UK users at this time, as Zumo is in the process of becoming a regulated business in the UK.
Get a piece of the pie
Do you think Zumo is heading for victory?
Their mission is to make cryptocurrency access easy, so ordinary people anywhere in the world can get access to financial services thanks to blockchain technology. The aim is to make the Zumo smart wallet the safest and simplest way to buy, store, trade and send Bitcoin, Ethereum, fiat and hopefully other cryptocurrencies in the future. They also have plans to release a convertible debit card, which you will be able to link to your Zumo wallet to make payments with your stored crypto or fiat anywhere that accepts card payments.
Here’s the deal. Zumo is hosting a crowdfunding campaign before a Series A. If you are smitten for their vision and you’re impressed by their progress, you could get involved and own a part of the Zumo pie.
If you’re interested, head on over to the Pre-Registration page to learn more about investing in Zumo!
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.