Scottish Fintech startup backed by Coldplay launches a crypto app
An Edinburgh-based mobile wallet and payments start-up, Zumo, has launched an application that allows the users to store, send, and exchange cryptocurrencies online. The firm announced that the app will serve for buying, selling, and exchanging Bitcoin and Etherium.
Since the beginning of the Covid-19 outbreak, the price of Bitcoin has rocketed and the whole lockdown situation has only accelerated the transition to a cashless society. Nick Jones, CEO and founder of Zumo, believes that such a move will open an easier and safer pathway towards the use of new forms of currency that are more resilient to financial crises.
“Zumo allows people to safely exchange, store, send and use their own money online without needing a bank account. Our app was created for everyone. That includes the hundreds of millions of ordinary people who trust in global financial markets where they exert no agency. We want those people to own their own money in a way that wasn’t possible when the last financial crash hit in 2008".
Modern technologies are already shaping the financial security of future generations, and according to investor David Murray, managing director of Murray Capital, now is the best time to be investing in them.
“We have an excellent opportunity now to bring those with no bank account online, particularly people in developing countries, and we are excited to support Zumo in their mission to do so,” he added.
In the upcoming weeks, Zumo is planning to incorporate currencies such as sterling and euros onto the app as well as a convertible debit card for contactless use.
The app will give users control over their financial, personal, employment and genetic data, and by centralizing the service it will guarantee an ultra-secure messaging, which other social platforms or banking systems cannot offer.
And last but certainly not the least, one of Zumo’s investors is no other than Guy Berryman who is better known as the bass guitarist of the British rock band Coldplay. The company is also backed by the Scottish Investment Bank, the investment arm of Scottish Enterprise, and the private investment office, Murray Capital.