Scottish fintech ZumoAiming to bring cryptocurrencies to the masses with a new mobile wallet and payment app, Coldplay bassist Guy Berryman counts among its investors.
Zumo’s app and wallet, launched today, allows users around the world to send and spend crypto and other currencies. The platform aims to be as easy to use as popular exchange Coinbase, but much cheaper and faster. In particular, it also gives users control over them private keys, unlike many competing wallets.
“Our fully decentralized portfolio technology means that, unlike many of our competitors, users truly own their crypto assets,” said startup founder Nick Jones, Decrypt. “Being a Zumo user means the highest level of security for your crypto assets combined with the most user-friendly platform to manage and spend them. We are committed to building a self-sovereign financial future that gives the user control over their money. ”
Bringing crypto to small private investors
Zumo was launched in 2018 in response to the growing demand from small private investors for cryptocurrencies, Jones said.
The timing can be favorable; Unlike many other assets, Bitcoin has seen double-digit growth since the corona virus panic gripped the markets.
Users do not need a bank account to use Zumo; the platform already allows users to trade and hold Bitcoin and Ethereum. In the coming weeks, it will include stablecoins and fiat currencies, including sterling and euros, in its app, which works in conjunction with a debit card.
“Our app is made for everyone. That includes the hundreds of millions of ordinary people who rely on global financial markets where they have no representation, “Jones said. “We want those people to own their money in a way that was not possible when the last financial crash hit in 2008.”
From Coldplay to crypto
Berryman was an early investor in the startup, but has recently increased his level of investment, a spokesman for Zumo said. Decrypt. Other supporters of the startup include Edinburgh-based investment fund Murray Capital and the Scottish Investment Bank.
To date the Coldplay star – which is estimated to be worthwhile $ 90 million– is not known for its interest in crypto. His previous business ventures included a clothing store, Jezebel, which closed for debt, according to Wikipedia. The most recent is the classic car magazine The Road Rat, launched in 2019.
Of course, in addition to his collection of Bugattis and Porsches, he already owns crypto’s favorite engine, one Lamborghini.