Scottish Fintech Backed by Coldplay Bassist Berryman Launches Crypto App

Zumo, an Edinburgh-based mobile wallet and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term start-up backed by Coldplay bassist Guy Berryman, has launched an app that stores, sends and allows consumers to spend and exchange Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term online, the firm announced today.

Customers can use the app to buy, sell and exchange both Bitcoin and Etherium cryptocurrencies. Since the start of lockdown in March, the price of Bitcoin has risen sharply as retail investors rush to Bitcoin as a safe haven.

“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”, Nick Jones, CEO and founder of Zumo, said in a statement.

“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,” he added.

Shaping the financial security of future generations

Investor David Murray, managing director of Murray Capital, said that now is the time to be investing in the technologies that will shape the financial security of future generations.

“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 noted.

Over the coming weeks, Zumo will incorporate currencies including sterling and euros onto the app alongside a convertible debit card that can be used contactless in the way any other debit or credit card can.

The app will also centralise a user’s control over their financial, personal, employment and genetic data alongside an ultra-secure messaging service in ways that other social platforms or banking systems do not.

Zumo has also rolled out its software development kit for other businesses to start taking payments in cryptocurrency with a focus on the emerging markets. A partnership with a soon to be launched challenger bank targeting the developing world is currently in development for launch in Q4.

Zumo’s investors include Guy Berryman, better known as Coldplay’s bass guitarist, and the company recently earned the support of Murray Capital and the Scottish Investment Bank, the investment arm of Scottish Enterprise.