Scottish fintech Zumo, which is aiming to deliver cryptocurrencies to the lots with a brand new cellular pockets and funds app, counts Coldplay bassist Man Berryman amongst its traders.
Zumo’s app and pockets, which launched at present, enable customers to ship and spend crypto and different currencies wherever on the earth. Its platform goals to be as simple to make use of as standard exchange Coinbase, however less expensive and sooner. Notably, it additionally provides customers management of their non-public keys, not like many rival wallets.
“Our absolutely decentralized pockets expertise implies that, not like with a lot of our rivals, customers actually personal their crypto belongings,” the startup’s founder Nick Jones instructed Decrypt. “Being a Zumo user means having the highest level of security for your crypto assets combined with the most user friendly platform to manage and spend them. We’re committed to building a self sovereign financial future that puts the user in control of their money.”
Bringing crypto to small non-public traders
Zumo launched in 2018 in response to rising demand from small non-public traders to personal cryptocurrencies, stated Jones.
Its timing might be propitious; not like many different belongings, Bitcoin has seen double-digit development since coronavirus panic gripped the markets.
Customers don’t want a bank account to make use of Zumo; the platform already permits customers to commerce and maintain Bitcoin and Ethereum. Within the coming weeks, it’s incorporating stablecoins and fiat currencies together with sterling and euros on its app, which works together with a debit card.
“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,” stated Jones. “We want those people to own their own money in a way that wasn’t possible when the last financial crash hit in 2008.”
From Coldplay to crypto
Berryman was an early investor within the startup, however has lately upped his stage of funding, a Zumo spokesperson instructed Decrypt. The startup’s different backers embody Edinburgh-based funding fund Murray Capital and the Scottish Funding Bank.
Thus far, the Coldplay star—who’s estimated to be worth $90 million—hasn’t been recognized for having an curiosity in crypto. His earlier enterprise ventures embody a clothes store, Jezebel, which closed down because of debt, in keeping with Wikipedia. The latest is traditional automotive journal The Highway Rat, launched in 2019.
Naturally, alongside his assortment of Bugattis and Porsches, he already owns crypto’s motor of alternative, a Lamborghini.