Monday, 03 August 2020

Edinburgh start-up backed by Coldplay bass player launches Bitcoin app

Zumo, an Edinburgh-based tech start-up backed by Coldplay’s Scots-born bassist Guy Berryman, has launched an app allows consumers to spend and exchange cryptocurrencies online.

The firm, which has its offices in Leith, said customers can use the app to buy, sell and exchange both Bitcoin and Etherium cryptocurrencies. Since the start of lockdown, the price of Bitcoin has been on the rise.

Zumo’s investors include Berryman and the business recently earned the support of Murray Capital and the Scottish Investment Bank, the investment arm of Scottish Enterprise.

Founder and chief executive Nick Jones said: “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.

“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,” he added.

Charles Read, a strategist and adviser to blockchain start-ups including Zumo, said: “I have worked with a lot of blockchain companies and the problem has always been around onboarding new users who aren’t technical.

“Zumo has all the benefits of decentralised technology without the teething problems for new users, that’s why I am really excited to be a part of it. Having traditional and digital currency in one user friendly interface is a huge step forward for the blockchain world.”

Investor David Murray, managing director of Murray Capital, added: “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.”


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