Edinburgh tech firm Zumo cashes in on cryptocurrency boom with 10,000 new users

Zumo co-founders Nick Jones, left, and Paul Roach, right, have welcomed more than 25,000 users of the Zumo app since launching in June 2020. Picture: Stewart Attwood

The firm said a drive to reach new users, which included a referral incentive scheme, had paid off.

The capital start-up’s latest growth spurt follows a successful crowdfunding campaign in August that exceeded its £1 million target in just four days and an announcement in November that 10,000 users had installed the Zumo app since its launch in June.

Zumo was launched to make the benefits of blockchain and cryptocurrencies more accessible by offering users the chance to buy, sell, spend and send both cryptocurrencies and traditional currencies.

The firm is expected to announce new incentive programmes while also releasing a “convertible debit card” that allows people to spend cryptocurrencies like traditional currencies in the coming months.

Nick Jones, the company’s chief executive and one of its founders, said: “We’re delighted to have so many people join us on our journey in bringing the benefits of smart money to everyone.

“It’s become increasingly clear that everyday consumers, powerless to the financial system they inhabit, have found in cryptocurrencies a liberated way to hold and trade money securely via private keys on the blockchain.”

He added: “The huge popularity of our latest Refer & Share programme is a reflection of how cryptocurrencies have become truly mainstream in 2020, and bears witness to people’s growing interest in unlocking a better way of running our global financial system through self-sovereignty around one’s finances.”

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions