Zumo is the latest digital currency wallet to add support for BSV, and to commemorate the launch of BSV on their platform the Zumo team is giving away £10,000 worth of BSV.
“We wanted to do something impactful that would both celebrate the addition of BSV to the Zumo app and give new users the chance to discover a whole new cryptocurrency—for free. We want crypto to be accessible to everyone, and we’ve tried to make it as simple as possible for people to enter the draw,” Paul Roach, Zumo’s co-founder and chief product officer, told CoinGeek.
“Not everyone may be familiar with BSV and this was a chance for us to increase awareness and perhaps provide a new perspective on crypto. While we’re very much blockchain agnostic, an important part of what we do is to provide information and help people get comfortable with crypto by supplying the resources that will allow them to make their own informed decisions.”
Although Zumo has been a player in the digital currency ecosystem for quite some time now, they have just begun making their way into the BSV ecosystem and has recently allowed its users located in the United Kingdom to receive and store BSV directly through the Zumo app.
To learn about Zumo’s mission, their recent addition of BSV, Zumo’s thoughts on the regulatory environment that surrounds the digital currency industry, and Zumo’s future plans, we spoke with Paul Roach to find out more.
“Zumo is our simple yet secure mobile app that allows people to exchange, store, send, and spend cryptocurrency alongside their ordinary money. We’re here to get people comfortable with crypto and make sure everyone can benefit from smart money,” Roach said, noting that Zumo and its full features are available to all U.K. residents and that Zumo is looking to expand in the future.
“We’re always on the lookout for things that will potentially add value to our users. Bitcoin SV came on our radar sometime last year and we thought it had several things going for it. It’s an increasingly visible crypto in the U.K. market—in fact, recent consumer research from the FCA suggests that it’s the fourth most recognised crypto in the U.K.—and we weren’t seeing many solutions in the U.K. marketplace that give users a safe and secure way to hold it. That apart, we believe that BSV offers our users a differentiated proposition as part of the selection of cryptocurrencies we offer, particularly in terms of transaction fees and network capacity.”
Zumo is solving a problem that plagues individuals around the globe by providing in-app BSV services. Coordinated efforts by some of the largest digital currency service providers in the world have resulted in fewer onramps, offramps, and ancillary services around BSV—but that is slowly but surely changing.
Why? Because regulators around the globe are beginning to crack down on digital currency exchanges that are illegally operating in their countries as well as exchanges that list low-volume low-activity digital currencies. That being said, it is only a matter of time until there is an industry-wide flush-out that will leave only the legitimate projects left standing. This is one of the many reasons that more and more companies have begun adding support for BSV. Beyond that, the BSV enterprise blockchain is one of the only digital currency networks that is being adopted by enterprises and governments due to its technical capabilities and the ability for BSV-based solutions to scale to fit their needs.
“We continue to watch BSV development very closely. It was great to be able to take part in the CoinGeek conference last month and see the range of applications in development, from both a consumer and a business perspective,” Roach said.
“Clearly, fees have played a prominent role in discussions of both the BTC and Ethereum networks, and this is an area in which the BSV network has a strong case to make. Further down the line, we’re very interested in international remittances and the role BSV and other low-cost blockchains can play as the ledger for a sustainable and inclusive financial system. As we know, international payments through legacy financial systems, to some of the poorest countries of the world, can be unnecessarily expensive. There’s an opportunity there to see how we could reduce those costs and help maximise money for those who need it the most.”
When asked how he envisioned blockchain technology and digital currency being used in the world, Roach said,
“I think that will very much depend on where you are—the use cases in emerging economies will be very different from those in more matured ones. However, my hope is that there will be a common theme—that of a fairer, more inclusive, and more efficient financial system. Of course, it’s very early days but the signs are there that blockchain could have a very large impact on the future of money.”
Just as Roach said, the blockchain and digital currency spaces are still in their very early days—BSV is only 2 years old! That being said, this nascent industry has increasingly come onto the radar of financial regulators around the world. Now more than ever, regulators have their eye on the blockchain and digital currency spaces.
“There’s no doubt crypto businesses are coming under increasing regulatory scrutiny. In the U.K., the Financial Conduct Authority is certainly becoming more active, as we’ve seen this week with the consumer warning issued against Binance,” Roach said.
“Personally, I think crypto businesses have to accept that regulation is an important step to the crypto industry achieving mainstream adoption. From the U.K. consumer perspective, we believe that means compliant U.K.-based solutions that can cater specifically to the needs of U.K. consumers and offer the level of security and consumer protection they have rightly come to expect.”
“At Zumo, compliance is at the core of our business, and we’re committed to doing everything we can to adhere to compliance standards and protect our users.”
What’s next for Zumo?
Adding BSV support to the app is just the beginning for the Zumo team. In the near and far future, Zumo has many new and exciting features in store for its users.
“Next up, we have plenty of ongoing activity planned around BSV. After our £10,000 BSV giveaway, our very popular refer and share scheme will be making its return, allowing our U.K.-based users to get a reward paid out in BSV for each friend they refer. We’re also looking to add a liquidity provider that will allow users to buy and sell BSV in-app, as well as hold,” Roach said.
“On the further horizon, there are multiple options we’re exploring at the moment. I talked earlier about international remittances, and we’re taking a closer look at some of those popular remittance corridors, including with Africa. Closer to home, we’re looking at an expansion into the European market as well as building up ZumoKit, our B2B crypto as a service platform.
“Finally, in our home market in the U.K., we’re looking at things very much from a financial wellness perspective. Zumo’s ambition is in providing the smart money financial products—including lending and saving solutions—that will help people build wealth outside legacy financial systems. It’s about giving younger generations who have been left financially worse off than their parents a better financial future.”
Watch: Zumo presentation at CoinGeek Zurich
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