Zumo, the Edinburgh-based cryptocurrency wallet and exchange platform, has taken its first step towards the creation of a seamless fiat-to-cryptocurrency payments system with the addition of sterling (GBP) functionality.
From mid-July, Zumo will allow users in the UK to hold GBP funds within the Zumo wallet, as well as buy and sell cryptocurrencies Bitcoin (BTC) and Ether (ETH). The service is powered by Modulr, the digital payments platform.
The new functionality gives users more control of the currencies they hold with Zumo. The app already allows users to own BTC and ETH on-chain, managed by private keys which only the individual can access.
The measures will be followed by the addition of a stablecoin in the coming weeks, as well as an optimisation of fiat-crypto exchanges.
Zumo recently announced the backing of Coldplay bassist Guy Berryman and Murray Capital’s David Murray alongside its plan to introduce a convertible contactless debit card and an ultra-secure messaging service.
London-based Modulr offers ‘Payments as a Service” as an alternative to commercial and wholesale transaction banking. It already partners with over 100 financial institutions including Revolut, Sage, and Liberis.
Last month, Modulr raised £18.9 million in growth funding from Highland Europe, bringing total funds received to just over £53.3 million since its inception in 2016. In March, the fintech announced it had joined Visa as a principal issuing member.
“We are delighted to partner with an exciting brand like Modulr who shares our vision to solve the problems of access in traditional banking,” said Nick Jones, Zumo’s founder. “Zumo is on a mission to radically improve the security, cost and speed of payments globally, and the addition of GBP alongside cryptocurrencies takes us one step closer.”
“We are proud to provide the underlying GBP payments infrastructure upon which Zumo builds and enhances its services, as it shakes up the digital asset market and presents its customers with an experience fit for the Instant Economy,” added Myles Stephenson, Chief Executive and Founder at Modulr.