Zumo’s first crowdfunding campaign with Seedrs goes live – Campaign offers chance to invest in a UK cryptocurrency start-up as Bitcoin tops $11000
Zumo plans Series A funding round for Q4 2020 having secured significant investment from institutional and private investors. – Launch video shows how users of the Zumo App can easily buy, sell, spend and send cryptocurrencies
Zumo, the Edinburgh-based cryptocurrency wallet and exchange platform, has today announced the launch of its first crowdfunding campaign with Seedrs in its bid to bring the benefits of cryptocurrencies to the mass market.
The campaign is now live and accessible via the Seedrs website. It allows users of the Zumo app and new investors the chance to sign up to own part of the Scottish cryptocurrency start-up.
Nick Jones, founder of Zumo, said: “We are so excited to hit the red button on our first crowdfunding campaign with Seedrs.
“It’s the perfect example of what we set out to do with Zumo – sharing the benefits of investing in cryptocurrencies with everyone in our bid to create a better, more equal global financial system.”
The announcement follows a recent string of milestones for Zumo as the global cryptocurrency market heats up amid renewed mainstream interest.
Earlier this month, Zumo activated the sterling (GBP) exchange function on its digital wallet available on the Zumo app, thanks to its recent partnership with digital payments scale-up Modulr.
For most people in the UK, the introduction of a GBP exchange function to the Zumo app will be the first time they can easily buy, sell, spend and send Bitcoin and Ether without the complexity of most crypto exchanges.
A launch video made for the crowdfunding campaign demonstrates how the Zumo app can be used for everyday activities – from buying a coffee to sending and receiving funds from friends.
In the wider industry, Square, the mobile payments platform launched by Twitter CEO Jack Dorsey, reported a 600% increase in its quarterly Bitcoin revenues as the value of the cryptocurrency topped a seventy per cent rise in the space of a year.
Elsewhere, The Daily Telegraph reported that a major fund manager was anticipating a fivefold increase in the value of Bitcoin by 2023 to around $40,000 to $50,000, having now overcome an initial “credibility hump”.
Zumo has recently secured a £500,000 investment from institutional investors Ilya Fund, adding to recent wins with Murray Capital’s David Murray and Coldplay musician Guy Berryman.
The start-up plans to use the crowdfund as a springboard to a Series A funding round in the autumn, and capitalise on the over 1.1 million new cryptocurrency wallets, like those held on the Zumo App, that have been created in the UK in the past year alone.
Access to the Zumo crowdfunding campaign is available now and can be accessed by everyone via the Seedrs website.