Zumo appoints financial heavyweight Ashwath Mehra as non-executive director as it seeks to capitalise on its regulatory advantage amidst growing institutional interest

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• Mr Mehra joins the company amidst surging institutional interest in the digital assets sector following the SEC’s approval of Bitcoin spot ETFs and the LSE’s announcement it will start accepting applications for the admission of ETNs backed by Bitcoin and Ether.
• His appointment will strengthen Zumo’s governance structures and help the company to capitalise on its regulatory advantage after it helped deliver Europe’s first decarbonised Bitcoin spot ETF.

Edinburgh, Tuesday 12 March 2024 – Zumo, the B2B digital assets infrastructure that prioritises compliance and sustainability, today announces the appointment of Ashwath Mehra as a non-executive director. 

An economist by training, Mr Mehra is CEO of the ASTOR Group, a private investment and advisory business, working across mining, technology, biotech and real estate. He has over 30 years’ experience in debt and equity capital markets and is a respected figure in the global business community.

He is also a director of several private and public companies in both executive and non-executive roles, and devotes much of his time to non-profit activities in education and healthcare.

Mr Mehra joins Zumo at a pivotal time for the digital assets sector.

In January, the U.S. Securities and Exchange Commission (SEC) gave approval to Bitcoin spot exchange-traded funds (ETFs) in a watershed moment for the nascent industry. Market watchers and crypto enthusiasts alike believe the billions of dollars flowing into the new ETFs will push crypto into the mainstream.

And in March, the London Stock Exchange said it will start accepting applications for the admission of exchange-traded notes (ETNs) backed by Bitcoin and Ether, opening another avenue for professional investors to invest in the asset class.

Nick Jones, Founder and CEO, Zumo said:

“I’m excited to welcome Ashwath to the Zumo team at a real inflection point for our industry. He has a wealth of experience and a deep skill set that will help us strengthen our governance structures and capitalise on our regulatory advantage. It’s shaping up to be a huge year for the company and having Ashwath on the board is a timely boost.”

Ashwath Mehra, Non-Executive Director, Zumo added:

“Institutional interest in digital assets is surging as a result of recent developments and Zumo is well-positioned to play a pivotal role.”

“I’ve been extremely impressed by the Zumo team’s passion, integrity and commitment to driving a sustainable, compliant digital assets sector that enables financial institutions to protect their customers whilst helping them to explore the new possibilities on offer.”

Mr Mehra is the latest addition to Zumo’s board, which includes Andy Downes, who is well known for bringing game-changing payment solutions to the market and has decades of experience in banking and fintech.

Zumo is a digital-asset-as-a-service platform, and the market’s only full-stack infrastructure. It enables financial institutions to launch digital asset propositions engineered with a focus on compliance and sustainability. The company’s Crypto Invest solution allows enterprise clients to enable integrated functionality to buy, sell and hold digital assets within their existing platforms.

Last year, Zumo launched Oxygen, the first of its kind – a full solution for financial institutions to measure, mitigate and report on the carbon footprint of digital currencies in line with evolving regulations and investor expectations. Zumo then helped Jacobi Asset Management to deliver Europe’s first decarbonised Bitcoin spot ETF, listed on Euronext Amsterdam. The asset management firm selected Oxygen to provide its institutional investors with a Bitcoin exposure aligned with ESG principles.

Zumo was also the first digital asset platform to integrate the tech-based requirements of the FCA’s new financial promotions regime for cryptoassets, underscoring its unwavering commitment to setting the highest standards in regulatory alignment and consumer protections.

Zumo was recently announced as ‘Crypto Company of the Year’ at the Fintech Finance Awards.

About Zumo

Zumo believes everyone should have access to sustainable finance, and that blockchain has the power to deliver this globally. Its mission is to provide a better planet for digital assets, delivering sustainable, accessible and secure ways to unlock the benefits of web3.

As an enterprise-focused digital-asset-as-a-service platform, Zumo’s turnkey, API-based infrastructure offers a fast, flexible and compliance-sensitive route to market, empowering fintechs, banks, asset managers and brands to offer their clients the tools of the future simply, securely and sustainably while also opening up new revenue streams, attracting new customers and supporting customer retention.

A values-driven business, Zumo has underlined its commitment to a fairer society and a sustainable planet with an ambitious 2030 net zero strategy encompassing its own business; the blockchains it works with; and the wider digital asset ecosystem. Carbon-neutral since inception, the business is committed to ongoing collaboration in the decarbonisation of the digital assets industry. Zumo was an early signatory of the Crypto Climate Accord, the first digital asset business to receive U.K. government funding from the U.K.’s national innovation agency, Innovate U.K., to further its applied work on the decarbonisation of digital assets, and is now a key contributor to industry guidance on the energy consumption of blockchain, working in tandem with the World Economic Forum and the OECD.

Zumo’s infrastructure also powers the direct-to-consumer Zumo App, launched in the U.K. and registered with the Financial Conduct Authority (FCA).