Zumo, the Edinburgh-based digital-assets-as-a-service platform, recently announced the launch of its BSV/GBP trading pairs, an exciting opportunity for their current and future enterprise partners. U.K.-based consumers will now be able to enjoy micropayment functionality in a fully regulated environment while propelling the BSV blockchain ecosystem forward at the same time.
To learn more about this launch and why it opens up digital asset propositions for businesses from enterprises to startups, CoinGeek spoke with Zumo’s Co-Founder and Chief Product Officer, Paul Roach.
Becky Liggero: Thank you so much for joining me, Paul. Can you provide a quick summary of what Zumo’s new product launch entails?
Paul Roach: Of course. We have added a new feature for an on/off ramp for the BSV/GBP currency pair to our tech stack. This enables a more straightforward conversion between BSV and GBP on the Zumo platform. This added functionality is available for our enterprise partners via Zumo APIs, adding a layer of security and user control.
Becky Liggero: Zumo offers a hybrid custodial/non-custodial wallet service. What is best for enterprises?
Paul Roach: Some people prefer to entrust their digital currency to a custodian specializing in such matters, while others feel much more comfortable with a non-custodial wallet, knowing that the safety and ownership of their funds are in their own hands.
There’s no right or wrong answer as to which wallet type is ‘best’; rather, it comes down to personal preference and what you intend to do with your crypto holdings.
At Zumo, we provide custodial wallets to our enterprise clients. This helps their users get up and running with some associated benefits: quick and easy set-up, no stress about safely storing wallet backup phrases, and frictionless, low-fee trading.
Becky Liggero: Your main focus is now delivering tech for other businesses—Why is this your main focus vs. direct to consumers?
Paul Roach: Ultimately, ours is a ‘B2B2C’ model where the end user is still the consumer.
As adoption continues to surge through mainstream enterprise providers, we feel we can help that adoption by working with partners to open access to our market-leading infrastructure.
Our digital-asset-as-a-service platform is the market’s only full-stack infrastructure. It enables fintechs and financial institutions to launch compliant digital currency propositions engineered with a focus on sustainability and trust that end customers can rely on 24/7.
Over the past 12 months, we have taken on a real leadership role in driving a sustainable, compliant digital currencies sector. This includes launching our Oxygen solution, which is the first of its kind—a full solution to measure, mitigate, and report on the carbon footprint of digital currencies.
In September 2023, we also announced a new partnership with the Block Dojo incubator. Through this exciting partnership, Block Dojo is offering its cohort companies access to Zumo’s APIs, which will help to facilitate their development processes.
Becky Liggero: Why is your platform a good fit for Block Dojo startups in particular?
Paul Roach: Block Dojo startups use blockchain as part of their business offering to bring the benefits of immutability, transparency, micropayments, and much more to their customers.
Access to BSV/GBP on/off ramps has been a real challenge for these startups, and it’s one that I believe we are now solving efficiently for them.
Becky Liggero: What role does regulation play in your tech, and why is this important?
Paul Roach: For the industry to truly thrive and reach mass adoption, regulation is key. It’s a core pillar of Zumo and something we’ve always kept in mind.
We were amongst the first platforms to be added to the Financial Conduct Authority‘s (FCA) digital currency register in 2021, and we recently became the first digital asset platform to have integrated the tech-based requirements of the FCA’s new financial promotions regime. Our early compliance underscored our unwavering commitment to setting the highest standards in regulatory alignment and consumer protection.
Becky Liggero: Why have you been particularly interested in working with companies within the BSV blockchain ecosystem?
Paul Roach: There is a vibrant U.K. BSV blockchain community that shares our commitment to introducing digital currency to new investors and welcoming people from around the world into an emerging global economy that’s both inclusive and borderless. There is a gap in the market for infrastructure that promotes a more compliant, sustainable approach—and we’re now filling that gap.
As the BSV blockchain ecosystem grows rapidly, so do the possibilities it offers. Our partnership with Block Dojo is the next step towards enabling startups that leverage the power of BSV Blockchain, whether that’s writing data on-chain or creating and adding to the on-chain economy.
Becky Liggero: What are some of your exciting future plans that you can share with us?
Paul Roach: We have a huge year ahead of us at Zumo.
We’re starting to work with more partners in the Middle East, a region that’s busy exploring the many new possibilities that the digital asset sector offers to consumers and companies alike.
And we also have an exciting roadmap of new features lined up—keep a close eye on us in 2024!
Becky Liggero: Will do Paul, exciting times for sure and thank you for your time today!
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