The milestone coincides with today’s FCA approval for a Temporary Registration Regime for UK crypto assets
Cryptocurrency businesses are today celebrating a historic milestone for Bitcoin as the asset exceeded $20k for the first time this afternoon.
Although many commentators attribute the cryptocurrency’s year-long rally to increasing popularity with institutional investors, there is also evidence of growing popularity and usage at a mass consumer level with the ground set for further growth in 2021.
Nick Jones, founder, and CEO of Zumo, a UK-based crypto wallet and exchange platform, said: “The boom in cryptocurrencies goes beyond institutional investors and financial houses. As governments look to shore up their economies with cash injections, everyday investors are looking to assets like Bitcoin which is influenced by their trading activity and not a government’s. If the pound is devaluing, the cryptocurrency looks like a safer bet, and investors can see the reward.”
The Zumo App, which allows users to buy, sell, send, and spend cryptocurrencies including Bitcoin and Ethereum without the need to use an intermediary such as a bank, has also recorded record growth.
Between May and December 2020, the app recorded a 1300% growth in account sign-ups and a 900% increase in exchange volumes between August and December. The average size of the exchange to be conducted on the app is equivalent to £600.
Jones added: “What we are seeing is a normalization of cryptocurrencies and use of the blockchain to improve everyday financial services. From institutional investors adding their support to Bitcoin to today’s news that the Financial Conduct Authority will allow a Temporary Registration Regime for cryptoasset businesses, it is clear cryptocurrencies are gaining in the mainstream so their benefits can be shared with everyone.”
Founded in Edinburgh in 2018 by experienced entrepreneurs Paul Roach and Nick Jones, Zumo’s fully decentralized, patent-pending, HD wallet infrastructure is available direct to consumers through Zumo App and to businesses through ZumoKit (our SDK) and enterprise partnership solutions in the developing world.
Zumo is a purpose-driven fintech business with transparency and financial inclusion at the core of our values. We’re on a mission to bring the benefits of decentralization, digital assets, and blockchain technology to ordinary people, everywhere. Our platform enables users to safely store, send, spend, and exchange digital money anywhere in the world easily and cheaply from a mobile device. We do this in the fastest, most transparent, and secure way possible. Our core technology is patent-pending and massively differentiated, giving us the potential to create a world-leading position for a British company, whilst making a big contribution to financial inclusion at a time of the global crisis caused by Covid-19.
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