Zumo launches crypto as a service platform

Crypto wallet and payment platform Zumo has launched ZumoKit, a product aiding fintechs and financial institutions to offer cryptocurrencies in a compliant way.

Fintechs that use the ‘crypto as a service platform’ will be able to offer their customers a range of services including a crypto wallet and exchange.

ZumoKit allows companies to connect to any blockchain, adopt any cryptocurrency or use their own stablecoin, allows businesses to integrate a digital currency, so customers can buy and sell digital currencies as an investment, and enables firms’ users to send, receive and store digital currencies.

“ZumoKit helps fintechs, and their customers, get comfortable with crypto,” said Eddie Robb, commercial director at Zumo.

“We give businesses the tools they need to build cryptocurrency solutions into their platforms, saving them thousands of hours of work. We’re working with a number of savings, remittance and share trading apps to allow them to offer crypto to their customers.

“ZumoKit is a ready-to-roll solution for fintech companies and other financial institutions that want to bring the benefits of crypto to their customers. It’s a plug and play product that makes it easy to get going with crypto in a safe, secure and compliant way.

“Our solution can be hugely valuable to companies, because it will allow them to offer customers the ability to trade cryptocurrencies whilst shielding the wider business from the ups and downs of the markets.”

The launch of ZumoKit comes during a huge surge of interest in cryptocurrency.

A survey carried out by Focaldata on behalf of Zumo found that just over half (55 per cent) of those who have ever bought cryptocurrency made their first purchase in the last six months and 36 per cent of adults believe that cryptocurrency is a credible alternative to other financial assets.