The UK's financial authority has published an official warning to users that Poloniex is not operating under regulation.
Guy Berryman, the bassist for popular rock band Coldplay has jumped into the world of cryptocurrency with a new Bitcoin exchange application. According to Edinburgh News, Berryman is backing Zumo, an app which offers customers a platform to spend and exchange cryptocurrencies online. In addition to the bassist, funding for Zumo also comes from the Scottish Investment Bank and market firm Murray Capital.
Cryptocurrency Adopted Accelerated By Covid-19
According to Zumo CEO and founder, Nick Jones, the global pandemic has helped accelerate the adoption of the cryptocurrency industry, saying:
“Covid-19 has fast-forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one.”
Zumo, which offers basic Bitcoin functionalities, provides new cryptocurrency users with a simple method of buying, selling, transacting, and storing Bitcoin. Jones’ hope is that Zumo will be an application which all users, even individuals who are not tech-savvy, will be able to use.
Digital strategies and blockchain start-up advisor Charles Read commented on the new application, saying:
“I have worked with a lot of blockchain companies and the problem has always been around onboarding new users who aren’t technical. Zumo has all the benefits of decentralised technology without the teething problems for new users, that’s why I am really excited to be a part of it. Having traditional and digital currency in one user-friendly interface is a huge step forward for the blockchain world.”
David Murray of Murray Capital also offered his support of both the app and the app’s timing, saying:
“Now is the time to be investing in the technologies that will shape the financial security of future generations. We have an excellent opportunity now to bring those with no bank account online, particularly people in developing countries, and we are excited to support Zumo in their mission to do so.”