Edinburgh-based cryptocurrency wallet and payment platform Zumo launched a virtual card offering to enable users to spend cryptocurrencies.
The card – in collaboration with digital payments platform Modulr – can be used to make purchases with any online retailer that accepts Visa.
The solution is designed to convert Bitcoin and Ether cryptocurrencies to traditional fiat GBP to enable online transactions.
As part of the partnership, Modulr will be offering the underlying payments infrastructure to make the transactions.
The collaboration, first announced last year, helped Zumo to develop a cash-to-cryptocurrency payments system with GBP support. Zumo is the first non-custodial crypto wallet to offer users the ability to hold GBP in their wallet to then spend with a Visa card, it said.
Later this year, Zumo aims to release a physical convertible contactless debit card that can be used at shops or any other place which accepts Visa.
Founded in 2018 by Paul Roach and Nick Jones, Zumo’s patent-pending wallet infrastructure is available direct to consumers through Zumo App and to businesses through ZumoKit.
The release of the card comes at a time when cryptocurrency continues to boom and the world shifts towards online shopping due to the Covid-19-induced lockdown.
Commenting on the virtual card launch, Jones said, “Today marks a huge step forward for us and our customers. The launch of our virtual card will help to make people get comfortable with crypto. Our customers can now easily buy, hold and exchange cryptocurrency in the Zumo app, whilst spending cash using a Visa debit card.
“We hope that the familiarity of a debit card will help to introduce new people to cryptocurrencies and help their ascent into the mainstream. Zumo’s Virtual Card bridges the old world of traditional money with the new world of smart money.”
The latest funding comes after the firm received a £500,000 investment from Ilya Fund, an institutional investor last year. Furthermore, last May, a seed funding round raised £1.1m, with backing from Coldplay bass player Guy Berryman, Murray Capital and the Scottish Investment Bank.
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