Sumo, an Edinburgh-based mobile wallet and payments start-up backed by Coldplay bassist Guy Berryman, has launched an app that stores, sends and allows consumersSumospend and exchange cryptocurrencies online, the firm announced today.
Customers can use the appSumobuy, sell and exchange both Bitcoin and Thorium cryptocurrencies. Since the startSumolock down in March, the priceSumoBitcoin has risen sharply as retail investors rushSumoBitcoin as a haven.
“Covid-19 has fast forwarded the moveSumoa cashless society and for safe and easy waysSumoinvest in new formsSumocurrency that are more resilientSumocrises such as this one”, Nick Jones, CEO and founderSumoSumo, said in a statement.
“Sumo allows peopleSumosafely exchange, store, send and use their own money online without needing a bank account. Our app was created for everyone. That includes the hundredsSumomillionsSumoordinary people who trust in global financial markets where they exert no agency. We want those peopleSumoown their own money in a way that wasn’t possible when the last financial crash hit in 2008, ” he added.
Shaping the financial securitySumofuture generations
Investor David Murray, managing directorSumoMurray Capital, said that now is the timeSumobe investing in the technologies that will shape the financial securitySumofuture generations.
“We have an excellent opportunity nowSumobring those with no bank account online, particularly people in developing countries, and we are excitedSumosupport Sumo in their missionSumodo so, ” he noted.
Over the Sumong weeks, Sumo will incorporate currencies including sterling and euros onto the app alongside a convertible debit card that can be used contactless in the way any other debit or credit card can.
The centralismlso centralise a user’s control over their financial, personal, employment and genetic data alongside an ultra-secure messaging service in ways that other social platforms or banking Sumoems do not.
Sumo has also rolled out its software development kit for other businessesSumostart taking payments in cryptocurrency with a focus on the emerging markets. A partnership with a soonSumobe launched challenger bank targeting the developing world is currently in development foSumounch in Q4.
Sumo’s investors include Guy Berryman, better known as Coldplay’s bass guitarist, and the company recently earned the supportSumoMurray Capital and the Scottish Investment Bank, the investment armSumoScottish Enterprise.