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Cryptocurrency Startup Zumo Makes First CTO Appointment

Michael Behr

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Zumo

After a major drive more than doubled its userbase, Zumo aims to launch new products this year.

Digital currency and payments platform Zumo has appointed its first chief technology officer as it prepares to launch new products later this year.

Tim Sabanov, who was previously Lead Technical Architect with Zumo, assumes his role immediately and will oversee the development and roll-out of new products, including a debit card that converts cryptocurrencies to traditional currencies like pound sterling.

Sabanov brings ten years of leadership in providing solutions to firms working with blockchain technologies and specialises in payments, financial services and fintech.

He was most recently Full Stack Blockchain Developer with Slovenian-based app specialist D.Labs, also working with mungoparc, SPRD.digital and Zabec.net.

Since joining Zumo in January 2020, he has led the development of the Zumo App, ZumoKit Enterprise Solutions platform, and most recently, the Zumo Smartfolio, which enables users to view and manage their overall cryptocurrency assets seamlessly and calculates opportunities to maximise the buying positions for user’s portfolio.

Sabanov said: “Zumo is leading the field in providing technologies that democratise access to financial services. What makes Zumo different, however, is the non-custodial approach it takes in its platforms, meaning that whether you are a business operating on the ZumoPay payments platform, or a consumer on the Zumo App, you are truly in charge of your own finances.

“We are just beginning to realise the potential use cases of blockchain technology which is why I am delighted to take up this post and help further Zumo’s mission to bring the benefits of smart money to everyone.”

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Co-founder and CEO of Zumo Nick Jones said: “Tim is a leader in blockchain technologies of truly global stature and his experience will take our products to the next level.”

Earlier this month, Zumo celebrated 25,000 registrations on the Zumo App, which Tim helped launch last summer.

This growth largely came from a major drive to bring in new users, which saw it add 10,000 new app signups in December. Between the app’s launch in June and November, the company had recorded around 10,000 app downloads.

Part of their scheme saw customers rewarded with 0.02 ethereum (currently worth around £20) for referring now users.

In addition, an August crowdfunding campaign by the company beat its £1 million target in four days.

Interest in cryptocurrency investment has grown over the years, riding two major waves in the value of Bitcoin, the highest profile token. After hitting record highs in late 2017, followed by a subsequent crash, Bitcoin hit a new record at the start of this year when it reached close to £30,000, about twice the previous record.

Michael Behr

Senior Staff Writer

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