Edinburgh cryptocurrency startup, Zumo, has raised more than £1 million in 48-hours as part of a crowdfunding campaign on Seedrs.
Zumo launched its crowdfunding campaign over the weekend as it bids to highlight the benefits of cryptocurrencies to a wider audience.
So far the campaign, which is accessible via the Seedrs website, has secured £1,080,646 from 34 investors (at time of writing), which equates to 98% of the firm’s £1.1 million funding goal.
New investors and current Zumo users are being encouraged to invest and own a part of the cryptocurrency startup.
Announcing the crowdfunding campaign, Zumo founder Nick Jones said: “We are so excited to hit the red button on our first crowdfunding campaign with Seedrs.
“It’s the perfect example of what we set out to do with Zumo – sharing the benefits of investing in cryptocurrencies with everyone in our bid to create a better, more equal global financial system.”
The announcement follows a number of significant milestones for the Edinburgh cryptocurrency startup. Earlier this month, Zumo activated the sterling (GBP) exchange function on its digital wallet following a partnership with digital payments scaleup, Modulr.
For many, the introduction of a GBP exchange function to the Zumo app will be the first time they can easily buy, sell, spend and send Bitcoin without the complexity of most crypto exchanges.
A launch video made for the campaign shows how the app can be used for everyday activities; from buying a coffee to sending and receiving funds from friends.
Zumo recently secured £500,000 in funding from Ilya Fund, which added to recent wins with Murray Capital’s David Murray and Coldplay musician Guy Berryman.
Zumo said it plans to use the crowdfunding success as a springboard to a Series A funding round later in the year. The firm also aims to capitalise on the 1.1 million new cryptocurrency wallets – like those held on the Zumo app – that have been created in the UK in the past year alone.
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The global cryptocurrency market is heating up amid renewed mainstream interest. In a recent report from the Daily Telegraph, a major fund manager predicted a ‘fivefold increase’ in the value of Bitcoin by 2023 to anywhere between $40,000 to $50,000. The anticipated increase is down to the currency having overcome an initial ‘credibility hump’.
In the wider industry, Square, a mobile payments platform launched by Twitter CEO Jack Dorsey, reported a 600% increase in its quarterly Bitcoin revenues as the value of the cryptocurrency topped a 70% rise in the space of a year.