Brokers

Zumo launches B2B ‘Crypto-as-a-Service’ solution for brokers

The new product, Zumo Enterprise, also features an embedded ESG and net zero strategy.

Edinburgh-based crypto wallet and payments platform Zumo has launched a B2B ‘Crypto-as-a-Service’ solution that enables companies to offer crypto products and services to their customers.

Going by the name of Zumo Enterprise, the full-stack, embedded crypto solution allows fintechs and financial institutions to effortlessly embed crypto within their existing infrastructure, offering a fast, flexible, low-barrier and compliant route to market while opening up new revenue streams, attracting new customers and supporting customer retention.

Zumo Enterprise follows on from ZumoKit, a beta product released last year to test out the proposition, and was created amidst growing demand for crypto products and services, with worldwide adoption jumping by over 880% last year.

Businesses realise the scale of this opportunity, with 80% of respondents to a recent global Deloitte survey agreeing their respective industry will see new revenue streams from blockchain, digital assets and crypto solutions, and 73% believing their organisation will lose competitive advantage if it doesn’t adopt such solutions.

Nick Jones, Co-Founder and CEO, Zumo, said: “Consumer preferences are changing. Digitalisation is accelerating. Amidst an increasingly competitive and fast-evolving financial landscape, the demand for new, alternative solutions is booming.”

“Zumo’s embedded crypto technology plugs seamlessly into fintechs’ and banks’ existing tech stacks, helping them to tap into this surging demand for digital assets. Zumo Enterprise offers a compliant, flexible solution that removes the need to deploy specialist teams or incur huge development costs. It will help forward-thinking financial institutions to meet the needs of both present and future customers.”

Zumo Enterprise’s white-label solution is available via either API (Application Programming Interface) or SDK (Software Development Kit) to give businesses a blockchain-agnostic suite of tools. The new product also features an embedded ESG and net zero strategy.

Enterprise clients can leverage the solution to allow its users to hold, buy, sell and send digital currencies, complete with wallets, exchange service, and managed onboarding and compliance.

Zumo has previously launched B2C Zumo App, a UK-registered cryptocurrency wallet that saw customer base grow by 25% month-on-month since the platform launched in August 2020.

Nearly half of its users are from Gen Z (18-24) as young people look for viable alternatives to the creaking incumbent financial system. According to research from CyberCrew, 9.8 million Brits owned cryptocurrency in 2021.

Earlier this year, Zumo appointed two heavyweight advisors, James Chadwick and Jeff Carvalho, as the cryptocurrency wallet provider prepares to launch a range of new products and services, including secure access to NFT marketplaces.

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