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Introducing Zumo 5.0

Introducing Zumo 5.0

Earlier this year, we released Zumo 4.0, which was (until now) the biggest update to Zumo App since we launched the original version of the app in 2019. Part of the purpose of Zumo 4.0 was to allow us to continue to develop our infrastructure to add more features and prepare Zumo for Web 3 connectivity. Now, with the release of Zumo 5.0, we are launching our biggest infrastructure update since Zumo 1.0.

What we will cover in this article:

  • What’s new in Zumo 5.0
  • What you can do with your new Zumo wallets
  • What’s next

What’s new in Zumo 5.0

Features we wanted to add with 5.0 were:

  • Introducing custodial (hosted) wallet support with Zumo Trade
  • Removing blockchain network trading fees via custodial trading
  • Evolving our non-custodial (self-custody) wallet into Zumo Infinite
  • Preparing the ability to connect Zumo into other Web3 projects and applications
  • Paving the way to add the USDC stablecoin as a trading pair

What you can do with your new walletsWith Zumo 5.0 you now have two wallets, Zumo Trade and Zumo Infinite, to use as best suits your needs.

Zumo Trade – your custodial wallet

Up until now Zumo has been an entirely non-custodial platform. This means you control your private keys and all funds are held and managed on the blockchain. With Zumo 5.0 we are now adding a custodial wallet to your app, Zumo Trade – a Zumo-managed wallet that custodies your crypto funds on your behalf. Going forward, all exchanges will be initiated from your Zumo Trade wallet. Best of all, exchanges with Zumo Trade will no longer have to pay any blockchain network fees, meaning that our flat 0.5% exchange rate will now be even more affordable for you and will be the only fee you pay.

Zumo Infinite – your non-custodial wallet

Zumo was built as a non-custodial platform. Your funds are held by you, on-chain, with you having the only access to your private keys. We are retaining and building on our non-custodial platform to develop into Zumo Infinite. All funds within Zumo Infinite are held on-chain, and you can still send funds from it either to external wallets or to your Zumo Trade wallet.

Sending funds between wallets

All the GBP (pound sterling) funds you currently hold on Zumo will be available for buying BTC or ETH via Zumo Trade. If you want to exchange from BTC or ETH into GBP then you will first need to send those funds from your Zumo Infinite wallet into your Zumo Trade wallet.

With Zumo Infinite you can:

  • Hold funds in your non-custodial wallet
  • Send funds to your Zumo Trade wallet
  • Send funds to external wallets
  • Send BTC and ETH to other Zumo customers

With Zumo Trade you can:

  • Hold BTC and ETH in your trading wallet (view balance)
  • Trade BTC and ETH in your trading wallet
  • Send BTC and ETH to your Zumo Infinite wallet
  • Send BTC and ETH to other Zumo customers

Going forwards, new Zumo customers will automatically be set up with a Zumo Trade wallet (with the option to set up an Infinite wallet whenever they choose); while existing customers will by default have the non-custodial Infinite wallet (with the option to top up or transfer funds to their new Trade wallet).

As a team we’d like to thank all our customers and supporters for continuing to support and use Zumo. We are building Zumo for everyone and your feedback is important to us, so if you have thoughts on how Zumo 5.0 works, how we can improve existing functionality and features you’d like to see, get in touch!