Users of Edinburgh-based wallet and payment platform can now store and receive Bitcoin SV - its third cryptocurrency.
Zumo, the digital wallet and payments platform, has announced that its wallets can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).
BSV (Bitcoin Satoshi Vision) emerged from a hard fork of BCH (Bitcoin Cash), which itself emerged after a hard fork of BTC (Bitcoin). It is an extension of the same original blockchain, with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.
The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto, who first published the white paper explaining Bitcoin.
It is the third cryptocurrency to be supported by Zumo, which offers non-custodial wallets that can hold or trade Ether and Bitcoin. Zumo users will now be able to hold and receive BSV.
Created in 2018, BSV aims to scale transaction capacity and thereby provide a scalable Bitcoin solution.
The Bitcoin network is currently capable of processing up to seven transactions a second - slower than the networks which power mainstream credit cards.
In January 2021, the Bitcoin SV Scaling Test Network announced that its network had processed 9,000 transactions in one second.
£10,000 worth of Bitcoin SV giveaway to celebrate
To celebrate the arrival of BSV to the Zumo wallet and help to welcome new people to the crypto economy, Zumo is launching a £10,000 worth of Bitcoin SV giveaway.
Any UK resident who opens a new wallet with Zumo, passes ID verification and makes a £1 deposit between 25th June 2021 and 26th July 2021 will be eligible to win the prize of £10,000 in Bitcoin SV (BSV).
Paul Roach, Zumo chief product officer, said: “We’re excited about offering BSV to our users. Zumo is committed to introducing crypto to new investors and welcoming people from around the world into an emerging global economy that’s both inclusive and borderless.
“We’re hoping to introduce British crypto investors to BSV as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”