What is the difference between the wallets?

The Zumo app is comprised of separate wallets; cryptocurrency wallets (Bitcoin and Ether) and a FIAT wallet. Through our partnership with Modulr, a company authorised by the FCA as an Electronic Money Institution, we are able to provide users with a FIAT wallet to transact Pound Sterling (GBP). Your GBP is held in an E-money wallet; E-money is regulated in the UK and therefore carries certain rights and protections. Your cryptocurrency, however, is held on the blockchain and is not centralised. Cryptocurrencies are not regulated in the UK by the FCA, and the cryptocurrencies you hold in your cryptocurrency wallets are not e-money. This means that the Financial Ombudsman Service cannot get involved if you have a complaint. We also do not safeguard your crypto funds (although your crypto wallet is non-custodial so you always have full control over it even if Zumo ceases trading). It is important to be aware that your crypto funds will not be regulated even if they are from an exchange you made using the funds in your FIAT wallet. The FCA has published information for consumers regarding the regulation of cryptocurrencies which can be viewed here: https://www.fca.org.uk/consumers/cryptoassets