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). The user's GBP is held in an E-money wallet; E-money is regulated in the UK and therefore carries certain rights and protections. The user's cryptocurrency, however, is held on the blockchain and is not centralised. Cryptocurrencies are not regulated in the UK by the FCA, and the cryptocurrencies the customer holds in their cryptocurrency wallets is not e-money. This means that the Financial Ombudsman Service cannot get involved if the customer has complaint. We also do not safeguard our user's crypto funds (although their crypto wallet is non-custodial so they always have full control over it even if Zumo ceases trading). It is important to be aware that the customers crypto funds will not be regulated even if they are from an exchange the customer has made using the funds in their 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