Conduct Authority) registration is actually through an umbrella arrangement, so we have a registered entity in England, but our main operations are in Edinburgh. We are currently in the process of finalizing our registration with the Abu Dhabi Global Market (ADGM) as well.
Can you elaborate on the advantages of being based in Edinburgh?
Jones highlights a few key advantages of being based in Edinburgh. Firstly, the city has a strong heritage in computer science, with their university consistently ranking among the top three schools in Europe for informatics. This academic foundation provides a talented pool of individuals well-versed in technology and innovation.
Additionally, Edinburgh is emerging as a notable startup hub in the UK, offering a diverse mixture of talent. While London remains the primary financial hub, Edinburgh serves as a secondary hub for financial services, attracting skilled professionals who may not want to work in the hustle and bustle of London.
Furthermore, the COVID-19 pandemic has played a role in solidifying Edinburgh as a favorable location for Zumo. The pandemic has allowed companies to operate remotely, expanding their access to talent beyond the immediate vicinity. With a smaller population in Scotland, being able to tap into a wider talent pool across the UK and Europe has been beneficial for Zumo.
What are the plans for the future regarding Zumo’s location?
The future plans for Zumo’s location are contingent on several factors. Firstly, the regulatory landscape in the UK is crucial. Jones expresses optimism regarding the UK’s ambition to become a digital-assets hub. However, they hope for a faster implementation of regulations to fully realize this potential. The aftermath of Brexit also presents potential opportunities, with the hope for more freedom to operate within the digital-assets space.
The strong ties between Edinburgh and London are also an important consideration. With both cities being financial hubs, close proximity and excellent connectivity via frequent flights make collaboration and networking between the two locations convenient.
In addition to their presence in the UK, Zumo has plans to establish a secondary regulatory hub in Abu Dhabi. They identify the Middle East and South Asia as key markets for expansion. While Dubai is often highlighted as a leading crypto hub, Zumo believes that the alignment with traditional finance (TradFi) and the potential reach into South India make Abu Dhabi a more suitable fit for their goals.
Is there any plan to expand Zumo beyond the UK and Abu Dhabi?
Beyond the UK and Abu Dhabi, Zumo has its sights set on global expansion. They view London as a bridge between traditional finance and decentralized finance (DeFi), leveraging the city’s strong financial heritage to build upon and drive innovation in this sector.
Furthermore, Zumo intends to target the MENA (Middle East and North Africa) and South Asian markets. The company recognizes the potential growth opportunities in these regions and believes that establishing a regulatory hub in Abu Dhabi will facilitate their expansion efforts.
Overall, Zumo’s goal is to become a prominent player in the global crypto industry, bridging the gap between traditional finance and decentralized solutions while promoting financial inclusion and accessibility.