SECURITY & GOVERNANCE
Zumo is not a bank. It’s an ultra-secure, decentralised wallet that only you can access. This means that nobody is ever in possession of, or has access to, your assets (including us!)
Your Bitcoin and Ether is securely held on the Blockchain.
Blockchain technology started a revolution in secure global payments and asset transfers. It’s being adopted all over the world to connect people directly with each other, reducing transaction fees and increasing security. Your bank is probably using blockchain to send funds to other banks!
Zumo’s decentralised infrastructure removes the middleman - you send funds to other users directly via the Blockchain and all transactions are secure, traceable and cannot be tampered with.
When you created your Zumo wallet, you generated a public and a private key. Your private key is a passphrase made up of 12 random words. This is the backup phrase that was generated when you signed up - it’s unique to your Zumo wallet. If you ever lose access to your wallet, you’ll be able to recover your account with this backup phrase. So it’s important that you keep it somewhere safe.
Access to your wallet
You’ll be able to use your backup phrase to instantly regain access to your account.
In the future there will be other ways to recover your account but for now, you can rest assured that with your backup phrase you will always have access to your funds.
Your Zumo wallet has been designed from the outset for maximum user and transactional security.