The success of the campaign, which included a referral incentive scheme, bears witness to growing interest in cryptocurrencies as a more secure and smarter way to take control of money.

The Refer & Share scheme rewarded existing and referred customers with 0.02 ETH which they could immediately buy, sell, send, spend and store alongside other cryptocurrencies and traditional currencies, including pound sterling on the Zumo App.

The start-up’s recent growth follows a successful crowdfunding campaign in August that exceeded its £1 million target in just four days and an announcement in November that 10,000 users had installed the Zumo App since its launch in June.

Data from Zumo also shows a doubling in user numbers in just one month (December 1 – 31, 2020 incl) and, with an average transaction size of around £600, interest seems to be most prevalent among “everyday” investors. Zumo’s users are UK-based.

Nick Jones, CEO and Founder of Zumo, said: “We’re delighted to have so many people join us on our journey in bringing the benefits of smart money to everyone.

“It’s become increasingly clear that everyday consumers, powerless to the financial system they inhabit, have found in cryptocurrencies a liberated way to hold and trade money securely via private keys on the blockchain.

“The huge popularity of our latest Refer & Share programme is a reflection of how cryptocurrencies have become truly mainstream in 2020, and bears witness to people’s growing interest in unlocking a better way of running our global financial system through self-sovereignty around one’s finances.”

The Refer & Share scheme was originally set to end after the first 5,000 new sign-ups in the UK but was extended due to popular demand and closed yesterday at 12:00 noon.

Zumo was launched to make the benefits of blockchain and cryptocurrencies more accessible to everyone by offering users the chance to buy, sell, spend, and send both cryptocurrencies and traditional currencies.

The company is expected to announce new incentive programmes for new and existing users, with the start-up also releasing a convertible debit card that allows you to spend cryptocurrencies like traditional currencies in the coming months.