Ziglu is the latest cryptocurrency-friendly bank by former Starling Bank co-founder and CTO Mark Hipperson. There are plans for its launch in Q1 of 2020. This bank was founded in September 2018 and is currently operating in beta. Ziglu is London-based and it aims to bring the best of challenger banks and cryptocurrency exchanges to create “one truly complete current account.”
Ziglu will enable users to buy, sell and hold both fiat and cryptocurrencies. Additionally, it will offer services like a Mastercard Debit Card for retail spending. The bank is awaiting its e-money licence from U.K.’s Financial Conduct Authority, but it doesn’t stop there.
Ziglu has plans to expand rapidly. The CTO aims for Ziglu to process $1 billion in transactions in 2020, according to a recent report from Financial News London. Furthermore, he wants to expand the banking services into the United States as early as Q4-2020.
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Ziglu’s contribution towards making crypto banking services more accessible to the teeming population is getting more institutions interested in digital assets. This is also bringing fiat and cryptocurrency banking closer and making it accessible to customers, as it is easily interchangeable. The free account will not just be able to hold balances in multiple currencies, but also freely exchange funds between them.
Ziglu’s accounts break all barriers and allow users to be in complete control of their money. As soon as the Financial Conduct Authority (FCA) grants a licence to Ziglu it will be a regulated issuer of electronic money.
How is Ziglu different?
Ziglu differentiates itself as it is an all-digital bank that it is a free platform for trade and exchange between fiat and cryptocurrencies. The bank promises to offer exchange rates for currencies at inter-bank rates. The bank will charge a miniscule fee for every trade and the services will be available for U.K. residents who are 18 years and older.
There are many other similar businesses in the U.K. in 2020, but there are several others which came in 2019. U.S. based Fidelity recently launched a branch of its digital arm in the U.K. in December 2019 as the country’s laws permitted it. Local regulations are growing warmer to the idea of cryptocurrencies and the digital asset economy.
Ziglu plans to combine several banking services and roll them out and make them readily available to users in 2020. It is turning out to be a promising year for the crypto industry and the U.K. is fully positioned to participate in cryptocurrency banking services.
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