Ziglu, UK fintech firm launches peer-to-peer (P2P) crypto payment
On Sep 17, 2020
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Starling Bank’s co-founder and former CTO, Mark Hipperson, started working on a new company named Ziglu after leaving Starling in the summer of 2016. Ziglu is a crypto-friendly fintech firm based in London. The firm aims to provide its customers with a comprehensive bank account that can operate with both fiat and cryptocurrencies. Mark Hipperson, Ziglu Founder, and CEO said:
“Paying people should be instant, free, and easy regardless of their location or the currency, whether that is splitting the cost of your Airbnb or sending a Bitcoin birthday present.”
P2P payments in any currency, including cryptocurrencies
In May 2019, the firm applied FCA for an e-money permit. A week after receiving an Electronic Money Institution (EMI) license from the U.K.’s Financial Conduct Authority, Ziglu adds peer-to-peer cryptocurrency payments to the mobile app. The payment app allows the faster transfer of virtual cash between two parties for both fiat and cryptocurrencies.
The Ziglu app supports its clients for P2P payments with British pounds (GBP) and five cryptocurrencies — bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), and XRP (XRP). It means customers freely exchange GBP or cryptos with other Ziglu accounts. Clients of other U.K banks will also be able to transfer money with Zilgu users by using the Faster Payment Service. It charges 1.25% commission on all transactions. Hipperson said FCA’s crypto team profoundly reviewed Ziglu’s license application because the firm offers both fiat and crypto services. He addressed the difficulty of obtaining such a license. The whole process took 3-4 months. Ziglu also had to make its services compliant with the fifth anti-money laundering directive (AMLD5) rules.
£ 50,000 insured against “cybercrime”
Ziglu provides greater security. Customers’ 100% cryptocurrency holdings insured against cybercrimes up to the value of £50,000. Besides, fiat currencies are “safeguarded in segregated accounts.” Hipperson added:
“One of the biggest concerns for users is the safekeeping of their funds and cryptocurrencies. Ziglu’s insurance program brings peace of mind to existing customers or those dipping their toes into cryptocurrency for the first time.”
To hundred million customers
The payment app was launched in June of this year and currently has lower than a thousand users but Hipperson points out that he is aiming for a hundred million users over the next six or seven years.
The difference between Ziglu and other crypto companies is that it offers some transparency. There is a large team listed on the firm’s website which completes with real names and photos, and this is quite a novelty in the crypto world. The firm provides services in the U.K but later this month wants to expand certain European countries, and eventually to the United States.
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