The first regulated crypto bank is about to appear in the UK in the first quarter of 2020
Mark Hipperson, former head of technology at Barclays for more than a decade, is likely to gain deeper access to the cryptocurrency market. Specifically, he is said to be planning to launch the latest UK crypto bank venture called Ziglu in the first quarter of 2020.
Ex-Barclays executive aims to launch the UK first regulated crypto bank in 2020
A veteran of the banking industry will lead Ziglu. Mark Hipperson is not only famous for technology at Barclays. He is also a former CTO of the UK challenger bank, Starling. Therefore, in the field of banking and finance, he had a substantial experience. And when the tycoon enters the cryptocurrency industry – as the CEO of Ziglu – surely 2020 will be a promising year.
Mark Hipperson, the former head of technology for the Barclays group | Source: Thetimes.co.uk
Hipperson’s Ziglu will be the next step in the challenger bank concept. This utterly digital banking concept will support several different currencies. Also, Ziglu supports both digital and fiat. Moreover, customers can keep both currencies in the same account. In particular, Ziglu will also offer a feature to keep balances in many different currencies. Ultimately, the platform will even allow users to exchange their money between different exchanges.
Hipperson seems to be applying some lessons from traditional banking into Ziglu. For example, the use of credit cards – or, more specifically, debit cards – will be integrated into Ziglu’s services. With a completely new model, combining both the features of traditional banks and digital banks, what will Ziglu do in the future? We are still only looking for time.
Ziglu will support crypto debit cards
Ziglu states that any currency held in the Ziglu account will be usable anywhere in the world, as a Mastercard debit card, even electronic money can be instantly converted at the sale point.
As such, it looks like Ziglu is about to launch with the help of a crypto debit card. However, with that, Ziglu will debut for the first time in the UK. The company has taken steps to register to become a cryptocurrency issuer with the UK’s Financial Regulatory Authority.
Therefore, this means that Ziglu will become the first regulated cryptocurrency bank in the UK. Currently, pre-launch applications are being made by Ziglu – but only from UK residents. However, this is likely to change soon – because the company claims that it aims to launch in more markets.
They intend to expand its services to other countries. However, currently, only UK residents who are at least 18 years old can use Ziglu’s service and be eligible to register for a Ziglu account.
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