Digital Currency Revolution Series: UK’s First Crypto-Bank To Be Unveiled By Ex-CTO of Barclays

Ziglu plans to launch crypto business, the co-founder and former chief technology officer (CTO) at Barclays, Starling Bank, Mr. Mark Hipperson, is intending to launch of his new digital banking venture in 2020, to enable their clients to transfer funds between fiat money and cryptocurrencies.

‘Ziglu’ is the platform where one can hold multiple (traditional/foreign and digital) currencies in a single account. You can buy and sell foreign currency at interbank rates, and buy or sell crypto at the best price across multiple exchanges – guaranteed. 

Hipperson has been heading Ziglu since its inception in 2018. The firm has also applied for the issuance of electronic money with the Financial Conduct Authority (FCA). And, as per the sources of FCA, back in March 2018, the UK government enforced the Crypto-Assets Task-Force (CATF), consisting of HM Treasury, the Financial Conduct Authority (FCA) and the Bank of England, who issued a report in October 2018 that led to an investigation and consideration of banning the sale of products pertaining cryptocurrencies to retail consumers to prevent “harm from potentially sudden and unexpected losses”.

Hence, the community is quite confused as to how Ziglu deals with such stringent regulatory framework. The firm appears to have been funded by the promoter’s ownership stake and through quite a few angel investors as well.

The firm has built an account to eliminate all the currency, geographic and technological hindrances, enables users total control of their money. But in its initial stage, the firm renders their services to the United Kingdom’s users, gradually they have plans of global expansion.