Ex-Starling CTO’s start-up Ziglu launches crypto P2P payments
Ziglu, a start-up founded by Starling Bank’s former chief technology officer, Mark Hipperson, has launched peer-to-peer (P2P) payments for crypto and fiat currencies.
The launch follows its £5.25 million fundraising in June, and the landing of its electronic money institution (EMI) licence last week.
Ziglu customers can instantly send or receive “any” physical or digital currency to or from a contact within the Ziglu community.
Idea behind Ziglu
Launched as recently as June, Ziglu has called itself a cryptocurrency-focused bank.
It insures digital assets against cyberattacks up to the value of £50,000, whilst fiat currencies are safeguarded in a segregated account.
Although Ziglu does have an electronic money institution licence, crypto assets are not regulated in the same way physical assets are.
Based on the cloud, Ziglu claims its “modern day account” is ready for “hyper-scale growth”.
“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,” says Hipperson.
2018 to now
Hipperson founded Ziglu back in September 2018. His aim from the beginning was to break down currency barriers.
The start-up promises competitive rates, real-time balances and no hidden fees when users buy or sell crypto. A 1.25% commission applies on all trades. Users also have access to in-app customer support.
There is little released around Ziglu’s funding round back in June. Without revealing its backers, it said the money came from “a number of specialist UK fintech investors and entrepreneurs.”
Currently waiting in the wings, Ziglu says it will soon release its glow in the dark Mastercard-powered debit card.