Ziglu, which is a London-based challenger bank, has lately been licensed as an Electronic Money Institution (EMI) by the U.K.’s Financial Conduct Authority. The fintech then started peer to peer payments for both digital and fiat funds.
Zigu co-founder and CEO Mark Hipperson informed that the corporation will circulate digital money and offer payment transactions. The permission was assigned on September 1. At launch, the Ziglu app is supporting British pounds (GBP) alongside with Bitcoin, Ethereum coin, Litecoin, and Bitcoin Cash, for P2P activities. Soon Mastercard check card will be introduced and the customers will be able to use fiat and crypto at the same time. Anyway, the users can’t transfer digital assets to usual crypto wallets yet. They can just transfer it to other Ziglu clients.
Operations like lending, overdraft, interest-bearing accounts, and insurance stocks are also being planned to start.
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Ziglu started its services in the UK, but it has the intention to expand. In June, Ziglu allocated £5.25 million (~$6.94 M) in seed capital.