Former Barclays Exec to Launch UK’s First Regulated Crypto Bank

• Former executive of Barclays and Starling Bank, Mark Hipperson, plans to launch a regulated crypto bank in 2020
• Dubbed Ziglu, the project will let users maintain multiple currencies and perform instant conversion of crypto at point of sale

Co-founder and former CTO at Starling Bank, and former deputy CTO and Head of Technology for the Barclays Group, Mark Hipperson plans to launch a crypto digital bank in the first quarter of 2020. The project, dubbed Ziglu, will give the customers the ability to hold and transfer funds between fiat and crypto.

As reported, users can buy and sell foreign currencies at interbank rates. They can also buy and sell cryptocurrencies at the best costs from different exchanges.

Ziglu’s website states:

“No more complex transactions, and no more rip-off rates or fees. [..] We’ve built an account that breaks all the currency barriers – geographic and technological – and puts you fully in control of your money whatever you want to do with it.”

Ziglu also offers the users the benefit of a Mastercard debit card to spend the different currencies. When it comes to crypto, the debit card will convert the currency instantly at the time of the transaction.

Hipperson has been leading the project since September 2018. The company has also applied to the Financial Conduct Authority (FCA) for issuing electronic money. The bank will currently operate only in the UK, and will be available for users who are at least 18.

 

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