British digital bank Ziglu launches P2P payments for Bitcoin and Bitcoin Cash – Finance Bitcoin News
London-based challenger bank Ziglu announced Monday that it has been licensed by the UK Financial Conduct Authority as an Electronic Money Institution (EMI). After receiving approval, the fintech start-up immediately started peer-to-peer payments (P2P) for crypto and fiat currencies.
Mark Hipperson, founder and CEO of Ziglu, said the EMI license allows the company to issue electronic money (e-money) and provide payment services. The permit was granted on September 1, more than a year since the first application. The company also had to comply with strict anti-money laundering regulations.
The digital bank now supports the British pound and four other crypto assets – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). This means that Ziglu app users can now use the supported coins to make peer-to-peer payments over the network or to other banks in the UK.
“Paying people should be instant, free, and easy, regardless of their location or currency, whether that splits the cost of your Airbnb or sends a Bitcoin birthday present,” Hipperson said in an email to news. Statement sent to Bitcoin.com.
Ziglu was launched in June and raised £ 5.25 million (US $ 6.93 million) in seed capital, ostensibly “to provide transparent and easy access to cryptocurrency.” The company states that all digital assets are insured against cyber attacks up to a value of £ 50,000 ($ 66,000) with commission fees of 1.25% on all trading activities.
Hipperson said Ziglu app user numbers are currently in the “low thousands … [but] I’m aiming for a hundred million customers in the next six or seven years, ”said an industry publication. The company also plans to launch a crypto-enabled Mastercard debit card in three weeks’ time, while aiming for expansion into Europe and the US in early 2021, the report said.
Crypto-oriented banks have steadily increased in number over the past few years, filling this void by providing services to an industry that traditional banks have long shunned.
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