After being head of technology at Barclays for more than 10 years, plus the co-founder and the former CTO at Challenger Bank Starling, Mark Hipperson wants to launch the digital bank Ziglu account, in the first quarter of 2020.
Expected to be the future when it comes to the challenger bank concept, Ziglu will allow many digital and fiat currencies to be held in only one account. More than this, it will hold currencies funds that can be freely exchanged in between them. When it comes to foreign currencies, these will be available for buying and selling at Interbank rates, whereas crypto sales and exchanges will have the best prices set by multiple exchanges.
Ziglu Available Only in the UK for Now
The Ziglu website says that any currency from the account is going to be made available for international spending with a Mastercard debit card, cryptocurrencies included and instantly converted at the point of sale. Hipperson has been Ziglu’s CEO ever since September 2018. He managed to make the company an electronic money issuer approved by the UK’s Financial Conduct Authority (FCA). At the moment, Ziglu is running pre-launch applications for its UK users, but Hipperson is planning to expand Ziglu in the future:
“While we intend to expand our offerings to other countries in due course, currently only UK-residents who are at least 18 years of age may use our services and are eligible to apply for a Ziglu account.”
Bitwala Launched a Similar Account in August
Ziglu isn’t the first company to launch an account that combines fiat and crypto. Back in August 2019, Bitwala came with its Bitcoin wallet account to which it added the Ethereum. The crypto-backed card offering isn’t a first either, but the United Kingdom surely needs it.