A former executive at Barclays Group and a former Chief Technology Officer at UK Challenger Bank has plans underway to launch a digital banking firm, Ziglu. The bank which positions itself as a digital account concept will launch in the first quarter of 2020. In fact it bills itself as the first step to implementing the Challenger Bank Concept. Zigla will provide an all digital account supporting multiple currencies, both digital and fiat held in the same account.
Crypto HODL, Exchange, Spend
It is worth noting that the account will be available for free and will hold multiple types of currencies. In fact, the account will provide the ability to freely exchange funds across multiple currencies. Furthermore, the platform will avail foreign currencies for trading at Interbank rates. Additionally, cryptocurrencies sales and purchases will be available at the best possible price across several exchanges. The platform’s website also states account holders can spend funds held in their accounts anywhere in the world using mastercard debit cards. This capability also includes cryptocurrencies which can be converted instantly converted at a Point of Sale.
Just Operating in UK
While Zigla has been under the headship of CEO Hipperson since September 2018, the company recently applied to the Financial Conduct Authority (FCA) in the issuance of digital money. At the moment, the platform is pre-launching applications for UK residents. However, it has plans to expand its services in the future. Notably:
“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.”
Nonetheless, Ziglu isn’t the first financial firm to blend fiat and crypto accounts. For instance Bitwala launched a similar Bitcoin wallet; on top of which they added Ethereum functionality.