Former Barclays head of technology to launch UK’s 1st regulated crypto bank

Mike Hipperson, head of technology at Barclays and co-founder at UK challenger bank, Starling is currently planning the launch for his latest venture called Ziglu.  

Ziglu crypto bank: crypto and fiat in one account

Ziglu is an all-digital banking account that would allow users to hold both crypto and fiat assets in the same account. The crypto bank account would also enable users to trade funds between these currencies.

While users would be able to buy digital assets at the most suitable price across various exchanges, they are allowed to trade foreign currencies at Interbank rates.

As per the project’s website, any funds held in the account can be spent across the world through a Mastercard debit card. This means that crypto assets in the account can be used freely, which would be converted to fiat at the point of transaction.

Mike has held the CEO position at Ziglu’s since September 2018. The company has applied to the UK’s Financial Conduct Authority (FCA) to register as an issuer of digital funds. Currently, the service is only available to UK residents, and they too can only submit pre-launch applications.

Only residents of the UK that are over 18 years of age are eligible to apply for a Ziglu account. The company plans on expanding services to other nations with the passage of time.

Ziglu is not the first project offering a combined fiat/crypto account as previously other projects such as Bitwala has made their mark. Bitwala offers an account with an integrated Bitcoin wallet. The company has also introduced support for Ethereum.

Featured image by Pxhere