Starling Bank’s former chief technology and co-founder Mark Hipperson has mapped out plans for his new cryptocurrency banking space, Ziglu.
As reported by Fintechfutures, the launch is set to be completed in 2020 and will elevate its users’ accessibility when it comes to transferring cryptocurrencies.
In seeking to accelerate the progress of the bank, Ziglu has pursued with its application to the UK’s Financial Conduct Authority (FCA).
The bank offered the following statement on its website: “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.
“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.”
The FCA’s current and finalised policy statement on digital assets was issued August 2019 and outlined:
“Bitcoin and Ether, which are considered major cryptocurrencies, are classified as “exchange tokens.” These exchange tokens are not backed by any central authority and are usually decentralised and primarily used as a means of exchange. The FCA has stated that they will not be regulating exchange tokens. However, Anti-Money Laundering regulations still apply.”
Having departed Starling in 2016, The launch of the bank has been in fruition since 2018, with this coming 12 months expected to be a year that sees the bank’s progress significantly accelerate.
