A company in UK will launch the first regulated cryptocurrency bank

Mark Hipperson, who has led the technology department at Barclays for more than a decade, was also the co-founder and former CTO of the UK aspiring bank, Starling, in the first quarter of 2020, plans to launch the Ziglu digital bank.

In particular, according to the concept of a new bank, users will be able to hold several currencies, both fiat and digital, on one account.

A free account will not only be able to maintain a balance in several currencies, but also freely convert them among themselves. Foreign currencies can be bought and sold at interbank rates, and the purchase and sale of cryptocurrencies will be available at the best price on several exchanges.

Moreover, according to the Ziglu website, any currency in the account can be spent anywhere in the world using a Mastercard debit card. This also applies to cryptocurrencies, which will be converted instantly at the point of sale.

Hipperson has been Ziglu’s CEO since September 2018, and the company has applied to the UK Financial Conduct Authority (FCA) to become an issuer of electronic money.

An application for creating an account can be submitted for launch, but only to residents of the UK, although expansion is planned. More specifically:

“Although we intend to expand our offers to other countries over time, currently only residents of the UK who are at least 18 years old can use our services and are entitled to apply for creating an account in Ziglu.”

Ziglu is certainly not the first company to offer a combined account. Bitwala opened an account with an attached Bitcoin wallet and later added Ethereum.

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It is also not the first debit card to support cryptocurrencies. But a combination of several fiat currencies, plus cryptocurrency savings, as well as the ability to spend any currency with an instant transfer card at the point of sale, is probably the first of its kind.

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