The crypto community in the United Kingdom is about to see the launch of its first, fully regulated digital bank. The bank, named Ziglu is expected to commence operations in the first quarter of 2020. This is a contribution towards making crypto banking services more accessible to the teeming population that is getting more interested in digital assets.
Former bank executive Mark Hipperson is championing this course to break barriers between fiat and digital currencies, making both accessible to customers and easily interchangeable within the same banking system.
In a post on its website, the firm wrote: “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,”
Although the bank has been in operation since September 2018, it has recently applied for a licence as a fully regulated digital bank and is expected to commence full operation by the first quarter of this year once granted a licence by the Financial Conduct Authority (FCA) as an issuer of electronic money.
A free digital bank
Digital currencies are getting more popular with even central banks launching their own. But what is peculiar about Ziglu, apart from the fact that it is all-digital is that it is a free platform for trade and exchange between fiat and cryptocurrencies. The bank promises to offer exchange rates for currencies at interbank rates with all currencies held on the account readily spendable worldwide using Mastercard debit cards.
Cryptocurrency traders will be charged a fee yet to be determined for every trade depending on the value of such trade. These services will initially be available only to U.K residents 18 years and above in accordance with banking and cryptocurrency use laws. The firm however intends to expand its reach to other countries around the world to bring access to digital banking to the global population.
U.K becoming hub for crypto businesses
Ziglu is the first major cryptocurrency development in the U.K in 2020, but there are several others which came in 2019. U.S based asset management company Fidelity, launched a branch of its digital arm in the U.K in December 2019 as the country’s laws permitted it. This shows that local laws are becoming more friendly to cryptocurrencies and the digital economy may continue to grow.
With major services such as those that Ziglu provides combined into one account, the firm will indeed help to make cryptocurrency more readily available to U.K residents and in the future the global population. 2020 is expected to be another fruitful year for the crypto industry and the U.K is fully positioned to participate in it with services such as this.