The crypto-friendly challenger bank, Ziglu, has received an electronic money institution (EMI) license from the United Kingdom’s Financial Conduct Authority (FCA) and launched a peer-to-peer payments platform for both crypto and fiat a week after. The London-based Ziglu bank received the license on September 1 after applying for it in May 2019. The bank’s users can send and receive instant payments in both digital currencies and the British pound.
The crypto-friendly bank launches peer-to-peer services.
The bank was founded and now led by Mark Hipperson, the co-founder, and chief technology officer of Starling Bank, a well-known challenger bank operating in the UK and Europe. The platform now allows trading with Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, and has plans to list XRP later this month. The peer-to-peer services will support all these digital currencies, along with the pound sterling. The peer-to-peer platform will charge 1.25 percent as commission on trades. The bank also raised around $6.94 million in seed funding closed in June and is now looking to raise more in via crowdfunding.
Kraken became the first derivates exchange to receive FCA approval.
Crypto exchange giant Kraken earlier announced that it had received a Multilateral Trading Facility (MTF) license from the UK’s financial watchdog, Financial Conduct Authority (FCA). The crypto exchange has become the first FCA approved futures exchange in the United Kingdom. The license will enable institutional investors to trade on the futures platform efficiently. The license means that the crypto exchange will enhance its clientele to investors that could have been barred by the UK laws from using unlicensed exchanges.
As reported earlier, the CEO and the co-founder of the crypto exchange Kraken, Jesse Powell, had said that they have been pursuing the licensing as the firm is determined to ensure that cryptocurrency is accessible to everyone.