Sterling Bank Co-Founder’s Crypto Bank to Hit the Market This Month

Ziglu, a new lender providing banking services to crypto business, is considering to launch its lending services later this month.

Founded by co-founder and former chief technology officer (CTO) of Starling Bank, Mark Hipperson, last year, the bank will provide both fiat and crypto-based services to its customers.

In addition to regular banking services, the London-based bank will also offer a Mastercard debit card to its customers for their spending needs. The cardholders can spend in both fiat and digital currencies.

“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,” the bank describes itself.

In the initial phase, the bank will only cater to customers based in the United Kingdom; however, it has plans for global expansion in the near future.

“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 bank’s terms of services states.

Proper approval is necessary for such services

The services of the bank are already available in the beta version as it is in the testing phase and currently in the process of getting an e-money license from the UK’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term).

Providing banking services to crypto-based clients is tough as the regulators of most of the major countries are hostile towards the industry. However, this also created a massive demand for such services.

With his new lending initiative, Hipperson is aiming to process $1 billion in transactions in 2020 and is also eying to enter the United States by the fourth quarter of this year.