UK-Licensed App Adds P2P Crypto Payments

A payment app from a co-founder of Starling Bank has added peer-to-peer support for cryptocurrencies a week after receiving an Electronic Money Institution (EMI) license from a U.K. regulator.

• Ziglu announced Monday it had launched peer-to-peer payments for supported cryptocurrencies as well as pound sterling.
• This means users can send and receive assets to and from any other Ziglu user instantly, according to a press release.
• The news comes a week after the Financial Conduct Authority (FCA) approved the payments platform as an EMI – which authorizes it to store and facilitate the transaction of digital forms of money.
• While an EMI license authorizes Ziglu to perform some of the functions associated with traditional banks, it isn't the same as a full banking license and doesn't give the platform the ability to issue loans or to offer interest on balances.
• Ziglu was founded by Mark Hipperson, the former CTO of London-based challenger bank Starling.
• The app launched in mid-June and announced a £5.25 million (roughly $6.9 million) seed round just two weeks later.
• Ziglu currently supports bitcoin, ether, litecoin and bitcoin cash, with XRP due to be added later this month.
• The platform says it will list other digital assets based on customer demand.
• Cryptocurrencies held on Ziglu are insured up to £50,000 (around $66,000).

EDIT (Feb. 8, 2021): Removed reference to Mark Hipperson being a co-founder of Starling Bank.

See also: Digital Bank Revolut Expands Crypto Buying and Selling Service to Australia