Crypto Bank Ziglu Secures FCA License, Launches P2P Platform

Crypto-friendly bank Ziglu received an electronic money institution (EMI) license from the UKs FCA and launched a peer-to-peer payments platform.

September 7, 2020 | AtoZ Markets – 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. 

Ziglu bank launches peer-to-peer services 

Mark Hipperson is the founder Ziglu. He is also the co-founder and former CTO of London-based challenger bank Starling. The platform now allows trading with Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Interestingly, the platform 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. Notably, the full launch of the P2P service comes after the company completed a seed funding round of £5.25 million, with the aim of providing transparent and simple access to cryptocurrency.

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Kraken became the first derivates exchange to receive FCA license

Crypto exchange giant Kraken earlier announced that it had received a Multilateral Trading Facility (MTF) license from the UK’s financial watchdog, the FCA. The crypto exchange has become the first FCA approved futures exchange in the United Kingdom. The license, however, 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. 

The CEO and the co-founder of the crypto exchange Kraken, Jesse Powell, had earlier said that they have been pursuing the licensing as the firm is determined to ensure that cryptocurrency is accessible to everyone. 

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