The UK’s rival bank, Ziglu announced the launch of its peer-to-peer payment service (P2P) for fiat and cryptocurrencies on September 7th.
This is done after receiving the license from the UK Financial Conduct Authority (FCA) and the license from the Fifth Money Laundering Directive (5MLD) from last week.
Ziglu was launched in June with the vision of providing easy and secure access to any currency.. The platform is constantly being developed and many more functions are planned for the future.
Cointelegraph spoke to Mark Hipperson, the founder and CEO of Ziglu, about obtaining the full license, P2P payments and future plans.
He described the licensing process as difficult and lengthy, but essential to establishing a prestigious position within the space..
The 5MLD regulators in particular took a lot of persuasion but were happier with it Ziglu does not currently allow cryptocurrency transfers in and out of the ecosystem, avoiding the problem of not knowing where it came from..
Instead, The cryptocurrency can be purchased within the application and P2P can be transferred with other users. This should keep things simpleHipperson explains, “Although the 5MLD license we have allows us to do exactly the same things that a licensed exchange can do, and third-party crypto transfers are certainly in the future.”
Indeed Ziglu supports Bitcoin Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH) and Ether (ETH). Add XRP (XRP) in Septemberand then about one coin every two weeks as requested by customers.
The platform integrates several exchanges. When a customer wants to buy cryptocurrencies, they are always looking for them at the best price. For example, if this is the Kraken dollar price, Ziglu will convert the customer’s pound sterling to dollars and make the purchase immediately.
Fiat payments to and from third parties are now available.
“”We’re not a niche crypto institution, we’re a modern defiant bankor. However, we believe that a modern bank must enable its customers to use cryptocurrencies, “said Hipperson.
As Cointelegraph reported when Ziglu was first announced in January, Multi-iiat currency support and debit card were promised that converted cryptocurrencies to fiat (again at the best market prices) at the point of sale.
The debit cards have already been tested and their introduction is planned for the end of September. Multi-currency support for users will arrive in October, although currency conversion is already in progress when purchasing cryptocurrencies.
Apart from all that Cryptocurrencies with Ziglu are fully insured up to a maximum of 50,000 pounds::
“We’re one of the few companies in the world that offers a £ 50,000 insurance policy for the cryptocurrencies we have on us, which is pretty unique.”