Rival British bank Ziglu announced on September 7 that it would launch a P2P payment service for fiat currencies and cryptocurrencies.
This comes immediately after receiving an e-money institution license from the UK Financial Conduct Authority (FCA) last week, as well as the 5th Anti-Money Laundering Directive (5MLD) license.
Ziglu was launched in June with the aim of providing easy and secure access to any currency. The platform is under continuous development with many features planned in the future.
Cointelegraph spoke with Ziglu founder and CEO Mark Hipperson about the full licensing, P2P payments, and future plans.
He described the licensing process as complicated and time-consuming, but essential to building a respectable niche in the room.
5MLD regulators, in particular, required a lot of solid evidence, but were more comfortable with the fact that Ziglu does not currently allow cryptocurrencies to be transferred to and from the ecosystem, thus avoiding the problem of not knowing its source.
Alternatively, the cryptocurrency can be purchased in-app and transferred to other P2P users. This was done to keep things simple, Heberson explains, “While our 5MLD license allows us to do whatever a licensed exchange can do, third-party crypto transfers are definitely part of the future roadmap.”
Ziglu currently supports Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH) and Ether (ETH) with XRP (XRP) added in September, followed by approximately 1 coin every two weeks as per customers’ demand.
The platform integrates many exchanges, and when a customer wants to buy a cryptocurrency, he will always search for it at the best price. For example, if Kraken is priced in dollars, Ziglu converts the customer’s pounds into dollars and purchases instantly.
Fiat currency payments to and from third parties are already available.
“We are not a specialized cryptocurrency institution, but a modern competing bank. Nevertheless, we believe that any modern competing bank should allow its clients to trade cryptocurrencies,” Heberson said.
As Cointelegraph reports, when Ziglu was first announced in January, POS promised to support multiple fiat currencies and debit card converting digital currencies into fiat currencies (again at best market rates).
The discount cards have already been tested and are due to be launched at the end of September. Support for more currencies will appear for users in October, although currency conversion is already in place for purchases of cryptocurrencies.
Moreover, the cryptocurrency is kept with a fully insured company Ziglu for up to £ 50,000:
“We are one of the few companies in the world to offer £ 50,000 insurance in the cryptocurrency that we hold, which is unique.”