UK-Licensed App Adds P2P Crypto Payments

Peer-to-peer cryptocurrency payments are now live on Ziglu, a week after the app-based platform got its EMI license from a U.K. watchdog.

By Paddy Baker

Sep 7, 2020 at 10:02 a.m. UTC

Updated Sep 14, 2021 at 9:52 a.m. UTC

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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.

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