Coindesk Logo

UK-Licensed App Adds P2P Crypto Payments

UK-Licensed App Adds P2P Crypto Payments

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.

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.

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.

AccessTimeIconSep 7, 2020, 10:02 AM
Updated May 15, 2023, 1:33 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.