U.K Plans to Launch Ziglu – First Digital Bank For Easy Crypto to Fiat Conversion
With countries around the world starting to prioritize digital assets as the future of the financial industry, the U.K has decided to hop on the train by launching their first digital bank. This post is inspired by this Youtube video.
Nothing should be considered investment or financial advice. Enjoy the ride.
Ziglu Digital bank
With the U.K looking to strengthen their financial system after the continuation of economic uncertainty revolving around Brexit, the idea of launching a digital bank seems quite appealing. Luckily, Mark Hipperson, head of technology for Barclay’s group, is looking to tackle this idea.
The idea is a huge task, but Mark seems to be the man for the job. His latest venture, Ziglu, will be the first digital bank that the U.K. needs to further push their financial prowess. Ziglu will give citizens and businesses the ability to store fiat and crypto all in the same account, while also granting them the ability to spend crypto seamlessly through an internal conversion process.
The idea is a simple one, but very complex. Offer multiple different fiat currencies and digital currencies all through the same account with the ability to exchange one for another at any time with inter-bank rates. The implications are huge, and if done correctly, this could change the way banking is done.
Ziglu Impact
If Ziglu succeeds, it will offer plenty of insight to the host of central and independent banks in the U.K. on how to structure multi-purpose accounts, how to deal with the onslaught of regulatory problems that come with holding crypto, and how lucrative it can be.
In addition, the ability for instant transfers, and near fee-less payments should open the doors for more international trade and commerce long-term. There are a couple of solutions that Ziglu will need to implement internally that will put forth a better financial world for all account holders like securely holding digital assets.
Sadly, the bank will only be available for use in the U.K for now until all of the foreign regulations, taxification, and further clarity are shed on the industry. Either way, bridging the gap between traditional finance and the digital age is a feat that will take plenty of work, patience, and capital.
Europe Leaning Into Crypto
This news comes just a few months after the news from France mentioned in a previous article on the tribe. France, lead by
their central bank governor, François Villeroy de Galha, is looking to launch their own cryptocurrency. We know this currency will more than likely be a stable coin, but this lends to the idea that the E.U. as a whole is pushing the digital eco-system agenda.
We know that the E.U is falling behind in terms of development and unity, but perhaps the pressure put on by Libra and the Chinese
Renminbi is starting to make the European Union work together. We have seen France take the initial leap, but the U.K. could be following in their feet on behalf of E.U and it’s neighboring countries.
Regardless, the E.U. is slowly starting to step into the crypto industry in big ways. Becoming one of the first groups to launch not only a centralized digital asset, but also a digital bank to support it will give them a huge advantage as crypto merges with traditional finance.
