Ziglu as a Starling crypto offshoot

Not too sure why all mentions of Ziglu refer to them as a ‘bank’ (because as an EMI, they’re not supposed to use any name that suggests they’re a bank), but apart from that, very interesting.

I think it’s just the article, the actual site is careful to avoid the word bank (though they also don’t say what the are).

they do, “current account”

Yes that doesn’t really say what they are just what they offer. Assuming what they consider a current account is what everyone else does.

Crypto does seem to be the main selling point… and from the sounds of it a new company was the easiest way to get around banking regs etc.

Aside from wishing I bought some bitcoin years ago I don’t see the appeal of crypto currency for daily use (never mind how vague the term “block chain” has become).

I can see crypto for daily use as a great thing tbh, but like, not rn. Hasn’t come far enough yet

It needs to be decentralized and entirely integrate with government schemes but without the ability for the government to freeze assets surrounding it

Well definitely not Bitcoin… even ignoring the fluctuations in price, the transaction costs (and delays) are too prohibitive. Stablecoins might be better but I don’t know much about them. I guess the fundamental inability to reverse a transaction is possible to get around.

I don’t see governments allowing a fully decentralised currency. Maybe the banks and central banks could come up with a block chain system but would that be for consumers? I think it could be useful for consumers to move money between countries/currencies though.

It’s not something I really follow, so maybe there’s been more development since I last looked? Right now I see it more of an asset like gold than a currency.

There’s another one as well (joining an existing firm, but still).

Just signed up. £25 cash signup bonus (available until midnight on the 31st) sat waiting in the account.

Very smooth, quick signup and verification

I had a quick look at their website. The only unique thing I could see is actually useful Crypto insurance (£50k per person, not that I would need anywhere near that :laughing:). Other than that I don’t know if I’d find a use for it. Is there anything more in the app itself?

At the moment, they don’t seem to have GBP deposits and withdrawals up and running, so it’s too early to tell. Extremely barebones. Formatting issues and so on.

All I can do is convert the free money back and forth :joy:

No way to transfer to an external wallet either, but it looks like that is the plan.

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They are clearly aiming to grow quickly…

[referral link stuff]

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Noticed Crypto.com which now provided customers with a unique account and sort code uses Starling as their main UK bank supplier.


Ziglu has assigned me an account now.

Sort code 040301

Looks like Ziglu are using lhv.co.uk

I’ve played around with it a bit. Really, not going to compete with the big exchanges, probably not trying at 1.25% fee.

I think the strategy is more likely to be crypto as a service. A lot of work has clearly gone into the sign up. Deposits and withdrawals were instant. Then tapping in to as many exchanges as possible to get the best possible rates is interesting… Plus doing card payments on top. If they get it right, I can see lots of people hooking up with them.

In terms of buying crypto right now though, it’s a waste of time. You’d just be a guinea pig while they build their stack or whatever


Soon to be on Seedrs


Edit: The only additional feature since launch, as far as I can see, is “Payments with friends”, which was enabled by default (not cool!)

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Sounds like the crowdfunding is going well. I think the higher level perks are a bit stingy!

They seem to be selling it almost entirely on the card

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Ooo, shiny pink card

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Got my card today, is it just me or is there actually no benefit to Ziglu?

You don’t get the 10%+ savings that are offered by crypto companies like Crypto.com or Nexo or Celsius

You don’t get the ability to dodge bank account locks since they hold the crypto themselves

You don’t get any FCSC protection or any protection on crypto balances since that isn’t covered under e-money legislation

You don’t get cashback in Ziglu Coin or whatever they will eventually make

So… what’s actually the point? Right now it’s just a contactless debit card with the ability to buy and sell crypto with a rather high markup

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