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Will Ziglu’s highest-grossing crypto account join the UK? – Money Times

The UK is known for preventing new products from entering the market to protect its investors from potential investors, so will Ziglu succeed in its crypto interest account? (Image: Jiglu)

The last time a London company caught the attention was when it offered a high-yielding crypto account that did not last long.

In 2020, crypto launches Geeks Spreading ads across the London Underground, it suggests that savers who are “losing interest” in their bank account could start earning 5% if they open a Geeks account.

However, the Financial Conduct Authority (FCA, British Comptroller, Intervene Ads Soon disappeared.

Now, the module has a new high-yield crypto account.

April 8, crypto wallet and card launch Jiglu Your product has been delivered Bitcoin Boost, Guarantees 5% Percentage and Annual Fee for Bitcoin Deposits (P.D.C.).

Second Stories, Geeks earned income by converting British pounds into cryptocurrencies and sending them WeCash In Beijing – again transformed into trustees and lent to borrowers.

At Ziglu’s Boost account, customers deposit bitcoin instead of fidelity.

According to a press release, users can expect interest on that bitcoin value to be calculated “every second” and that interest will be added to their balance each week. According to Jiglu, customers can buy and sell Bitcoin on account without immediate penalty.

To understand whether the interest rate – 5% or 20% – is reasonable, investors need to understand what level of risk they accept. It goes to crypto credit and traditional peer-to-peer sites.

How does the company pay the 5% interest that earns enough income to show that rate (at the same time, earn income for you). What security does the investor have if something goes wrong?

Mark Hipperson, The company’s founder and CEO, told The Black magazine that Jiglu has partnered with “major cryptocurrency lending sites” to lend bitcoin deposited by boost users.

“It generates a revenue, which is passed on to our customers. All of our partners and their borrowers are subject to severe censorship,” he added.

Bitcoin credit has become increasingly popular in recent years. BlackFi, New York startup and pioneer of crypto lending recently raised $ 350 million $ 3 billion.

However, BlackFi is a different concept for retail customers because the company offers cryptocurrencies directly Companies – What Reliability, Suskehanna e Aguna Capital -, those who use them in refereeing opportunities.

An initial spokesman told The Black that Ziglu did not release his credit partners “for business reasons.”

When asked why customers should not go directly to unspecified lending sites, spokesperson sites “P2B” [de empresa a empresa], That is, the customer cannot access them as an individual investor ”.

In terms of regulation, Ziglu’s customers have more clarity.

Jiglu one Only three registered companies With FCA. To register, companies must comply with the anti-terrorism anti-money laundering and anti-finance rules that came into force in January 2020.

Only companies on this list can operate in the UK until July 9 (the original deadline is January 10, but Postponed At the end of last year after the controller received several requests).

The FCA is authorized to provide electronic money (“e-money”) and payment services for start-up.

Ziglu was launched in June 2020 and has raised $ 11.4 million, mainly from private investors and through the private finance platform Cedars.

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