A new UK-based mobile application, Ziglu, is making cryptocurrency purchases extremely fast and simple with no hidden fees.
Fast & Cheap
Ziglu has gone live on the Apple Store and their mission is to simplify the process of buying cryptocurrencies with no hidden fees and margins. Up until now, buying cryptocurrencies could have been done easily but that convenience cost a significant amount in fees.
The other alternative that cost next to nothing was going straight to the source via crypto-exchanges which is rather technically difficult for many as it includes handling wallet addresses, deposit/withdrawal procedures, KYC verification and the understanding of how these exchanges functions; this option is hence not suitable for everyone.
Ziglu’s goal is to make that first option much cheaper. From what we were able to derive from their website, it seems that fees would be in the 1.25% range, much lower than the industry standard 3% seen almost everywhere else.
The CEO of Ziglu is Mark Hipperson, who was also the CTO and co-founder of Starling Bank; a digital bank that has challenged the status quo alongside competitors such as Revolut.
He stated: “This launch marks the beginning of an exciting journey for Ziglu to deliver transformational financial services for our customers. By offering immediate and safe access to best-price crypto, customers can spend, exchange and send their money, regardless of the currency, where, when and how they want”.
MasterCard Debit Card
One of their upcoming plans is to launch a card that will allow users to spend their crypto as well as any fiat currencies held in the account; every account will also receive full bank details (account number, sort code, IBAN).
This has been previously seen from Wirex and Coinbase amongst others. How the fee structure will be for Ziglu remains to be seen, however it was not a cheap option for the aforementioned examples.