Ziglu, a cryptocurrency firm based in the UK, has successfully secured £5 million, now valued at £45 million. This company, which previously commanded a valuation of $170 million, offers a platform for British users to buy and sell eleven different cryptocurrencies, earn yields through its ‘Boost’ offerings, and conduct transactions via a debit card.
Founded by Mark Hipperson, a former co-founder of Starling Bank, Ziglu was close to being acquired for $170 million by Robinhood in 2022. However, following a downturn in market valuations, the offer was significantly reduced to $60 million, leading to the deal’s cancellation.
Despite recent challenges in the cryptocurrency sector, there are signs of renewed interest and recovery, which has prompted Ziglu to pursue growth within the traditional finance sphere. In October, the company announced plans to acquire the retail arm of Damex, a Gibraltar-based firm, to enhance its banking, cryptocurrency, and investment platform offerings for international customers.
The first new product in their pipeline is Ziglu Coin, a rewards-based cryptocurrency supported by a recently finalized $10 million agreement. This coin is expected to be launched in the second quarter of 2025 and will be available both on the Ziglu platform and other prominent exchanges. Users will have the opportunity to earn Ziglu Coin through the Ziglu app and its associated ecosystem, gaining access to rewards and advantages through a forthcoming enhanced subscription program.
Hipperson has indicated that a comprehensive prospectus regarding Ziglu Coin will be released soon. He stated, “Our Ziglu Coin represents a significant advancement in enhancing utility, accessibility, community engagement, and rewards for our users. Our goal is to build an ecosystem where digital assets integrate seamlessly with traditional finance, providing individuals with real-world value and control over their finances.”
He further noted that the £5 million raised will be utilized to expedite product development, facilitate expansion into Europe, and broaden the range of investment offerings, including equities, commodities, and cash savings.