Ziglu, a cryptocurrency company based in the UK that previously had a valuation of $170 million, is now seeking to raise £2 million at a significantly reduced valuation of £10 million to ensure its survival.
Ziglu, which is approved by the FCA, allows users in the UK to buy and sell eleven different cryptocurrencies, earn yields through its ‘Boost’ products, and use a debit card for transactions. Additionally, it enables users to move and spend money easily.
Last year, Ziglu was close to a $170 million acquisition by Robinhood. However, as market valuations plummeted, Robinhood made a revised offer of $60 million, leading to the deal’s collapse and the resignation of the company’s founder, Mark Hipperson.
Now, according to Sky News, Ziglu is reaching out to investors to secure £2 million in funding, which would provide the necessary resources to remain operational until a potential sale can be finalized. The company has also informed investors that it plans to pause some services to cut costs, including a temporary halt on onboarding new customers for several months.