Ziglu, a UK-based cryptocurrency business that once commanded a $170 million price tag, has raised £5 million at a £45 million valuation.
FCA-approved Ziglu lets Brits buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money.
In 2022, the company - founded by former Starling Bank co-founder Mark Hipperson - was on the verge of securing a $170 million sale to Robinhood. But with market valuations plunging across the sector, Robinhood returned with a watered-down $60 million offer, leading to the abandonment of the deal.
Since that low water mark, the cryptocurrency sector has more recently shown fresh impetus, fuelling an appetite for expansion into the mainstream of finance and wealth management.
Sniffing the wind, Ziglu in October signalled its intention to acquire Gibraltar-based Damex’s retail arm, accelerating the firm’s plans to open up its banking, crypto and investment platform to customers internationally.
First off the production line will be the Ziglu Coin, a rewards based currency which is being backed by a recently signed $10 million term sheet.
Expected in Q2 2025, Ziglu Coin will be available on Ziglu as well as other major exchanges. Users will be able to earn Ziglu Coin through the Ziglu app and ecosystem, unlocking rewards and benefits via an upcoming enhanced subscription programme.
Hipperson says a full prospectus for the Ziglu Coin proposition will be released soon.
"Our Ziglu Coin is an important step in bringing more utility, accessibility, community, and rewards to our users," he says. "We’re building an ecosystem where digital assets work seamlessly alongside traditional finance, giving people real-world value and control over their money."
He says the £5 million fund raise will accelerate product development, European expansion, and the introduction of an expanded range of investment products, including equities, commodities, and cash savings.