Ziglu

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Is this the one that was started by someone from Starling? The name rings a bell

(Edit: Apparently, it is)

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The debit card makes the Hot Coral look positively restrained.

I have one like the picture, with Launch Edition on it.

I believe somebody picked up the news of the then-impending launch and posted about them on FintechTalk back in the day, so I signed up.

There was an initial signup bonus, which I missed out on as I couldn’t get the app to work on iOS 14 beta, but after that I got into it and ordered the card.

Just quite recently they ran a referral offer, and I made £5 off that.

They seem like a decent outfit.

Yeah, I signed up at the same time. I found I didn’t really have any use for the account, so ended up closing it. Like you said, seems like a decent outfit, just not for me.

Edit: don’t know how I ended up replying to myself! :joy:. Was meant to be @Seb

I’m half signed up, can’t be bothered moving to get the driving licence out. I’ll finish that process later then have a look around the app.

Looks interesting. Have FP transfers to/from them been blocked by any banks yet, though?

I signed up as soon as the app came out and got all the rewards. Very generous initially.

I’ve done FP transfers from Revolut, but nothing recently.

At the moment, it’s pretty pointless. You can’t do anything with what you buy - it’s custody only. Fees are quite high. The range of coins is limited. They’ve tagged on a debit card, but it only works with fiat. Bitcoin Boost just offers a “whopping” 5% APY (not clear whether Boost is still covered by their insurance though - maybe someone here knows).

I think if you are someone who wants to dabble, but you’re also worried about getting scammed or just making a mistake (which are legitimate concerns), then this gives you quite a lot of reassurance as a custody account with insurance. For active traders and hodlers though, it’s a waste of time

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4 posts were split to a new topic: Ziglu Referrals

They’ve just brought our Sterling Boost. It gives you 5% interest.

It’s very strange positioning unregulated, unsecured lending as an alternative to cash savings accounts

Press writeup

Terms

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With no FSCS support, it’s a no. This extract from their website, though not surprising, sends a bit of a shudder…

“This should mean that, if we become insolvent, you get most of your money back because ………”

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Ziglu’s position in the article seems to be that so many people are moving savings into crypto, so they want to offer a “safer” product. They’re just obfuscating the risk though, imo. Plus, their rate isn’t too far off lower risk p2p lending, so you’d probably be better off in p2p inside an ISA

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Suppose it’s no so bad if you’re slinging sub £100 at it?

That’s a good angle. I’m trying to figure out how the Ziglu service provides something new - as opposed to a (example) Coinbase account - other than the physical debit card.

Also, I haven’t delved too much onto this yet, despite opening a Ziglu account, but does the Ziglu ‘wallet’ (app) provide private keys for the individual crypto coin wallets it supports? If not - closure…

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No, it’s custody only. Balances in tokens are insured. Booster balances aren’t (at least, it seems not)

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They have:

Insurance
Fast transfers in and out (virtually instant faster payments)

It’s geared to a demographic that wants to play with crypto, but doesn’t want to get its hands dirty. Any hodlr wouldn’t give Ziglu a second glance

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My card arrived today, but I’m really not sure what to do with it!

(It looks slightly more pink in real life)

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Is that avaliable to all people who sign up?

I believe so! Mine is sat in the drawer though - no use for yet another payment card

Early adopters got an “exclusive” version, with the Ziglu logo and “Launch Edition” in the bottom left hand corner.

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