Former Starling Bank co-founder and chief technology officer Mark Hipperson is preparing to launch a new cryptocurrency startup.

After leaving the digital challenger bank in 2016, he started working on the new venture in late 2018 and has an application in for e-money licence from the Financial Conduct Authority.

Named Ziglu, the mobile app will let users hold both fiat and up to five cryptocurrencies in an e-wallet, connecting with crypto exchanges for currency transfers and enabling spending via a Mastercard debit card.

The startup has so far been funded by a combination of Hipperson's own money and several angel investors. He has ambitions to to process up to $1 billion in transactions in its first year after launch, with an expansion from UK to the US by the third quarter.

“We’ve built an account that breaks all the currency barriers - geographic and technological - and puts you fully in control of your money whatever you want to do with it,” reads the website.

“While we intend to expand our offerings to other countries in due course, currently only UK-residents who are at least 18 years of age may use our services and are eligible to apply for a Ziglu account,” notes the terms of service.

For those trading cryptocurrnency, Ziglu will charged an as-yet-undetermined percentage fee based on the value of each transaction.

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