Ziglu, the first-ever bank challenger of British origin has announced that clients can now trade crypto on its new platform, however, some certain conditions need to be met.
With this tactical move, the challenger bank joins other financial powerhouses such as Revolut which is also a challenger bank that allows crypto trading in its app. Even as mouth-watering as this development is, Ziglu has added a clause to the activities of its client base.
All users are only allowed to do all their transactions strictly on the app and as such, no one is allowed to send assets to any wallet outside the app. This condition is not the first that has come with this kind of news as Revolut has previously enforced that on its platform.
Experts argue conditions attached to the offer by Ziglu
As nice as this offer seems, experts have argued that the condition attached to the offer by the challenger bank is a ploy to hold back customers which is a big blow to what dealing digital assets stands for. Digital assets were originally set up to eliminate the need for a bank while allowing the holders of the wallet to do what they so wish.
To give clarity to the whole issue, Chief Product Officer of Ziglu, Nick Turner-Samuels agreed that even though the new offer is a good one, the condition attached is complicated and they would eventually explore the need for customers to send assets to external wallets.
Bank challenger cut out retail banks with mouth-watering deals
In his argument, Samuels said the challenger had to come to the compromise of sending to only Ziglu based wallets because they needed their clients to enter the platform quickly.
Challengers like Ziglu have only one function which is to cut out financial institutions by offering clients mouth-watering fees. A little of their services include a low exchange rate compared to retail banks and launching easy and very accessible apps for their client base.