Ziglu, a British Crypto-Friendly Bank, is Up for Sale After Collapse of Robinhood Deal
According to reports, Sky News quoted sources as reporting that Ziglu, a British crypto friendly bank, is negotiating with buyers interested in acquiring it at
According to reports, Sky News quoted sources as reporting that Ziglu, a British crypto friendly bank, is negotiating with buyers interested in acquiring it at a lower price after the collapse of its acquisition deal with Robin Hood, and is hiring investment bankers to oversee the sale. In addition, the company hopes to raise approximately £ 2 million ($2.46 million) at a valuation of $12.3 million to enable it to continue operating until a sales agreement is reached.
Foreign media: Crypto Friendly Bank Ziglu is negotiating with potential buyers and plans to raise $2.46 million to continue operations before being acquired
Introduction
In recent days, the cryptocurrency world has been abuzz with news that Ziglu, a crypto-friendly bank based in the United Kingdom, is on the market. Sky News recently quoted sources close to the matter stating that Ziglu is reportedly negotiating with potential buyers after the collapse of its acquisition deal with Robinhood. Additionally, Ziglu is seeking to raise funds to keep the business operational while a new buyer is secured. Keep reading to explore this story in more detail.
Who is Ziglu?
Before discussing the recent turn of events, it’s important to understand what Ziglu is and how they operate. Ziglu is a UK-based digital bank that aims to provide a seamless and secure way for users to manage traditional and digital currencies. Founded in 2019, Ziglu offers a variety of financial services, including the ability to buy and sell Bitcoin and other cryptocurrencies, as well as fiat currencies. Ziglu distinguishes itself from traditional banks by offering no hidden fees and competitive exchange rates.
The Acquisition Deal with Robinhood
In March 2021, Ziglu announced that it had agreed to a $5 million acquisition deal with Robinhood, the popular US-based investment app. The deal was seen as a strategic move for Robinhood to expand its offerings in the cryptocurrency market. However, the deal fell through in May, reportedly due to regulatory concerns on both sides. Since then, Ziglu has been exploring other options.
Ziglu Goes Up for Sale
Recent reports suggest that Ziglu is now seeking a new buyer after the failed acquisition with Robinhood. Sources close to the matter have revealed that Ziglu is already in talks with potential buyers that are interested in acquiring the firm. It’s worth noting that Ziglu’s crypto-friendly banking license makes it an attractive target for firms looking to break into the cryptocurrency industry.
Raising Funds to Stay Afloat
In addition to selling the company, Ziglu is also looking to raise approximately £2 million ($2.46 million) to ensure that it can continue operating until a new buyer is secured. The fundraising would value Ziglu at around $12.3 million. Ziglu has reportedly hired investment bankers to oversee the sale process and manage the fundraising efforts.
Conclusion
Ziglu’s recent troubles have caused a stir in the cryptocurrency community. While the failed acquisition deal with Robinhood was disappointing, Ziglu’s ability to attract new buyers indicates that there is still significant interest in cryptocurrency-focused financial institutions. Additionally, Ziglu’s willingness to seek alternative funding shows that they are committed to providing their customers with the best possible service. It remains to be seen who will purchase Ziglu, but this news is sure to have a significant impact on the future of cryptocurrency banking in the UK.
FAQs
How Does Ziglu Stand Out from Traditional Banks?
Ziglu distinguishes itself from traditional banks by offering no hidden fees and competitive exchange rates. Additionally, Ziglu’s focus on cryptocurrency makes it an attractive choice for those looking to manage their digital assets in a secure and seamless way.
Why Did the Acquisition Deal with Robinhood Fall Through?
The acquisition deal with Robinhood reportedly fell through due to regulatory concerns on both sides. Further details have not been released, but it’s clear that both companies were unable to come to a mutually agreeable arrangement.
What’s Next for Ziglu?
Ziglu’s next steps include finding a new buyer and raising funds to stay afloat until a new deal is secured. The company has already hired investment bankers to help with the sales process and fundraising efforts. Ziglu’s fate is currently unknown, but there is no doubt that there will be many interested parties vying for the opportunity to acquire this innovative crypto-friendly banking institution.
This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/8264.htm
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.