Foreign media: Crypto Friendly Bank Ziglu is negotiating with potential buyers and plans to raise $2.46 million to continue operations before being acquired

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.

Interpretation of this information:

Ziglu, a British cryptocurrency-friendly bank, is reportedly negotiating a sale with potential buyers. This move comes after the collapse of the bank’s acquisition deal with Robin Hood. The company is said to be hiring investment bankers to facilitate the sale of the bank. The potential buyers are interested in acquiring the bank at a lower price. Ziglu is also seeking to raise approximately £ 2 million ($2.46 million) at a valuation of $12.3 million to sustain its operations during the sale negotiations.

The news of Ziglu’s potential sale may have come as a surprise given that the bank only launched in June 2020. However, the platform has been seen as a promising contender in the market, offering users the ability to hold and trade both traditional currencies and cryptocurrencies in one place, as well as a debit card that supports both. With the rise of cryptocurrency and blockchain technology, it’s not uncommon for banks to explore opportunities within the industry. However, the competitive nature of the market may have led Ziglu to falter in its acquisition deal with Robin Hood, prompting the company to seek alternative options.

In terms of the potential buyers of Ziglu, it is unclear who they may be. However, given the current circumstances, it is likely that they are seeking a bargain price. This would benefit the buyers since they would gain control of a potentially profitable platform without bearing the cost of its development. For Ziglu, the sale of the platform at a lower price may not be ideal, but it would allow them to move forward and gain the resources needed to continue operating until a sales agreement is reached.

In summary, Ziglu is reported to be negotiating a sale with potential buyers after its acquisition deal with Robin Hood collapsed. The company is hiring investment bankers to oversee the sale, and is seeking to raise approximately £ 2 million to continue its operations. The potential buyers are looking to acquire the platform at a lower price, and it is unclear who they may be. The sale of Ziglu may not be ideal, but it would allow the company to move forward and explore other potential opportunities.