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Ziglu bids to raise funds at a bargain-basement valuation

Ziglu bids to raise funds at a bargain-basement valuation

Ziglu, a UK-based cryptocurrency business that once commanded a $170 million price tag, is looking to raise £2 million to stay afloat at a massively discounted £10 million valuation.

FCA-approved Ziglu lets Brits buy and sell eleven cryptocurrencies, earn yield via its ‘Boost’ products, pay using a debit card, and move and spend money.

Last year, the company was on the verge of securing a $170 million sale to Robinhood. But with market valuations plunging across the sector, Robinhood returned with a watered-down $60 million offer, leading to the abandonment of the deal and the ultimate resignation of founder Mark Hipperson.

According to Sky News, the company is now sounding out investors for a £2 million raise that would give it sufficient funding to continue operating until a sale could be agreed.

It recently told investors it planned to suspend some services in order to reduce costs, including a decision not to take on new customers for several months.

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