Tap Global becomes UK’s first listed crypto exchange services provider
Cryptocurrency and banking app Tap Global has listed on the UK-based Aquis Stock Exchange, raising £3.1 million.
Tap Global raises £3.1m in Aquis Stock Exchange listing. Image source: Tap Global
Tap Global describes itself as a “crypto-fiat exchange service provider with associated neo banking platform” providing business-to-business (B2B) and business-to-consumer (B2C) services.
It provides users access to several major crypto exchanges, allowing them to purchase 25+ crypto assets.
Tap says its proprietary aggregator middleware enables execution (crypto or cash settlement) and pricing in real time.
It also offers a physical or virtual Tap Prepaid Mastercard to make purchases in crypto or fiat at over 40 million merchants worldwide.
Founded in 2018, Tap is based in Gibraltar and regulated by the Gibraltar Financial Services Commission. It provides named bank accounts denominated in sterling and/or euro to all its customers in the UK, EEA and EU through its banking partner, Estonia-based LHV.
It says it was the first crypto fintech firm to be approved by Mastercard in Europe and has now become the first crypto exchange service provider to list in the UK.
The listing was via reverse takeover of investment company Quetzal Capital for £20.5 million.
“Our decision to list now raised some eyebrows, particularly in the wake of the FTX fallout, but it is our focus on regulation and customer protection that sets us apart from less responsible operators,” comments David Carr, CEO and co-founder of Tap Global.
“Like any emerging technology, cryptocurrency has seen its fair share of bad actors impacting market sentiment. However, as firms that have not shown proper care in safeguarding assets fall to one side, the market will mature, leaving fully regulated and responsible firms, such as Tap, well-positioned to succeed.
“Having grown to over 100,000 users with minimal marketing spend to date, I am excited by the opportunity to accelerate user growth.”
The listing proceeds will be used to increase marketing spend and drive international expansion. Tap also plans to increase its international partnership efforts to provide additional services such as card issuance, banking facilities, debit card loading, client identification and anti-money laundering (AML) and compliance services.
John Taylor, non-executive chairman, describes Tap as “a dynamic, proven and revenue-generating business”.
He adds: “With cryptocurrency and blockchain technology growing faster than any financial technology in history, I am excited to help Tap fulfil its potential of becoming a fintech super-app, bridging the gap between traditional and digital finance.”
Taylor describes the listing as “a meaningful step in delivering on that ambition”.
