Bridging the Gap Between Crypto Exchange and Traditional Financial Payments, Tap Global Just Floated to Raise $3.1M

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Tap Global, a Gibraltar-licensed crypto app that offers preloaded Mastercards and fiat bank accounts to its customers, has just gone public in an IPO that raised $3.1 million.

The startup’s shares trade on the Aquis Exchange, an alternative trading platform for European stocks headquartered in London.

Shares for listing were priced at 4.5 pence each and nearly 69 million ordinary shares were listed.

“Our listing decision has 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,” said the CEO of Tap Global, David Carr. “Like any emerging technology, cryptocurrency has seen its fair share of bad actors impacting market sentiment.

“However, as companies that failed to take care to protect their assets fall to one side, the market will mature, leaving fully regulated and accountable companies, such as Tap, well positioned to succeed.”

The listing is part of a reverse takeover by decentralized finance investor Quetzal, following a $20.5 million sell-and-buy deal by the latter to acquire TAP Global a few months ago.

Tap Global’s crypto app is not a direct crypto exchange, but it does allow customers to settle transactions through third-party crypto exchanges through its in-app digital currency wallet. The wallet is also equipped to store euros, pounds or dollars.

The service currently has over 100,000 registered users. When signing up for the app, customers also receive a registered “full fiat” bank account in British Pounds or Euros, provided by its banking partner LHV, and can choose to receive virtual or physical Mastercards for spending.

AI powers the market tracking element of Tap’s software. Algorithms allow users to find the best exchange rate for cryptocurrencies at all times.

Following the listing, Tap Global aims to expand further internationally and will launch “targeted” marketing campaigns to enroll more customers.

Tap’s growth spurt overseas will also depend on securing agreements with new international partners, enabling it to offer the same coverage in a more geographic market in areas such as card issuance, banking and compliance.

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