Crypto service Tap Global becomes first listed in 2023 on UK stock exchange

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British crypto app Tap Global has become the first listing of 2023 on the Aquis Exchange (AQSE), according to a company press release. The listing was completed through a reverse takeover by Quetzal Capital, according to a Jan. 10 press release.

The first #AQSE listing this year.

Thanks to @SimonPeterHunt of The Evening Standard (@standardnews) for covering the news from our stock market debut. #TAP #RTO #PLC

Full article: https://t.co/NK5Wp2VqjG

Tap Global Group Plc (@TapGlobalPlc) January 10, 2023

Tap provides fiat banking, a crypto exchange service that sources crypto from partner exchanges, and access to staking and DeFi protocols to UK and EU residents. The app is regulated as a bank by the Gibraltar Financial Services Commission.

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Quetzal acquired the company by trading $20.5 million ($24.9 million) of its own stock to Tap Global shareholders in exchange for ownership, and it raised an additional $3.1 million (3, $8 million) by issuing new shares. Money from these additional actions will be used to increase marketing spend and drive international expansion, according to the press release.

Related: Coinbase to cut 20% of its workforce in second wave of layoffs

David Carr, CEO of Tap Globals, said the company’s decision to go public at this time raised some eyebrows, as it’s so soon after FTX’s collapse, at a time when the crypto industry is facing heightened skepticism. However, he still decided to go ahead with the listing because he wanted to provide a regulated option for UK residents, as he explained:

Like any emerging technology, cryptocurrency has seen its fair share of bad actors impacting market sentiment. However, as companies that have not taken particular care in asset protection fall to one side, the market will mature, leaving fully regulated and accountable companies, such as Tap, well positioned to succeed. .

Crypto exchange apps have come under increased scrutiny from regulators and customers after FTX collapsed in November. The world’s largest exchange by volume, Binance, is reportedly under investigation in the US and Coinbase, the only NYSE-listed crypto exchange, has faced a drop in revenue due to falling transaction volumes.

But despite these challenges in the industry, this recent list from Tap Global shows that some crypto services are still seeing success.

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