Closing the gap between crypto exchange and traditional financial payments, Tap Global just floated to raise £3.1 million

The listing is part of a £20.5 million all-shares reverse takeover by decentralised finance investor Quetzal that was announced last November.
Closing the gap between crypto exchange and traditional financial payments, Tap Global just floated to raise £3.1 million

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

The startup's equity is trading on the Aquis stock exchange, an alternative trading platform for European stocks that's headquartered in London.

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

"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," said Tap Global's CEO David Carr. "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."

The listing is part of a reverse takeover float by decentralised finance investor Quetzal, following a  £20.5 million sales and purchase agreement by the latter to acquire TAP Global a few months back. 

Tap Global's crypto app isn't a direct crypto exchange, instead it allows customers to settle trading via third-party crypto markets via its in-app digital currency wallet. The wallet is also equipped to store fiat euros, pounds or dollars.

The service currently has more than 100,000 registered users. On signing up for the app, customers also receive a "full fiat" banking account registered in either British pounds or Euro, provided by its banking partner LHV, and can choose to receive virtual or physical Mastercards for spending.

AI fuels the market tracking element of Tap's software.  The algorithms enable users to seek the best exchange rate deal out there for crypto coins at any given time.

Following the listing, Tap Global aims to expand further internationally and will launch "targeted" marketing campaigns to sign up more customers.

Tap's overseas growth push will also depend on striking deals with new international partners, enabling it to offer the same coverage in more geographical markets in areas like card issuance, banking facilities and compliance.

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