The Tap Global Group (previously Quetzal Capital) is an easy-to-use crypto app that bridges traditional finance and blockchain technology. By becoming a listed company in the Access Segment of the AQSE market, Tap Global Group has secured £3 million in an IPO (Initial Public Offering).
This makes Tap Global Group the first cryptocurrency exchange provider to list in the UK, and also London’s first listings of 2023. The proceeds from the IPO will be used for increased marketing spending and international expansion.
John Taylor, Non-Executive Chairman, comments, “Tap is a dynamic, proven, and revenue-generating business in a sector which we believe is capable of significant growth. 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. This listing is a meaningful step in delivering on that ambition. I look forward to working with Tap’s founders, David and Arsen, as we build on the Company’s extraordinary progress to date.”
Bridging crypto and traditional finance
Founded by 29-year-old former software developer Arsen Torosian and prepaid card business veteran Dave Carr in 2018, Tap enables users to use cryptocurrency for everyday purchases or withdraw cash from an ATM just like a traditional debit card which is linked to a crypto wallet.
Through the Tap app, users can access several crypto exchanges to purchase up to 26 crypto assets and store them in the customers’ crypto wallets.
The platform also offers its own Mastercard to pay for online shopping using Bitcoin.
Through its banking partner, LHV, the cryptocurrency platform provides Sterling and Euro bank accounts to customers in the EU, UK, and EEA.
David Carr, Chief Executive Officer, comments, “Tap has always been a pioneer in the crypto space. We were the first crypto FinTech approved by Mastercard in Europe, one of the first distributed ledger banking solutions to become fully regulated and provide crypto exchange services for businesses, and today became the first crypto exchange provider to list in the UK.”
He adds, “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. 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.”
As of now, Tap has grown to over 100,000 users and plans to expand to Australia and the United States.
