(Alliance News) - Tap Global Group PLC said on Thursday that it had experienced significant revenue increases and expanded its user base since its first listing in January.
The regulated cryptocurrency app, which aims to "[bridge] the gap between traditional finance and blockchain technology" and is headquartered in Gibraltar, reported revenue of GBP1.2 million in the first quarter of 2023. This was more than quadruple its revenue of GBP250,000 over the same period in 2022, and represented a 5.5% increase from its revenue of GBP1.1 million throughout that year.
Registered users of the app increased by 30% or over 30,000 new users since Tap's listing on the Aquis Stock Exchange Growth Market, totalling 144,305 people. Tap said this showed customers "increasingly seeking the security of a regulated, insured and low-fee provider."
Tap said it has 39 cryptocurrencies listed on its platform, including 12 added since the company's AQSE listing. It aims to continue expanding its user offering and adding experience upgrades, which it hopes will retain existing users and contribute to the maintenance of user growth momentum.
Tap said it is continuing to grow its business to business offering, including cryptocurrency business accounts and its cards-as-a-service solution of which Bitfinex was its first client. The company's continued financial growth has allowed for increased marketing, sales and compliance headcounts, which it says will allow it to continue expanding.
Tap noted the multiple high-profile crises in cryptocurrency exchanges throughout the previous year, which it described as a "challenging backdrop" for customers. It said its management was "adopting a necessarily prudent approach" with relation to non-UK markets, due in part to "the emergent hostile regulatory environment in the United States".
However, Tap is continuing to plan for future expansions with the necessary registration secured in Canada, and entities incorporated in the US and Australia. The company said it "intends to launch in these markets at the optimum time".
"We are delighted with Tap's progress since listing, particularly given the headwinds that cryptocurrency businesses have faced over the last 18 months or so. The decision to become a regulated entity and place a strong emphasis on user protection from Tap's inception is working strongly in our favour and is reflected in the impressive user growth and retention on our platform," said Chief Executive Officer David Carr.
Carr added: "While we will continue to pursue global expansion, the sustained growth we are experiencing in our existing markets affords us the benefit of being able to time our new market entries wisely in order to secure the best outcomes for both customers and shareholders.
"We look forward to providing further updates in the coming months as we build our capabilities and welcome more users to Tap’s unique platform."
Shares in Tap were up 4.0% at 3.38 pence in London on Thursday.
By Emma Curzon, Alliance News reporter
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