RNS24 Jan 2023 07:18
Contract Win:
Bitfinex Becomes First Customer For New Tap 'Cards as a Service' B2B Revenue
Stream
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap
between traditional finance and blockchain technology, is pleased to announce
the launch of its CaaS 'Cards as a Service' B2B product (the "Product") with
leading global cryptocurrency exchange Bitfinex as the first client for this
new service.
The Company's new Product enables companies such as Bitfinex to offer their
customers a prepaid Mastercard to enhance their existing financial offering.
The card, which will be made available to all of Bitfinex's European users,
will be underpinned by Tap's existing infrastructure and regulatory approvals
and will allow Bitfinex account holders to convert their cryptocurrency assets
to Euro which they can send to their card to purchase from any of the 37
million worldwide merchants which accept Mastercard.
Tap's Product will carry the branding of clients, such as Bitfinex, but all
issuing, managing and settlement services will be provided by Tap. Tap will
charge for the Product on a per card, per month basis, providing its clients
with control, flexibility and transparency.
David Carr, Chief Executive Officer of Tap, commented:
"We are excited to add this B2B Product to Tap's offering and look forward to
supporting innovative businesses such as Bitfinex in providing their clients
with financial flexibility to seamlessly convert and spend cryptocurrency
assets without hindrance from the traditional banking system.
Bitfinex, one of the largest cryptocurrency exchanges in the world, is an ideal
partner for the external launch of this product, which was previously only
available to Tap's userbase.
Tap is not a simple 'buy crypto' app, focused solely on individual users. It is
our ambition to be one of the world's leading FinTech companies and this
product is an example of our significant and growing business-focused
offering."
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