Tap Global Ltd. has been granted a Distributed Ledger Technology licence from the Gibraltar Financial Service Commission and has now gone live. A unified crypto banking app, TapGlobal has now started to onboard consumer applications, having spent the past few months finalising its beta testing phase.Tap Global Ltd is a company based in Gibraltar that provides clients with real time trading of crypto assets using multiple exchanges from one app, and had been granted in-principle approval from the GFSC back in the autumn of 2019 as reported by Fintech.gi: Tap Global Receives in principle approval
The Tap Global platform offers several features including multiple fiat and crypto wallets with access to real time crypto trading with a number of exchanges. All assets are held securely in a multi-signatory “cold storage” wallets or as segregated electronic money accounts. There are easy on/off ramps from fiat to crypto with integrated fiat banking and one-touch exchange to crypto, BitGo cold wallets with a $100M cold storage insurance, and no FX charges on the prepaid TAP Mastercard. The crypto banking app includes an aggregated crypto exchange, safe crypto storage through insured custodianship, a TAP Mastercard and all the normal features expected from an alternative banking app. Furthermore, customers will be able to add a payment card to access funds in real time in addition to a named bank account in either GBP or EUR depending on the residency of the customer.
Cited in Tap Global’s online news release, David, Carr Co-founder and COO of Tap Global, commented: “TAP have waited until rigorous testing had been completed before taking the decision to launch to the general public, we have a waiting list and all of those that have provided the relevant KYC will be approved in the coming days.” He added: “this full launch is the culmination of years of work, the founders got together with an idea and after a long road of development and approvals we are finally ready to change the payments landscape.”
The TAP Prepaid Mastercard is one of the first to work with Mastercard and will allow customers to exchanging the value of their digital assets for traditional currencies to spend with merchants that accept Mastercard, or to withdraw cash at ATMs in over 200 countries around the world.
Arsen Torosian, Tap Global’s founder and CEO, said:
“Our plan was to release the tap token once we had a finished project, as a means of differentiating ourselves from other crypto projects. I believe the market is now showing an appreciation for that approach as we can see in the token price.”
Tap Global was advised and supported throughout the licensing process by Gibraltar law firm, Hassan’s. Quoted in Gibraltar’s local media, Anthony Provasoli, Hassans’ Fintech team Co-lead and lead Partner on the application stated:
“I think Tap has huge potential as it is one of the first fully regulated projects that bridges the gap between crypto and traditional finance. The Cypherpunk movement led to the creation of Bitcoin and the blockchain and, whilst many who follow their way of thinking find it hard to ‘trust’ traditional banks and financial institutions, I think both traditional banks and crypto related service providers have their place at least in the immediate to middle term future.
“It is always rewarding to see our clients receive full authorisation from the GFSC because we see, first- hand, the hard work that is put in during the application process.”