Tap Global Group PLC on Tuesday started trading on AQSE as the reverse takeover by London-based investor Quetzal Capital PLC was completed.
Following the GBP20.5 million acquisition of Tap Global Ltd, the newly admitted company raised GBP3.1 million via a subscription of 68.9 million shares at 4.5 pence each. Following admission, the company’s shares dropped, last trading 14% below its admission price at 3.88p each.
While Coinbase is cutting jobs #UK has its first listed crypto exchange after a float raising £3.1m @Tap_Fintech "crypto-fiat" #TAP exchange service provider $XTP https://t.co/Dg398N5yLP via @share_talk pic.twitter.com/ZgrgLp9Qe6
— Share_Talk ™ (@Share_Talk) January 10, 2023
Tap Global offers a regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing fiat banking and crypto settlement services. The company calls itself a “crypto-fiat exchange service provider with [an] associated neo-banking platform,” adding that it is the first crypto-fintech company that has been approved by Mastercard in Europe. Tap Global has over 100,000 registered users and operates in over 46 countries.
While Coinbase is cutting jobs, Britain has its first listed crypto exchange after a float raising £3.1m.
Tap Global hopes to use the listing as a platform to significantly grow its 100,000 user base and expand internationally.
The company, which has a crypto app regulated by the Gibraltar Financial Services Commission, has listed on the Aquis Stock Exchange in London.
It was the first crypto fintech company approved by Mastercard in Europe.
The chief executive of Tap is David Carr, who co-founded Tap Global in 2017 with Arsen Torosian, chief strategy officer. Anthony Quirke, formerly a non-executive director at Quetzal, is the finance director. Former chair of Quetzal John Taylor, and chair of capital market company Asimilar Group PLC, is chair of Tap Global. Former Quetzal executive director Fungai Ndoro has resigned from the board with admission.
Chief executive David Carr acknowledged that the decision to float now in the wake of the collapse of FTX had “raised some eyebrows” but insisted the market “will mature, leaving fully regulated and responsible firms, such as Tap, well-positioned to succeed”.
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