Crypto service Tap Global becomes first 2023 listing on UK stock exchange

UK crypto app Tap Global has turn out to be the first 2023 listing on the Aquis Stock Exchange (AQSE), in accordance with a Jan. 10 press launch from the corporate. The listing was completed by means of a reverse takeover by Quetzal Capital.

Tap supplies fiat banking companies, a crypto swap service that sources crypto from associate exchanges and entry to staking and DeFi protocols to UK and EU residents. The app is regulated as a financial institution by the Gibraltar Financial Services Commission.

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Quetzal acquired the corporate by buying and selling 20.5 million British kilos ($24.9 million) of its personal stock to Tap Global shareholders in exchange for possession, and it raised one other 3.1 million kilos ($3.8 million) by issuing new shares. These funds shall be used to “enhance advertising and marketing spend and drive worldwide growth,” in accordance with the press launch.

Related: Coinbase will minimize 20% of its workforce in second wave of layoffs

Tap Global CEO David Carr acknowledged that the corporate’s resolution to checklist on a public exchange “raised some eyebrows,” because it got here so quickly after the collapse of FTX, at a time when the crypto trade is going through elevated skepticism. However, Tap determined to undergo with the listing anyway as a result of it needed to supply a regulated choice for UK residents, he stated, including:

“Like any rising expertise, cryptocurrency has seen its fair proportion of unhealthy actors impacting market sentiment. However, as companies that haven’t proven correct care in safeguarding belongings fall to 1 aspect, the market will mature, leaving totally regulated and accountable companies, resembling Tap, well-positioned to succeed.”

Crypto exchange apps have been below elevated scrutiny by regulators and prospects after the collapse of FTX in November. The world’s largest exchange by quantity, Binance, is reportedly below investigation within the United States. Coinbase, the one crypto exchange listed on the New York Stock Exchange, has confronted falling income as buying and selling volumes have declined.

But regardless of these challenges within the trade, this current listing by Tap Global reveals that some crypto companies are nonetheless discovering success.