Tap Global Enters London Stock Listing

Tap Global first to enter London stock listing in 2023

On 10 January, UK-based crypto app Tap Global announced its listing on the Aquis Stock Exchange (AQSE) through a reverse takeover by Quetzal Capital, a Gibraltar-based investment company. This marks the first listing of a crypto company on AQSE in 2023 and highlights the increasing mainstream acceptance and recognition of the potential growth in the cryptocurrency market.

First crypto app to enter London's public listing in 2023

Tap Global offers fiat banking services that enable users to trade crypto by connecting them with several exchanges via its app. It also provides access to staking and DeFi protocols for UK and EU residents. The app also offers its own Mastercard, which allows users to pay for online shopping using Bitcoin.

Founded by 29-year-old former software developer Arsen Torosian and prepaid card business veteran Dave Carr, Tap has seen significant growth since its launch in 2018, reaching more than 100,000 users.

This growth contrasts with some other crypto exchanges, which have struggled in recent months as users withdrew funds. The price of Bitcoin falling by 54% over the past year sparked renewed concerns about the volatility of digital currencies.

The reverse takeover by Quetzal Capital involved the exchange of £20.5 million ($24.9 million) of Quetzal stock for ownership of Tap Global. Additionally, Quetzal raised £3.1 million ($3.8 million) by issuing new shares.

According to the press release that was issued, these funds will be utilized to increase marketing efforts and drive international expansion. The company plans to expand its services to Australia and the USA.

According to Tap CEO David Carr, the decision to list on a public exchange "raised some eyebrows" due to the recent collapse of FTX and the ongoing investigations of other major crypto exchanges.

Despite these challenges, Tap Global went through with the listing to offer a regulated option for UK residents.