21 September 2022
Quetzal Capital Plc
(“Quetzal” or the “Company”)
Investee Company Update:
Tap Global Surpasses Registered User Milestone
Quetzal Capital Plc (AQSE: QTZ), a financial technology investment company is pleased to announce that its investee company, Tap Global Limited (“Tap”), a regulated, fully integrated, crypto-fiat exchange service provider with an associated neo banking platform, has surpassed 100,000 registered users on its platform as it continues its rapid growth trajectory.
The increase in registered users has been primarily driven by retail customers but follows previous announcements from Tap confirming an increase in corporate clients seeking to make transactions within a fully regulated platform. Both retail and corporate users’ holdings are protected by secure cold storage and $100 million of crypto insurance for all assets. The platform itself benefits from being fully regulated by the Gibraltar Financial Services Commission.
Tap is primed to continue growing its user base with a highly scalable and well invested infrastructure.
As announced on 3 December 2021, Quetzal completed an investment of £1,500,000 in to Tap by way of Convertible Loan Notes and retains an option (“Call Option”) to acquire the entire share capital of Tap by way of a Reverse Takeover transaction, pursuant to the terms of any resultant Sale and Purchase Agreement being agreed, within the framework of the Call Option agreement.
John Taylor, Chairman of Quetzal Capital said:
“The wider crypto market has experienced significant challenges this year, which represents a genuine opportunity for Tap, which is relatively unimpacted by crypto asset prices. The continued growth in Tap’s user base reflects that retail and corporate users see the regulatory umbrella as a key differentiator in their decision to open accounts. The additional benefits of individual named bank accounts and optimised trade pair execution from Tap’s proprietary AI middleware across multiple exchanges add to the compelling proposition.
We are extremely impressed with the progress Tap is making across the board in its growth and development of additional capabilities and are excited by the opportunities offered by our investment in this business.”
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Quetzal Capital Plc
Fungai Ndoro: +44 (0) 203 813 0175
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Public and Investor Relations
Vigo Consulting
Ben Simons / Charlie Neish: +44 (0)20 7390 0230
About Quetzal Capital
Quetzal Capital was established to invest in high growth companies in the technology, e-commerce, and lifestyle sciences sectors. Recognising the potential of neo banking, AI and DeFi, Quetzal Capital invested in Tap Global, the fast growing crypto-fiat exchange service provider.
Learn more about Quetzal: www.quetzalcapital.co.uk
About Tap Global
Tap Global is a leading regulated and fully integrated crypto-fiat exchange service provider with an associated neo banking platform. Tap’s mission is to create a seamless and fully regulated bridge that links fiat banking, traditional assets and crypto markets. Built on its exchange foundation, Tap also offers consumer and corporate crypto-fiat banking services and DeFi yield products.
Tap is licensed and regulated by the Gibraltar Financial Services Commission under its Distributed Ledger Technology Regulatory Framework (DLT) with license No. 25532.
Learn more about Tap: www.tap.global/gb-en
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