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

cointelegraph.com:

UK crypto app Tap Global has become the first 2023 listing on the Aquis Stock Exchange (AQSE), according to a press release from the company. The listing was accomplished through a reverse takeover by Quetzal Capital, according to a press release on Jan. 10.

The first #AQSE listing this year. Thank you to @SimonPeterHunt of The Evening Standard (@standardnews) for covering the news of our stock market debut. #TAP #RTO #PLC Full article: https://t.co/NK5Wp2VqjG

Tap provides fiat banking services, a crypto swap service that sources crypto from partner exchanges, and access to staking and DeFi protocols to UK and EU residents. The app is regulated as a bank by the Gibraltar Financial Services Commission.

Quetzal acquired the company by trading £20.5 million ($24.9 million) of its own stock to Tap Global shareholders in exchange for ownership, and it raised another £3.1 million ($3.8 million) by issuing new shares. The cash raised from these additional shares will be used to “increase marketing spend and drive international expansion,” according to the press release.

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

David Carr, Tap Global’s CEO, stated that the company’s decision to list on a public exchange at present “raised some eyebrows,” since it is so soon after the collapse of FTX, at a time when the crypto industry is facing increased skepticism. However, it decided to go through with the listing anyway because it wanted to offer a regulated option for UK residents, as he explained:

Crypto exchange apps have been under increased scrutiny by regulators and customers after the collapse of FTX in November. The world’s largest exchange by volume, Binance, is reportedly under investigation in the U.S.