The company distributed a press release on January 10 that stated that Tap Global, a cryptocurrency app, would be the first company listed on the Aquis Stock Exchange. Tap Global is based in the United Kingdom.
The finalization of a Reverse takeover Quetzal Capital proved to be a success and the company was listed on the stock market.
Tap provides access to a range of financial services to people who live in the United Kingdom, Europe, and other countries, such as fiat banking and cryptocurrency swap services that allow them to obtain cryptocurrency from partner exchanges. Also, Tap offers access to DeFi protocols and stakes.
Gibraltar Financial Services Commission acts almost as if the app was a bank, so it can regulate and monitor it.
Quetzal purchased the company by trading 20.5 million British Pounds ($24.9m) of its own stock. Additionally, Quetzal issued additional shares of 3.1 million Pounds ($3.8m) to complete the acquisition. This money will be used to increase marketing spending and promote worldwide development.
Tap Global’s chief executive Officer David Carr admitted that it was a controversial decision for the company to list on an exchange. The move was made at a time of greater suspicion in the cryptocurrency industry and was made shortly after the demise FTX.
Tap, however, decided to proceed with listing to provide a UK alternative to the regulation-governed market.
The November failure of FTX has led to increased vigilance by both regulators and customers when it comes to monitoring applications that facilitate cryptocurrency trading.
Recent reports indicate that Binance, a cryptocurrency exchange, is receiving attention from regulatory agencies in the United States.
Coinbase, the only cryptocurrency exchange listed on the New York Stock Exchange has seen its revenue drop due to lower trading volumes.
