Quetzal Capital Plc
(“Quetzal” or the "Company")
Update on TAP Global
Quetzal is pleased to announce that Tap Global Limited (“TAP”), a leading regulated fully integrated Crypto-Fiat exchange service provider with associated neo banking platform, has launched an additional ten assets that are now available for trading to registered users. These new tradeable assets include some ‘stable coins’ which lays the foundation for TAP to offer ‘interest bearing’ deposits, through staking yields, with the help of Decentralised Finance (“DeFi”).
Users now have access to the following additional crypto assets on the TAP trading platform:
- Tether USD
These new assets are in addition to the assets currently available on TAP which are:
Users will benefit from the same trading functionality with these new assets that they currently already enjoy, including the ability to trade any two crypto assets using TAP’s proprietary, AI powered middleware which automatically and seamlessly, filters through multiple exchanges in real time, to achieve the best trading rates.
John Taylor, Chairman of Quetzal Capital, said:
“The progress that the team at TAP is making is extremely impressive and the addition of these ten extra crypto assets follows an intense period of trials and validation activities. The incorporation of a number of stable coins now lays the firm foundations for users to deposit assets in ‘earn wallets’ which we are confident will lead to an explosion of new users. This, added to the recently announced capability to on-board corporate clients, ensures that the TAP platform is developing incredibly quickly, all executed within the strict regulatory umbrella of the Gibraltar Financial Services Commission.”
The Company, as announced on 3 December 2021, agreed to subscribe for Convertible Loan Notes (“CLNs”) of £1 each in TAP, amounting to £1,500,000. Further to this, the Company has the right to subscribe for additional CLNs up to a further 500,000 CLNs of £1 each at any point before 31 May 2022. Should the CLNs convert they will do so at a 50% discount to the valuation of TAP at a conversion event which would involve the acquisition of the entire issued share capital of TAP Global by Quetzal.
TAP Global has also signed a call option in favour of Quetzal, that gives Quetzal the right to acquire 100% of the issued share capital of TAP Global, subject to certain terms being agreed on a Sale and Purchase Agreement (“SPA”). One such term will be the achievement of a minimum valuation for TAP Global of £26.5m as a result of any conversion event.
The Directors of the Company accept responsibility for the contents of this announcement.
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
TAP Global is a leading regulated fully integrated Crypto-Fiat exchange service provider with associated neo banking platform. TAP Global’s mission is to create a seamless and fully regulated bridge that links fiat banking, traditional assets and crypto markets (including mainstream crypto currencies such as Bitcoin, ETH, NFTs and other upcoming Defi protocols). Built on its exchange foundation, TAP Global also offers consumer and corporate crypto-fiat banking services and Defi Yield products. Tap Global is one of only a handful of operators which are fully regulated.
TAP Global is licensed and regulated by the Gibraltar Financial Services Commission under the Distributed Ledger Technology (DLT) with license No. 25532. It is an innovative and fully integrated provider of fiat banking and crypto settlement.
TAP Global was founded by Arsen Torosian, a serial fintech entrepreneur and David Carr who has launched numerous fintech products over the last 17 years.
TAP’s Website can be accessed at the following link: