16 November 2022
Quetzal Capital Plc
(“Quetzal” or the "Company")
Investee Company Update:
Tap Global Response to Sector News
Quetzal Capital Plc (AQSE: QTZ), which has conditionally agreed to acquire Tap Global Limited (“Tap”), the fast growing, regulated, fully integrated crypto-fiat exchange service provider, notes recent developments in cryptocurrency markets concerning FTX Group (“FTX”) and questions around custody arrangements for customer crypto assets. The Board of Quetzal confirms that Tap has no direct exposure to FTX.
David Carr, CEO of Tap, commented:
“Tap has always promoted sensible regulation within crypto markets. As one of the first companies to be licensed and regulated under the Gibraltar Financial Services Commission’s Distributed Ledger Technology Regulatory Framework, safeguarding customer assets is of paramount important to us.
“Our permissions from the regulator dictate that all customer assets are required to be held in Cold Storage for increased protection. Additionally, we provide the regulator with a detailed monthly report of reserves and liabilities towards the customers and confirm that Tap continues to comfortably meet capital adequacy requirements.
Despite the impact that FTX has had on the broader crypto market, Tap continues its business as usual. On behalf of everyone at Tap, I would like to extend my sympathies to all FTX investors impacted in recent weeks. This only goes to reinforce the benefits of being a fully regulated DLT (Distributed Ledger Technology) provider which, although is not mandated, was a focus of Tap from the very start of our product.”
John Taylor, Chairman of Quetzal Capital, added:
“Like all nascent industries, cryptocurrency has seen its fair share of bad actors and crises impacting the sentiment surrounding it. However, the fundamentals underpinning the sector remain unchanged. As firms that have not shown due care and attention to prudential regulation fall to one side, the market will mature, leaving fully regulated and responsible firms, such as Tap, well-positioned to succeed.
“Tap’s user base has rapidly grown to over 100,000 customers, and I believe that much of this growth has been underpinned by user confidence in Tap’s financial stability and the emphasis that it places on asset and consumer safeguarding.”
The Directors of the Company accept responsibility for the contents of this announcement.
Quetzal Capital Plc
Tel: +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
Ben Simons / Charlie Neish:
Tel: +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. On 1 November 2022, Quetzal signed a Share Purchase Agreement (“SPA”) to acquire Tap Global Limited, a fast growing, regulated, fully integrated crypto-fiat exchange service provider, through a reverse takeover transaction (“RTO”). As a result, Quetzal’s shares are currently suspended from trading on AQSE Growth Market pending regulatory approval and shareholder approval of the RTO and the completion of a fundraise to satisfy the terms of the SPA. Should all the SPA terms be met, and regulatory and shareholder approval granted, the enlarged company, to be renamed TAP Global Group Plc, will be re-admitted to the AQSE Growth Market.
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