Tap Global Group (LSE:TAP) has added Solana to its Digital Asset Income Strategy reserve, purchasing 500 SOL tokens at an average price of £91.66 each.
The acquisition follows the company’s earlier purchase of 3 BTC and takes the total acquisition cost of assets held within the reserve to £235,227.
Tap said the Digital Asset Income Strategy, or DAIS, reserve is maintained separately from assets used for the company’s operations and is deployed through its Tap Earn programme.
Solana Purchase Expands DAIS Holdings
The addition of Solana diversifies the reserve beyond Bitcoin. As a proof-of-stake cryptoasset, Solana can generate staking rewards when deployed through relevant protocols.
Tap said its DAIS strategy is designed to generate income from digital assets held on its balance sheet through activities including staking and lending.
The company’s Tap Earn programme, which provides customers with the ability to earn yield on various cryptoassets, has attracted more than US$8 million in customer assets.
Tap also acknowledged that deploying digital assets through staking and lending involves risks including cryptoasset price volatility and counterparty exposure.
Tap Global’s Crypto-Fintech Operations
Tap Global operates a crypto-fintech platform through the Tap app, which has more than 400,000 customers across over 25 countries.
The platform provides access to more than 70 cryptoassets and allows customers to trade digital assets, spend through Mastercard’s merchant network and access yield products through Tap Earn.
Tap operates under Gibraltar’s distributed ledger technology regulatory framework and intends to seek authorisation under the forthcoming UK cryptoasset regulatory regime.
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