Tap Global Group plc (LSE:TAP) has appointed Moorwand Ltd as issuer and BIN sponsor for a new multi-currency Tap Mastercard, as the crypto-fintech company seeks to expand its card services into additional markets.
Moorwand is an FCA-authorised Electronic Money Institution and principal Mastercard member. Under the arrangement, it will act as the principal partner supporting the issuance of Tap’s new payment card.
The multi-currency Mastercard will allow customers to make payments directly in currencies held within the Tap app.
Tap said the agreement will consolidate its accounts and card arrangements under a single principal partner and provide the infrastructure required to issue cards in additional markets.
The company expects the arrangement to support operating revenue from interchange and foreign exchange activity. It also plans to introduce additional card features and expand the service geographically, although no financial forecasts or timetable for the expansion were provided.
Tap currently provides fiat and cryptocurrency services to more than 400,000 users across over 25 countries. Its platform allows customers to hold, send and spend funds through its Mastercard offering, as well as trade more than 70 cryptoassets.
The company also provides yield products through its Tap Earn service.
Tap operates under the Distributed Ledger Technology regulatory framework administered by the Gibraltar Financial Services Commission. The company said it also intends to seek authorisation under the UK’s forthcoming cryptoasset regulatory regime.
More about Tap Global Group
Tap Global Group plc is a regulated crypto-fintech company providing digital fiat and cryptocurrency services through its Tap app.
Its services include payments through the Tap Mastercard, cryptocurrency trading and Tap Earn products. The platform serves more than 400,000 customers across more than 25 countries.
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