Tap Global Group Plc - Commercial Agreement with Tap N Go To Launch XTP Cashback Programme

1 July 2024

 

Tap Global Group Plc

("Tap Group" or the "Company")

 

Commercial Agreement with Tap N Go To Launch XTP Cashback Programme

 

New customer incentive programme to drive customer and revenue growth

 

Tap Global Group Plc (AQUIS: TAP), the FinTech company bridging the gap between traditional finance and blockchain technology, announces a commercial agreement between Tap N Go Limited (“Tap N Go”) and the Company’s wholly owned subsidiary, Tap Global Limited (“Tap Global”), for the launch of an XTP cashback programme. XTP is a token available for trading via Tap Global’s exchange services.

 

Highlights:

• Enables the launch of a programme that will allow customers to receive XTP cashback following purchases made with a Tap Mastercard
• XTP tokens will be supplied to Tap Global from XTP existing reserves
• Cashback model is expected to drive customer acquisition and revenue from card spend while enhancing the utility of XTP
• Programme deepens the integration of cryptocurrency in everyday financial transactions and increases the volume of XTP in the cryptocurrency ecosystem
• XTP brought directly into the overall TAP ecosystem for the considerable benefit of our customers and wider shareholders

 

Tap Global has launched an XTP cashback programme that allows its registered user base, which currently stands at over 350,000 individuals globally, to earn rewards in XTP tokens when they make purchases using the Tap Mastercard. Tap Global users will receive the XTP cashback reward directly into their Tap app accounts.

 

Tap N Go will supply Tap Global with XTP tokens at no upfront cost to Tap Global as the supply of XTP is integral to Tap N Go’s strategy of increasing the token’s utility as well as driving its mass adoption.

 

Users with a basic Tap app account will receive 0.5% cashback on transactions, while customers with a Tap app premium account will have access to a wider range of benefits, including special cashback rates of up to 8% as well as discounts on fees when trading cryptocurrencies through Tap Global. New features and add-ons will be launched in due course to enhance the primary service offering. European customers will be able to access the tiered cashback programme subject to the total value of the XTP staked by each user, while UK customers will be able to access the cashback programme for an annual fee.

 

Arsen Torosian, CEO of Tap Global, commented:

 

“We are delighted to launch our new cashback model, which will see our customers rewarded when they shop with our unique Tap Mastercard. This cashback reward proposition provides an innovative product to our users who want to earn crypto as they shop while simultaneously benefiting  loyal XTP holders.

 

We anticipate that this incentive programme will drive further customer growth and revenue from card spend. We look forward to building upon this programme in the coming months to make our XTP cashback programme even more rewarding to our customers.”

 

Related Party Transaction

 

Arsen Torosian is considered a “Related Party” as defined under the Aquis Growth Market Access Rulebook as a result of being a director and substantial shareholder of Tap N Go. The transaction therefore constitutes a related party transaction for the purposes of Rule 4.6 of the Aquis Growth Market Access Rulebook.

 

The independent directors confirm that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable insofar as the shareholders of Tap Group are concerned.

 

The directors of the Company accept responsibility for the contents of this announcement.

 

Enquiries:

 

 

About Tap Global Group Plc

 

Tap Global Group Plc (“Tap Group”) bridges the gap between traditional finance and blockchain technology. It provides over 350,000 individual and business customers with an innovative and fully integrated fiat payments and cryptocurrency settlement service including access to several major cryptocurrency exchanges. Through the Tap app, customers can trade up to 48 cryptocurrencies and store them directly in their customer wallet, while benefiting from proprietary AI middleware for real-time best-execution and pricing.

 

Tap Group’s European business, Tap Global Limited, was the first cryptocurrency FinTech company to be approved by Mastercard in Europe. Through the Tap card, European users can convert their cryptocurrencies to fiat and spend at more than 37 million merchant locations worldwide.

 

Investor website: www.investor.tap.global

 

Tap Group’s operating subsidiaries

 

Tap Global Limited serves the European customer base and is registered in Gibraltar and licensed and regulated by the Gibraltar Financial Services Commission under the DLT with licence No. 25532.

 

Tap Americas LLC serves the US customer base and is a limited liability company organised under the laws of the state of Florida. Cryptocurrency services provided by Zero Hash, a Chicago-based B2B2C crypto infrastructure platform.

 

Learn more: www.withtap.com

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/tapglobal/

 

X (formerly Twitter): https://twitter.com/TapGlobalPlc