Crypto

Bitfinex partners with Tap Global for Mastercard crypto card

A fintech platform called Tap Global has onboarded Tether’s sister crypto exchange Bitfinex as its first customer for its newly launched B2B Cards as a Service (CAAS) product.

Taps Crypto-as-a-Service allows customers to easily buy, sell and exchange cryptocurrencies. The tailor-made solution is designed for all banks, fintechs, trading platforms and financial institutions.

More specifically, the company’s cloud-based product allows Bitfinex to offer its users a prepaid Mastercard. The new offering provides customers with an easy way to acquire cryptocurrencies without having to pay fees or navigate the sometimes complicated onboarding processes. In addition, the card offers other advantages such as access to exclusive offers from selected retailers and does not require an annual fee or foreign transaction fee.

By utilizing Mastercard capabilities, Bitfinex European users can instantly convert their cryptocurrencies into euros, which can be spent anywhere Mastercard is accepted.

Tap Global was founded by Arsen Torosian, a former freelance cryptocurrency software developer and broker. The regulated crypto app acts as an e-money agent subject to e-money regulations mandating the protection of customers’ fiat balances. Tap also has ties to digital asset custodian BitGo to offer cryptocurrency insurance covering up to $100 million in funds.

David Carr, Tap’s Chief Executive Officer, commented, “We are excited to add this B2B product to Tap’s offering and look forward to helping innovative companies like Bitfinex offer their customers financial flexibility to move assets into Convert and spend cryptocurrency seamlessly and unhindered the traditional banking system. Bitfinex, one of the largest cryptocurrency exchanges in the world, is an ideal partner for the external launch of this product, which was previously only available to Tap’s user base.”

Tap is not a simple “buy crypto” app solely focused on individual users. Our goal is to be one of the world’s leading FinTech companies and this product is an example of our significant and growing business-focused offering,” he added.

Mastercard also integrates supported cryptocurrencies into its loyalty solutions, allowing its partners to offer rewards and loyalty points in digital assets. This allows consumers to earn and spend their rewards in cryptocurrency instead of traditional loyalty points, and then convert their crypto holdings to pay for purchases.

The move comes as payment giants, including Visa and PayPal, have increased their exposure to cryptocurrencies in recent months as more merchants warm to the burgeoning digital asset.

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