Cryptocurrency trading platform Tap Global Group PLC (AQSE:TAP), formerly called Quetzal Capital, has raised £3.1mln in an initial public offering (IPO) via the admission of trading on the Access Segment of the AQSE market under the TAP ticker symbol.
The admission makes Tap Global Group the first cryptocurrency exchange provider to list in the UK, with proceeds of the IPO intended to be used for increased marketing spend and international expansion.
Tap’s board will include co-founder David Carr as chief executive, founder Arsen Torosian as chief strategy officer, and Desmond Hellicar-Bowman as a non-executive director.
On the timing of the IPO, Carr said: “Our decision to list now raised some eyebrows, particularly in the wake of the FTX fallout, but it is our focus on regulation and customer protection that sets us apart from less responsible operators.
“Like any emerging technology, cryptocurrency has seen its fair share of bad actors impacting market sentiment. However, as firms that have not shown proper care in safeguarding assets fall to one side, the market will mature, leaving fully regulated and responsible firms, such as Tap, well-positioned to succeed,” he added in a statement.
Quetzal Capital signed a sales and purchase agreement for the acquisition of cryptocurrency TAP Global Limited by way of a reverse takeover in November 2022 for £20.5mln.
Tap is a regulated crypto-fiat exchange service provider giving users access to several major crypto exchanges.