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Tap Global Group PLC on Monday announced a strategic partnership with Moorwand, an electronic money institution that is regulated by the UK Financial Conduct Authority.
Tap Global, a London-based provider of app-based cryptocurrency payment and settlement services, said under the ‘landmark’ partnership, it will integrate Moorwand’s comprehensive banking-as-a-service platform to provide customers with dedicated GBP accounts with sort codes and account numbers, and EUR accounts with individual IBANs.
Tap Global Chief Executive Officer Arsen Torosian said: ‘This move fundamentally elevates the Tap product from a specialised crypto-led application to a versatile financial account, capable of serving a user’s everyday banking needs - accelerating the journey towards becoming a holistic digital banking alternative.
‘The Moorwand partnership provides the regulated, scalable infrastructure essential for our next phase of growth and serves as a launchpad for our most transformative feature yet: direct salary deposits. We are not just participating in the future of finance; we are actively building it on a foundation of innovation and regulatory integrity, creating a platform with the potential for scale that is robust, secure, and trusted.’
Tap Global shares rose 2.5% to 2.46 pence each on Monday afternoon in London.
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