Bitfinex named as first customer for Tap Global’s new B2B ‘cards as a service’
Crypto app Tap Global has named the Bitfinex exchange as its first client for its newly-launched ‘cards as a service’ (CAAS) B2B product.
The regulated crypto app, designed to bridge traditional finance and blockchain technology, is using the new product to enable companies like Bitfinex offer customers a prepaid Mastercard to enhance their existing financial offering.
The card, which will be made available to all of Bitfinex’s European users, will be underpinned by Tap’s existing infrastructure and regulatory approvals and will allow Bitfinex account holders to convert their cryptocurrency assets to Euros which they can send to their card to purchase from any of the 37 million worldwide merchants which accept Mastercard.
Tap’s Product will carry the branding of clients, such as Bitfinex, but all issuing, managing and settlement services will be provided by Tap. The company will charge for the product on a per card, per month basis.
“We are excited to add this B2B Product to Tap’s offering and look forward to supporting innovative businesses such as Bitfinex in providing their clients with financial flexibility to seamlessly convert and spend cryptocurrency assets without hindrance from the traditional banking system,” said David Carr, Tap CEO.
“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 userbase.
“Tap is not a simple ‘buy crypto’ app, focused solely on individual users. It is our ambition to be one of the world’s leading FinTech companies and this product is an example of our significant and growing business-focused offering.”