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 the first customer for its new “cards as a service” (CAAS) B2B product.

Tap’s Crypto-as-a-Service allows customers to easily buy, sell and trade cryptocurrency. The tailor-made solution is designed to serve any bank, fintech, trading platform and financial institutions.

Specifically, the company’s cloud-based product enables BitfinexComment 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 sometimes-complicated onboarding processes. The card also offers other benefits such as access to exclusive offers from select merchants and comes with no annual fees or foreign transaction fees.

By leveraging Mastercard’s capabilities, European Bitfinex 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 independent software developer and cryptocurrency broker. The regulated crypto app operates as an e-money agent, covered by e-money regulations that mandate the protection of customer fiat balances. Tap also has ties with digital asset custodian BitGo to offer cryptocurrency insurance covering up to $100 million in funds.

David Carr, Managing Director of Tap, said, “We are delighted to add this B2B product to Tap’s offering and look forward to supporting innovative companies such as Bitfinex by providing their customers with financial flexibility to convert and Seamlessly spend cryptocurrency assets without hindrance from 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, focused only on individual users. Our ambition is to be one of the world’s leading FinTech companies and this product is an example of our large and growing business-driven 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, then convert their holdings into crypto to pay for their purchases.

The move comes as payment giants including Visa and PayPal have stepped up their engagement with cryptocurrencies in recent months as more merchants prepare for the nascent digital asset.

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