In a press release that was distributed by the company on January 10, it was stated that the cryptocurrency app Tap Global would be the first company to be listed on the Aquis Stock Exchange (AQSE). Tap Global is headquartered in the United Kingdom.
The completion of a reverse takeover by Quetzal Capital was fruitful and led to the company’s listing on the stock exchange.
Tap gives people living in the United Kingdom and the European Union access to a variety of financial services, including fiat banking, a cryptocurrency swap service that obtains cryptocurrency from partner exchanges, as well as access to staking and DeFi protocols.
The Gibraltar Financial Services Commission acts as if the app were a bank so that it can monitor and regulate it.
In order to complete the acquisition of the company, Quetzal not only traded 20.5 million British pounds ($24.9 million) of its own stock for ownership of Tap Global, but it also issued additional shares with a value of 3.1 million pounds ($3.8 million) in the company. This money will be used, to boost marketing expenditure and drive worldwide development.
David Carr, the chief executive officer of Tap Global, acknowledged that the decision of the company to list on a public exchange raised some eyebrows. This was due to the fact that the move was made so soon after the demise of FTX and at a time when the cryptocurrency industry is experiencing greater suspicion.
Tap, on the other hand, arrived at the conclusion that it would go ahead with the listing in order to offer people living in the UK an alternative that is subject to regulation.
The failure of FTX in November has led to increased vigilance on the part of both regulatory bodies and individual customers in their monitoring of applications that facilitate cryptocurrency trading.
Recent reports suggest that the cryptocurrency exchange known as Binance is attracting the attention of regulatory bodies in the United States.
Coinbase, the one and only cryptocurrency exchange that is listed on the New York Stock Exchange, has seen a decrease in its revenue as a direct result of lower trading volumes.