Tap Global Partners with Bitfinex to Launch New B2B ‘Cards as a Service.
According to City A.M., Tap Global has named the first-generation cryptocurrency exchange Bitfinex as its first client for the newly-launched Mastercard product. A ‘card as a service’ (CAAS) B2B product designed to bridge the gap between the cryptocurrency and mainstream transactions ecosystem.
The crypto app platform aims to bring together traditional finance and blockchain technology through a process that will facilitate seamless transactions. This will enable traditional finance to leverage blockchain technology in removing the existing boundaries between both sides of the divide.
With the latest partnership between Tap Global and Bitfinex, the latter will be able to issue a unique Mastercard to its European customers that will enable them to spend their cryptocurrencies seamlessly across traditional platforms. This will be powered by an existing infrastructure by Tap, and guided by regulatory approvals.
The product allows Bitfinex customers to convert their Bitcoin and other cryptocurrencies to Euros and send them to their Tap Mastercards. By doing so, they will be able to spend their funds from any of the 37 million Mastercard merchants globally.
Issued cards will be branded as Bitfinex. Backend processes involved in the product’s management and logistics will be supported by Tap. Charges for the product will also be Tap’s responsibility and will be on a per-card, per-month basis.
Tap CEO, David Carr expressed his delight in initiating this partnership with Bitfinex. According to him, Tap looks forward to supporting more platforms like Bitfinex with the same service to enable financial flexibility. He notes that it is a system that will enable the seamless conversion of crypto assets without hindrance from the traditional banking system.
While Bitfinex represents one of the largest cryptocurrency exchanges that have been around for several years, Tap is a new entrant into the FinTech industry. Carr explained that the platform’s goal is to become one of the world’s leading FinTech companies. He described the newly released Card as an example of the platform’s significant and growing business-focused offering.