TAP cryto-to-fiat exchange portal moves into beta

Source: TAP

A unique new one-stop crypto exchange portal, which enables customers to effortlessly and instantly store, trade and spend any crypto or FIAT asset, is now in beta.

TAP, which will be available on Google Play and the App Store, is designed for both experienced and new crypto traders alike, empowering them to seamlessly exchange crypto and FIAT currencies, and to do so free of the financial and logistical burdens these conversions traditionally involve.

Store
Following a quick registration and KYC process, both FIAT and crypto funds can be on-boarded to the platform. FIAT funds can be deposited via bank transfer or debit card payment, with no cumbersome digital wallets to set up, nor any hidden fees, transaction costs or commissions.

The simplicity of this process has been designed to make crypto investing and trading far more accessible and simpler for first timers. Furthermore, all the crypto assets held by TAP are protected in a multi-sig cold wallet and all fiat is held under segregated E-Money accounts with Tier 1 banks.

Trade
With TAP a customer can complete and fulfil any direct FIAT to FIAT, crypto to FIAT, FIAT to crypto or crypto to crypto exchange in under three seconds, with no need to convert to Bitcoin as an intermediary currency. There are currently no other exchanges that offer crypto to crypto trade combined with cross exchange/currency arbitrage, making TAP a world first.

TAP’s proprietary software is constantly scanning the real-time prices of trading pairs, offering the customer the best price of any combination.

Spend:
With the contactless TAP card, customers will be able to spend in store and online. If paying via crypto, TAP will instantly convert the crypto from the customer’s holdings into FIAT for the vendor.

Doing so eradicates the transaction cost for the vendor, means no additional vendor point of sale equipment is required, reduces cryptocurrency transaction confirmation time (currently around ten minutes, whereas TAP is instant) and reduces volatility risk. With TAP you can even withdraw cash from an ATM.

TAP will primarily generate revenue by charging small fees (between 0.5% and 1.5%) when cryptocurrencies are either bought or sold, or cryptocurrencies are used to fund a FIAT card purchase. TAP will also undertake a public raise (Initial Coin Offering) later in 2018.

Arsen Torosian, CEO of TAP, said:
“With an easy on-boarding process, the ability to buy, sell and spend any supported crypto with low transaction fees and no subscription costs Tap a game changer - by offering higher utility and more features at a lower price.
“TAP can help make buying, spending and transacting both FIAT and crypto currencies so much simpler for both established and new cryptocurrency investors alike. We are therefore hugely excited about TAP’s launch, as well as our upcoming ICO plans.”
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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