Tap Global sets up US expansion through Zero Hash partnership
UK-based cryptocurrency app Tap Global is preparing to enter the US market through a partnership with the Chicago-based B2B2C cryptocurrency infrastructure platform Zero Hash.
Tap Global taps Zero Hash for US launch
Tap Global says that its partnership with the platform will equip its intended US entry with “requisite regulatory coverage”, and despite incorporating a US entity earlier this year, admits that it has maintained “a prudent approach” to its planned expansion across the pond as a result of “the legal complexities inherent in launching in the country”.
The industry at large has become increasingly vexed by the legal complexities associated with providing cryptocurrency services in the US. Most notably, the challenger bank Revolut is to suspend its cryptocurrency services in the country this week as a result of “the evolving regulatory environment” and “uncertainties around the market”.
Despite this turbulent environment, Tap Global is to leverage Zero Hash’s regulatory backing and its “building blocks of liquidity, custody and settlement” to see through its intended expansion, which is to be delivered via its wholly owned subsidiary Tap Americas.
David Carr, CEO of Tap Global Group, describes Zero Hash as “a well-established partner that shares our regulation-first approach”, while anticipating that the app will establish “a significant presence in the US”.
Tap Global intends to complete its US launch in Q4 2023, and will offer services including P2P transfers, swaps and cryptocurrency rewards. Launched in 2019, the app claims to connect customers to 24 different digital assets, including BTC, ETH, XRP and USDC, while also offering an associated neobanking platform.
Further down the line, it plans to tap its newfound partnership to launch fiat-to-crypto on-and-off-ramp services “later in 2023”, which would enable its customers to buy and sell cryptocurrencies via automated clearing house bank transfers. The app has also indicated that it hopes to expand to Canada and Australia at some point in the future.
