Tap Global Group PLC (AQSE:TAP) said it has seen material increases since listing in registered users and revenue delivered via its crypto platform.
After reversing into Aquis-listed Quetzal Capital on 10 January, Tap said revenue in each of January and February was over three times that delivered in December, with the positive momentum carried through into March.
“The regulated status of Tap, under the Gibraltar Financial Services Commission licence, is providing considerable assurance to users joining from non-regulated platforms in what has been a very unsettling period in the crypto sector,” said chairman John Taylor.
“The enhanced levels of user security that our platform offers presents an opportunity for Tap to continue its impressive growth trajectory this year and beyond.”
January also saw the company win a contract to provide ‘cards as a service’ (CaaS) for customers of giant crypto exchange Bitfinex, where Tap will receive a per card/per month revenue stream from this contract.
The company said this forms part of its growing business-to-business offering, with further clients being sought for this CaaS service that is seen as a potentially significant revenue stream.
Tap said it is also focused on organic user growth and geographical expansion to territories and jurisdictions beyond Europe.
It also published unaudited results for the half-year to 31 December 2022, when Quetzal was wholly focused on completing the due diligence, legal and administrative work in relation to the reverse takeover.
Quetzal said it pursued the takeover based on the progress Tap had made in growing user numbers and revenue following an initial £1.5mln convertible loan investment made by Quetzal in December 2021.
Results showed a loss of £298,992 compared to a £104,689 loss for the same period in 2021, primarily attributed to fees incurred in relation to the takeover.