14th Aug 2023 11:23
(Alliance News) - Tap Global Group PLC on Monday gave an upbeat trading update for its financial year that ended on June 30.
The company with a regulated crypto app said that revenue in financial 2023 surged to GBP2.5 million from around GBP900,000 a year prior. It noted that revenue in financial 2023 included its own revenue and that of its subsidiary Tap Global Ltd, which it bought in January.
Tap Global's number of registered users has grown 28% since its April trading update, to a total of 185,000 from 144,305. Further, it registered 12 new cryptocurrencies on the platform since its listing in January, to a total of 39.
Looking ahead, Chief Executive Officer David Carr said: "We are delighted with Tap's progress since listing, particularly given the headwinds that cryptocurrency businesses have faced over the last 18 months or so. The decision to become a regulated entity and place a strong emphasis on user protection from Tap's inception is working strongly in our favour and is reflected in the impressive user growth and retention on our platform.
"While we will continue to pursue global expansion, the sustained growth we are experiencing in our existing markets affords us the benefit of being able to time our new market entries wisely in order to secure the best outcomes for both customers and shareholders."
The company started trading on AQSE in January, after the reverse takeover by London-based investor Quetzal Capital PLC was completed.
Tap Global offers a regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing fiat banking and crypto settlement services. The company calls itself a "crypto-fiat exchange service provider with [an] associated neo banking platform".
Tap Global shares rose 10% to 3.23 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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