In this Tap AMA hosted by GAINS Telegram Chat, Arsen Torosian discusses how Tap simplifies crypto, expanding into new regions and much more!
What did you do before crypto, how did you get into crypto and did you have any other venture in crypto previous to being involved with TAP Global?
“I started software development at the age of 14. From the age of 16-20, I moved into app development focusing on iOS, and built a successful app development company from the ground up.
In 2012, one of my developed apps became a top three downloaded game in the USA, and won a 2012 Hack Battle by TNW. Then I took a keen interest in cryptocurrencies and became a broker and trader of Bitcoin. I sold my successful brokering company shortly before starting the Tap project.”
What’s your role at TAP Global and what is the project about in a few simple sentences?
“I’m CEO. Tap is a one-stop shop crypto app, simplifying KYC, exchange, Mastercard, storage and sending and receiving of crypto. Eventually Tap aims to be a platform offering entry and intermediate level customers all their financial services and investment requirements.”
Gotcha. Like Binance then?
“Not exactly Binance only offers you their exchange, we’re connected to multiple exchanges making sure customers get the best price. We also aim to go further and offer traditional assets. Because we’re fully regulated, we should be able to do these kind of more traditional offerings in the future.”
Interesting. A few other projects are wanting to link traditional finance and crypto these days
“Yep, reglulation is key. There aren’t many regulated crypto companies out there.”
How many people are on the team? For how long have you been working on TAP Global?
“We have 18 team members now and we have been building Tap out for 3 years. We have been live for under a year, so just getting started, but amazing growth that we’re really proud of.”
Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
“Yes, we raised money from private investors. They have been given tokens. They have committed to locking them up for a longer period than initially agreed upon. I think this shows their willingness to see the potential of Tap and trust in me as a leader. Let me find the link to the announcement: https://firstname.lastname@example.org/announcing-new-token-lockup-periods-for-tap-tokens-fully-divested-in-6-years-time-c58802d78948.
We have no plans to do any further raising, we expect to be self sufficient very soon, possibly this month, we’ve been growing quickly. We expect to be able to cover costs very soon, after which the token buy and burn will kick in. So exciting times!”
How many users do you have? What’s the volume?
“We don’t reveal exact user counts as its sensitive data. What I can say is that we’re growing fast, we release % growth figures through our social channels.”
Regarding the token, what’s the use case? How did you make sure it captures the value of the ecosystem you’re building?
“Funny you mention Binance actually since the use cases are similar. Use for lower fees, stake for better rewards and there will be a token buy back and burn. I should say that the token integration into the Tap app will be happening very soon, so we expect use to increase dramatically.”
Okay. What would you say to someone who’s already in crypto and has habits using other apps/platforms to try out Tap?
“There are lots of other good platforms out there. However, none of them are regulated to hold crypto and fiat. So the consumer cannot be sure how their crypto is being stored.
We’ve heard plenty of horror stories about exchanges losing funds from lost keys etc. With Tap you can be sure that won’t happen because our regulator makes sure of it! So customers are safer and more protected when using Tap.”
Cool. Do you have an insurance fund?
“Yes we are insured up to $100 million for loss of customer funds, so if something did happen, you’re sure to get your money back.”
TAP Global offers an exchange market between Fiat currencies and cryptocurrencies through MasterCard. Do you plan to work with other credit cards than this one? Will your market be limited to the EU or do you plan to expand to other continents? From @alej_pacedo
“We currently have a Mastercard in the EU. We have announced an expansion into Australia. This will probably be with Visa. Each jurisdiction has different partners to work with offering Visa or Mastercard. We have a great relationship with both, so we’ll have to see who is offering the best solution for each jurisdiction. Expect some Asian countries after Aus.”
I’m eager to know what exactly sets you apart from your counterparts here in the crypto world. What distinct feature does @tapofficial1 offer that others cannot or have not yet?
“As I mentioned Regulation is the main differentiator, however, you’ll all know that the cards are pre-paid cards, Tap will soon release an update where conversion to fiat from crypto will happen instantaneously at the point of sale.
So you won’t need to convert the crypto and fiat and load the card. Tap will do all this for you, seamlessly. No one else is doing that. There’ll be a setting in the app where you can choose what currency gets converted, maybe fiat then eth or USD then BTC.”
I am interested in knowing about Tap’s middleware and its selection of exchanges…
which are the main exchanges that Tap uses to base its prices and what guarantees do users have regarding authentic liquidity? from @RogerZamoraZ
“Middleware! ok, we’re connected to Binance, Huobi, Bittrex and Kraken. As for liquidity, we only use exchanges that have lots of liquidity and when we move forward listing more coins in the app, these will only be liquid coins, top 50.
Tap always buys off exchanges to meet customer demands, so you don’t need to worry about our liquidity. We only hold BTC, ETH and some stable coins. We’ll use these to buy other coins as the customer needs them. That’s what the middleware is there for, to search the best prices and get them for the customer.”
Community Questions from Telegram
Anything related to DeFi coming up?
“I love me some DeFi! Yes, we will soon be announcing some DeFi partnerships, stay tuned for more.”
Have you put in place additional insurance systems since you are working with large companies like MasterCard?
“This is an interesting question. Yes Mastercard demands that we hold some funds with them to cover our customers in the event of something bad happening. The same is true of our regulator The Gibraltar Financial Sevices Commission.”
Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing?
“We raised enough money to get us through the bear market with some intelligent treasury management. We also have some great investment partners who have helped us along the way by providing services for free.”
Who do you consider is your strongest competitor? Can you explain why you are different from them and why people should choose Tap to manage their assets?
“Nice. I consider Crypto.com and Wirex as our main competitors. We’re regulated to hold crypto on behalf of our customers and they’re not, also we’ll soon be launching some features that they don’t have, features I’ve alluded to in the AMA already.”
I feel TAP will help in achieving mass adoption! Would there be TAP ATM’s too ;)?
“No plans for Tap ATM’s atm (lol) but you can use your TAP Mastercard at most ATM’s around the world already😊”
How are you going to handle your systems if unforeseen problems happen in the future, particularly hacking issues that affect your platform have some of your user’s personal data? Would be your platform prepared to deal with that sort of situation?
“We adhere to the highest standards, these are enforced by our regulator and as being a business in the EU. We have procedures in place for all eventualities.”
Simplification of processes is essential for users. How does TAP innovate in cryptocurrencies and make life easier for users?
“Tap’s aim is to simplify crypto. So you only need one KYC to access multiple exchanges. You don’t need to worry about crypto storage because we’ll store it in cold wallets for you. You don’t need to worry about sending crypto because you can send directly to your contacts through the Tap app. We simply make life easier!”
Investors need to have higher criteria for what projects they invest in! So what is the future tap strategy to attract new users and investors to trade comfortably and feel safe storing assets on tap?
“We’re always out there looking for new customers, through advertising, or social events like this. We have a really huge announcement coming up about the token very soon, super excited about that.
We have some partnerships that have just been given the green light by the regulator, so we can announce them over the coming weeks. We also have a really strong marketing team and community to spread the word about Tap!”
What is the relationship of the Tap Token with the XTP token and how are they related within the Tap ecosystem? Is it possible that Tap token holders can benefit from greater token exclusivity?
“The Tap token is $XTP, available on a number of exchanges including Bittrex and Bitmart, Bithumb Global. It will very soon be incorporated into the app.
We also have a new use case that we’re very excited about, I’m afraid I can’t announce it yet, but some huge partners ae onboard.”
How difficult is it to fullfil legal requirements from governments to be able to trade with fiat currencies? Are there countries where Tap Global cannot be used yet due to those regulations?
“Yes, we need to comply with all regulations worldwide for anti-money laundering etc. We will also be listing an additional 14 fiat currencies soon.”
Thanks a lot for your time Arsen! It was great learning about Tap. I’m looking forward to this big announcement you just mentioned. Where can we follow you?
“Thank you and thanks everyone! 🙌🙏 Follow Tap on Twitter at @tapofficial1 and
join our community on Telegram at https://t.me/officialtapngo.”
Tap Global Ltd.
Tap Global Ltd (tap) is a Gibraltar company providing clients with real time trading of crypto assets utilising multiple exchanges from one APP. The multi crypto and Fiat wallet structure of tap coupled with bespoke designed proprietary middleware solution allows TAP to facilitate trades efficiently and seamlessly. tap officially launched to the public in February 2020.
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