Tap Global has become the first company to list on the Aquis Stock Exchange (AQSE) in 2023, according to a press release released on Jan. 10. The listing was completed by the reverse takeover of Quetzal Capital.

TAP gives Fiat Auto Banking, a password exchange service that obtains passwords from partner exchanges and gives chips and Defi agreements to households in the UK and EU countries. The application is controlled by the San Marino Financial Information Services Association, undertakes data encryption theme activities, and becomes an agent for virtual currency services.

Quetzal bought and sold 20.5 million pounds ($24.9 million) of existing shares to Tap Global shareholders to obtain the right to use, and then recovered the company, and raised another 3.1 million pounds ($3.8 million) by issuing new shares. According to press releases, this asset will be used to "increase marketing spending and promote international expansion".

Related to:Coinbase will cut 20% of staff in the second wave of layoffs.

TAP GlobalCEO Peter Metty acknowledged that the company's decision to list on a public exchange "surprised some people" because of what it was going to do shortly after the collapse of FTX, at a time when the cryptographic field was facing growing scepticism. But, he said, Tap was sure it had to find a way to go public because it wanted to provide a regulated option for US households, adding:

"like all cutting-edge technologies, a considerable number of poor participants in digital money have seriously affected hot sectors. However, when these companies that do not show moderate conservatism in maintaining property go bankrupt, the sales market may be perfect, allowing thoroughly supervised and responsible companies, such as Tap, to be in a useful influence and succeed.

After the collapse of FTX in November last year, the use of password swaps was subject to increasing scrutiny by regulators and customers. It is reported that Binance, an exchange with the largest trading volume in the world, has been investigated by organizations abroad. Coinbase, the only cryptographic exchange listed on the British Stock Exchange, faces lower earnings due to falling trading volumes.

However, despite this test in this area, the recent listing of Tap Global shows that some cryptographic services are still successful.