Gibraltar-based crypto and fiat wallet Tap n Go (TAP) said it now allows its users to convert their crypto assets held with the company for spending and make purchases anywhere Mastercard is accepted.
According to TAP, this support for cryptocurrency transactions was possible as a result of a partnership with Transact Payments Limited (TPL), which provides European BIN sponsorship and modular payment, debit, and prepaid services. TPL is a licensed European e-money institution and also operates as a principal member of both Mastercard and Visa.
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Specially issued crypto cards are quite popular in the crypto space allowing the purchase of debit cards which can then be topped up with cryptocurrencies and spent at thousands of credit card accepting merchants worldwide.
With this latest announcement, Tap n Go users will be able to sell several different cryptocurrencies to their Mastercard cards. The company keeps all crypto assets in offline cold storage, behind a multi-signature wallet or electronic money client accounts.
Also ATMs withdrawals
The launch of the new functionality not only gives TAP accounts multiple crypto and fiat wallets, while instantly converting their crypto assets for spending them on their cards but also provides access to real-time crypto trading with many exchanges.
Tap n Go, which has applied with the Gibraltar Financial Services Commission for a DLT license, also enables customers to withdraw cash generated from crypto conversions from ATMs.
Commenting on the news, TAP CEO Arsen Torosian said: “The launch of TAP has been in the making for a number of years, our partnership with TPL for our provision of the TAP Prepaid Mastercard was the final piece of our vision. We are delighted to have TPL as our partner for this product.”
Kriya Patel, MD of TNL added: “TPL are delighted to be supporting the TAP Prepaid Mastercard project and look forward to continuing to work with such an initiative partner like TAP with the roll out of their in-demand solution.”
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