Tap Global Review – The Leader in Mastercard Prepaid Crypto Cards
Although cryptocurrencies are still considered new technology, there has been a massive adoption surge in the past few years creating a notable increase in demand. Crypto exchanges have been crucial in the adoption of blockchain technology but unfortunately, there is a deeper need for payment methods that can be used by your everyday person.
Introduction and History
Tap was launched in 2017 by Arsen Torosian, a software developer and cryptocurrency broker. Tap Global has become one of the most popular exchange applications in the market allowing users to trade major cryptocurrencies while providing enough liquidity.
The main vision of Tap Global is to become the simplest crypto-to-fiat prepaid card in existence. The biggest accomplishment of Tap has been the approval by Mastercard to become a prepaid card through them. This partnership is a huge gamechanger and enables Tap to offer customers a crypto card available virtually anywhere in EU and UK.
As a prepaid card, Tap is forced to conduct a KYC process with users, however, there will only be one KYC to make the process as simple as possible. Of course, Tap is also a cryptocurrency exchange
Tap Global is not the only provider of crypto cards in the world so let’s take a look at some of the benefits of using Tap and how it compares to others. One of the main features of Tap Global is its integrated cryptocurrency exchange, allowing customers to easily trade cryptocurrencies at cheaper prices.
This is especially helpful for new users that own no cryptocurrencies at all. This extremely easy onboarding process that is also cheaper is something that not many others can offer.
One of the main concerns with a prepaid cryptocurrency provider is security. Tap Global employs state of the art security measures to eliminate any risk. Tap stores all assets inside a multi-signature cold wallet, which is the highest grade of security. Additionally, thanks to a partnership with BitGo, the leader in the storage of digital assets, Tap has been able to insure its cold storage for up to $100 million.
- Easy to use with a simple onboarding process.
- Fewer fees and overall costs.
- Integrated cryptocurrency exchange.
- High security measures.
- Area restrictions are still possible.
- Centralized risk.
The Tap Token
Tap Global has developed a utility token called the TAP token that can be used by customers to receive notable discounts. Using TAP, customers can get a 25% discount when it comes to exchange or transaction fees. In return, the TAP token economy remains stable or growing which at the same time encourages users to continue holding TAP tokens or acquire more.
TAP is an ERC-20 token and can soon be staked, customers who stake TAP can access higher card levels and better user terms. Furthermore, the platform will burn 10% of the profits created each month. The token is already available inside numerous exchanges like Bittrex, Bithumb Global and Bitmart.
The Tap App
There are numerous benefits to using the Tap application, available on both Android and iOS. Customers can easily check their crypto and fiat balances and soon stake TAP to obtain a better card and terms. Additionally, since Tap is a crypto exchange, users can choose between different currencies to make TAP card payments.
The app also allows customers to send any crypto or fiat currencies to another Tap user for free and enables users to make online purchases.
Tap Global supports three major cryptocurrencies, BTC, ETH and LTC, and three fiat currencies, USD, EUR, and GBP. However, any project can list its own coin or token by supplying Tap with enough liquidity through fiat and the token/coin itself.
Types of Cards
There are 3 types of prepaid MasterCards shown in the white paper for Tap Global, with the Tap Free Card being available right now.
The Tap Free Card is a contactless TAP prepaid MasterCard that allows customers to withdraw up to £500 for free through ATMs per month with a 2% fee afterward. Exchange fees can fluctuate between 0.5 and 1.5% but customers can get a 25% discount using the Tap token.
Available soon, the Tap Black Account is a more exclusive card that offers up to £1000 in ATM withdrawals per month with the same 2% fee after the limit is hit. The instant Fiat Forex is 1% from wallet to wallet and customers receive a 25% discount on cryptocurrency exchanges forever which increases to 50% when paid with TAP tokens.
Lastly, the Tap Titanium is the highest grade of prepaid Mastercard with unlimited free forex FX, withdrawals at ATMs, and cost price crypto exchange fees.
Tap Global will ask users to pass a KYC process and may ask for further documents and verification at any point. Tap Global supports all countries as long as the regulation of any specific country doesn’t prohibit the purchase, sale, or custody of cryptocurrencies.
There are numerous cryptocurrency cards in the market, however, Tap Global is unique as it offers new users a simple onboarding process and fewer costs overall. These costs can further be reduced by utilizing the TAP token, a utility token specifically created to improve the TAP ecosystem.
Tap Global currently offers one type of prepaid card through Mastercard which is virtually available anywhere, with 2 more in the pipeline. The integrated crypto exchange greatly helps customers to trade and exchange their crypto for fiat and vice versa.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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