Through this partnership, the companies were able to create a bespoke solution that can be used by financial institutions, fintechs, trading platforms, and banks. By leveraging Tap’s Crypto-as-a-Service, Bitfinex can provide its users with a prepaid Mastercard. Clients can use this new crypto Mastercard to purchase cryptocurrencies without having to pay fees or go through an onboarding process.
To be specific, the card allows Bitfinex’s European users to convert their cryptocurrencies into Euro instantly and spend the currency at any location or on any service that accepts Mastercard. Cardholders also receive access to exclusive offers with select merchants.
Mastercard’s loyalty solutions integrate supported cryptocurrencies, which enables its partners to provide rewards and loyalty points in digital assets. This system replaces conventional loyalty points with cryptocurrency rewards that consumers can earn and spend by converting their crypto holdings to pay for purchases.
Mastercard’s Crypto Card Programme leverages the company’s secure and scalable payments network to enable the simple and real-time use of digital currency for everyday transactions across more than 90 million acceptance locations.
Tap officials cited by financefeeds.com expressed their excitement to add this new B2B Product to their company’s offering. They also highlighted that Bitfinex is an ideal partner for the external launch of this product, and they revealed their plans to transform Tap Global into one of the world’s leading fintech companies.
Tap Global wants to accelerate the adoption of cryptocurrencies while also providing access to financial freedom. The company offers instant access to the cryptocurrency industry, and its products aim to help people around the world to better manage their finances.
The regulated crypto app operates as an E-money agent, covered by e-money regulations that mandate the protection of clients’ fiat balances. Tap also works with digital asset custodian BitGo to offer cryptocurrency insurance covering up to USD 100 million in funds.
In April 2022, Bitfinex has partnered with fiat on-ramp services provider OpenPayd to support real-time Single Euro Payments Area (SEPA) payments for EUR-denominated deposits and withdrawals. With the introduction of SEPA payments, Bitfinex customers received access to new ways to deploy EUR onto the platform.
Through this collaboration, customers received the ability to pay-in and pay-out from their accounts near-instantly. The OpenPayd service enables the automation of critical back-end functions such as reconciliation and has allowed businesses to scale operations across Europe.
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