Madeira, a picturesque archipelago in the Atlantic often called the "Pearl of the Atlantic," offers more than just a beautiful place to visit—it could become your new home, especially if you're a digital nomad. With its mild climate year-round, stunning landscapes, and the chance to wake up to sweeping ocean views, Madeira is an inviting option for those looking for a new lifestyle.

Located in the North Atlantic Ocean, Madeira is just under 400 km north of the Canary Islands, 520 km west of Morocco, and 805 km southwest of mainland Portugal. While situated on the African Tectonic Plate, it is entirely considered European. Thinking of moving there? This guide aims to make your move as smooth as possible, covering essential topics from legal requirements to finding the right home on the island. 

Table of Contents

1. Fun Facts about Madeira
2. Understanding Madeira
3. Legal Requirements - Visas and Residency Permits
4. Finding a Job
5. Finding a Place to Stay
6. Cost of Living
7. Setting up a Bank Account
8. Getting Around Madeira
9. Accessing the Healthcare System
10. Learn the Language
11. Conclusion

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Fun Facts about Madeira

• Official name: Autonomous Region of Madeira (Região Autónoma da Madeira)
• Population: 256,622 (2.5% of the population in Portugal)
• Total number of islands: 4 main inhabited islands (Madeira, Porto Santo, Desertas, and Selvagens)
• Capital: Funchal, located on Madeira Island
• Currency: Euro (€)
• Official language: Portuguese
  

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Understanding Madeira

Location and Climate

Madeira is an autonomous region of Portugal, consisting of four islands located in the north Atlantic Ocean, about 1,000 km southwest of Lisbon and 520 km west of the African coast. Known for its eternal spring climate, Madeira boasts average temperatures ranging from 19°C (66°F) in winter to 26°C (78°F) in summer. It typically has dry summers and wet winters.

Culture

Madeiran culture is a vibrant mix of Portuguese and multicultural influences, reflecting its history as a strategic port. The people are known for their warmth and hospitality, embracing a relaxed lifestyle that values work-life balance.

Language

Portuguese is the official language of Madeira. While English is widely spoken in tourist areas and among younger generations, learning some Portuguese will greatly enhance your experience and integration into local life.

Tax Benefits

Madeira offers attractive tax benefits, especially for non-habitual residents (NHR) and digital nomads. The NHR program provides tax exemptions or reduced rates on foreign-source income for eligible individuals for ten years. Additionally, Madeira's International Business Centre offers tax advantages for companies establishing operations on the island.

Legal Requirements - Visas and Residency Permits

Madeira follows Portuguese immigration laws as it is an autonomous region of Portugal. Here’s a breakdown:

1. EU/EEA/Swiss Citizenssome text
   • As part of the EU, Madeira allows EU/EEA/Swiss citizens to enter freely for up to 3 months. For longer stays, registration with local authorities for a Registration Certificate is required.

2. Non-EU Citizenssome text
   • Schengen Visa (Short-stay): For visits up to 90 days in a 180-day period.
   • National Visa (Long-stay): For stays over 90 days, depending on the purpose (work, study, etc.). This includes:some text
     • Work Visas:some text
       • D1 Visa (Employee Visa): For individuals with a job offer from a Portuguese company.
       • D3 Visa (Highly Qualified Activity Visa): For skilled professionals, researchers, or teaching staff.
       • D2 Visa (Entrepreneur Visa): For those starting a business or investing in Portugal.
       • D7 Visa (Digital Nomad Visa): For remote workers and digital nomads.
     • Study Visas (D4 Visa): For students accepted by a recognized Portuguese educational institution.
     • Golden Visa: This residency program allows non-EU citizens to obtain residency by making significant investments, such as buying property or creating jobs in Portugal.
   • After arriving, non-EU citizens must schedule an appointment with SEF and apply for a residence permit within 4 months.

Additional notes:

• Language requirement: Some visas may require proof of Portuguese language proficiency (A2 level), which can often be met after arriving in Portugal.
• Visa validity: Most initial visas are valid for 4 months to 1 year and can be renewed if the applicant continues to meet the visa conditions.

Always check the official SEF website (www.sef.pt) for the most updated information as immigration laws and requirements can change.

Finding a Job

While Madeira's job market can be competitive, opportunities exist, particularly in the following sectors:

• Tourism and hospitality
• IT and tech (growing digital nomad scene)
• Education (especially language teaching)
• Healthcare
• Agriculture and wine production

To search for jobs, you can use online platforms like:

• Indeed Portugal
• LinkedIn

The Madeira Digital Nomads community is also a great resource for remote workers.

Finding a Place to Stay

Madeira offers a range of housing options, from modern apartments in Funchal to traditional quintas (country estates) in rural areas. Popular areas for expats include:

• Funchal
  • The capital city and largest urban centre of Madeira, Funchal is the most popular choice for expats. It offers a wide range of amenities, including restaurants, shops, healthcare facilities, and schools. Funchal has a blend of modern living and traditional charm, with its scenic harbour, historic sites, and vibrant cultural life.
• Ponta do Sol
  • Known for being one of the sunniest spots on the island, Ponta do Sol has become increasingly popular with digital nomads and remote workers. It's a smaller, quieter coastal town but has a growing expat community, particularly those looking for a relaxed lifestyle away from the busy city.
• Calheta
  • Located on the southwest coast, Calheta is favoured by expats seeking a quieter, more rural lifestyle while still being within easy reach of Funchal. It offers beautiful beaches, nature, and hiking opportunities, as well as modern amenities.
• Santa Cruz
  • Close to the Madeira International Airport, Santa Cruz is another attractive area for expats, offering proximity to the ocean, a quieter vibe than Funchal, and easy access to amenities and transportation.
• Caniço
  • Situated just east of Funchal, Caniço is another popular choice for expats. It offers a more suburban feel, with residential areas, shops, and restaurants, along with a lower cost of living compared to Funchal. Caniço de Baixo, the coastal area, is especially favoured by retirees and expats.
• Machico
  • Located on the eastern part of the island, Machico is Madeira’s second-largest town and offers a more traditional Portuguese lifestyle. It has a beautiful bay, a sandy beach, and a lower cost of living, making it appealing to expats who want a quieter environment while still enjoying coastal life.

When deciding on a place to live, consider:

• Proximity to amenities and transport links
• Microclimate (some areas are sunnier or more sheltered from winds)
• Access to high-speed internet (crucial for remote workers)

Websites to help with your property search:

• Idealista
• Casa Sapo
• Imovirtual

In Funchal, the average cost of renting a one-bedroom apartment in the city centre is approximately €1,220. For those looking to live outside the city centre, the rent for a one-bedroom apartment is typically lower, around €930. For larger accommodation options, a three-bedroom apartment in the city centre averages €2,130, while the same type of apartment outside the centre costs about €1,550.

Cost of Living

While generally more affordable than mainland Portugal, costs in Madeira can vary. Here's a general idea of monthly costs (excluding rent):

• Single person: €650
• Family of four: €2,300

Looking at some more specific costs:

• Basic utilities (electricity, heating, water, garbage) for 915 sq ft apartment: €92
• Internet (60 Mbps or more): €37
• Mobile phone monthly plan with calls and 10GB+ data: €17
• Gym membership: €38

The cost of living in Funchal is approximately 13.5% lower than in Lisbon, and 56% lower than that of New York City.

Setting up a Bank Account

To open a bank account in Madeira as a foreigner, you'll typically need:

• Valid passport or EU ID card
• Portuguese tax number (NIF) - get this from your local tax office or fiscal rep
• Proof of address in Portugal
• Proof of income or employment
• Tax number of previous location

Major banks in Madeira include:

• Banco Santander Totta
• Millennium BCP
• Caixa Geral de Depósitos
• Novo Banco

Note that while some steps can be completed online, banks in Madeira typically require the account opener to be there in person. Alternatively, take your Tap card with you and use it for all your financial needs. From the app you can conveniently and securely manage all your currencies (crypto and fiat), pay bills locally and back home, and top up your card that can be used to swipe or tap around the island, as well as at ATMs. 

Getting Around Madeira

Transportation in Madeira is primarily by road:

• Public buses (Horários do Funchal) and bicycles are available and relatively inexpensive.
• TukTuks, double-decker buses and Segway tours are also highly rated, if you’re looking to sightsee.
• Car rentals are popular for exploring the island, but be prepared for steep, winding roads and plenty of tunnels.
• Cable cars in Funchal also offer scenic transportation and tourist experiences.

For inter-island travel to Porto Santo:

• Ferry services are available (2.5-hour journey)
• Short flights operate regularly

Accessing the Healthcare System

​​Foreigners moving to Madeira, Portugal, should know that the island offers a public healthcare system (Serviço Nacional de Saúde) accessible to residents, including expats with proper registration. 

EU/EEA citizens can use their European Health Insurance Card (EHIC) for short-term stays. For non-EU citizens or those seeking private care, private health insurance is recommended. 

Madeira has both public and private hospitals, with the main public hospital located in Funchal. Madeira has a good standard of healthcare, but for very specialised treatments, patients might be referred to mainland Portugal.

Learn the Language

While you can get by with English in tourist areas, learning Portuguese will make your experience that much smoother. Some useful phrases:

• "Olá" means "Hello."
• "Obrigado" (male) / "Obrigada" (female) means "Thank you."
• "Bom dia" means "Good morning."
• "Poncha" is a traditional Madeiran alcoholic drink, typically made with sugar cane rum, honey, sugar, and lemon juice.

To learn more, consider taking language classes at the University of Madeira or using apps like Duolingo or Babbel to get started.

Conclusion

Moving to Madeira offers a unique lifestyle with its mild climate, breathtaking landscapes, and welcoming local culture. With helpful resources available for navigating visa requirements, finding accommodation, and accessing healthcare, the transition to island life can be as smooth as the rum you’ll find there. 

Whether you're a digital nomad, retiree, or simply seeking a new adventure, Madeira provides an attractive mix of modern amenities and natural beauty, making it an ideal destination for expats.

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In the colourful and often chaotic world of crypto, there exists a quirky corner dominated by what are affectionately known as “memecoins." These digital assets, born from the memes and trends that dominate online culture, are the playful jesters of the crypto kingdom. 

Despite their playful charm, memecoins are often caught up in pump-and-dump schemes and other scams, making them quite the rollercoaster ride. Their volatility is high, and the risk is real. 

So, what draws people to these digital jokes? Simple: some memecoins have handed out enormous returns to those daring enough to dive in. But with a whole galaxy of memecoins out there, how do you spot the stars from the scams? Stick around for some handy pointers.

What makes memecoins popular? 

Memecoins, like the iconic Dogecoin or Shiba Inu, often start as jokes, are often associated with entertainment rather than usability, and often gain traction thanks to the power of community, social media, and, occasionally, celebrity endorsements.

Unlike more traditional cryptocurrencies such as Bitcoin or Ethereum, memecoins generally lack complex technology or specific use cases. They're not about solving grand technological challenges but rather are about capturing the spirit of the internet in a tokenised form. This means that their value is often driven by pure enthusiasm, online buzz, and the thrill of being part of a viral movement.
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So why are these coins so popular? The appeal of memecoins lies in their accessibility and the sense of belonging they create. They're fun, easy to understand, and often tied to shared cultural experiences that resonate with a broad audience. The sense of community and the potential possibility of rapid gains draw people in, making some memecoins a fascinating aspect of the crypto landscape.

‍The downside to memecoin’s popularity

Lately, memecoins have been the talk of the town, sparking a wave of enthusiasm—and, unfortunately, a spike in scams too. Navigating the crypto market's more playful corner requires a keen eye. Before you leap into a memecoin, take a good look at the project and the brains behind it, as well as its development plan and the project’s overall transparency. 

It's wise to tread carefully in these waters and resist the urge to jump in just because a memecoin is all the rage.

How to spot a memecoin from a scam

1. Beyond jokes and buzz
   The initial charm of a memecoin may come from its humour, but lasting appeal requires more substance. Look for memecoins that offer real utility and a role within a broader ecosystem—these are signs of a coin that could stick around.
2. Transparency is key
   Steer clear of memecoins shrouded in mystery, where details about the team and their updates are scarce. A trustworthy memecoin project is open about its progress and the people behind it.
3. Security measures
   Given that memecoins often attract the attention of hackers, robust security is a must. A credible memecoin will have undergone thorough security audits and checks. If a coin lacks evidence of strong security measures, it's a red flag.
4. Community strength
   A vibrant and active community is crucial for a memecoin's success. Memecoins that are driven by their communities tend to have a more promising future, thriving on the collective support and engagement of their members.

As memecoins continue to capture the imagination of the online world, they've also caught the eye of regulators. The wild, unregulated environment in which these coins thrive poses challenges for authorities trying to protect consumers from potential scams or market manipulation. Despite this, the decentralised nature of most memecoins makes regulation a complex issue, leaving this corner of the crypto world as something of a digital Wild West.

Conclusion

Memecoins are the whimsical, unpredictable, and culturally significant players in the cryptocurrency arena. They bring together the lightheartedness of internet memes with the fast-paced world of digital assets, creating a unique blend of humour and speculation. Whether you're laughing with them or at them, memecoins have undeniably become a fascinating part of the crypto narrative.

However, the very traits that make memecoins so appealing—their viral nature and community-driven buzz—also make them a hotspot for speculative bubbles and financial mishaps. As they continue to captivate the imagination of the online masses, they also pose significant challenges and risks, often operating in the murky waters of regulatory oversight. This unregulated and often wild market dynamic invites both opportunistic gains and blatant scammers.

For enthusiasts and investors alike, navigating this landscape means staying informed, vigilant, and discerning. Understanding the signs of a genuine memecoin versus a scam is crucial. It's not just about the initial buzz or the humour; it's about the underlying value, security measures, transparency, and community engagement that support the token's longevity and potential growth.

The financial world is undergoing a significant transformation, largely driven by Millennials and Gen Z. These digital-native generations are embracing cryptocurrencies at an unprecedented rate, challenging traditional financial systems and catalysing a shift toward new forms of digital finance, redefining how we perceive and interact with money.

This movement is not just a fleeting trend but a fundamental change that is redefining how we perceive and interact with money.

Digital Natives Leading the Way

Growing up in the digital age, Millennials (born 1981-1996) and Gen Z (born 1997-2012) are inherently comfortable with technology. This familiarity extends to their financial behaviours, with a noticeable inclination toward adopting innovative solutions like cryptocurrencies and blockchain technology.

According to the Grayscale Investments and Harris Poll Report which studied Americans, 44% agree that “crypto and blockchain technology are the future of finance.” Looking more closely at the demographics, Millenials and Gen Z’s expressed the highest levels of enthusiasm, underscoring the pivotal role younger generations play in driving cryptocurrency adoption.

Desire for Financial Empowerment and Inclusion

Economic challenges such as the 2008 financial crisis and the impacts of the COVID-19 pandemic have shaped these generations' perspectives on traditional finance. There's a growing scepticism toward conventional financial institutions and a desire for greater control over personal finances.

The Grayscale-Harris Poll found that 23% of those surveyed believe that cryptocurrencies are a long-term investment, up from 19% the previous year. The report also found that 41% of participants are currently paying more attention to Bitcoin and other crypto assets because of geopolitical tensions, inflation, and a weakening US dollar (up from  34%). 

This sentiment fuels engagement with cryptocurrencies as viable investment assets and tools for financial empowerment.

Influence on Market Dynamics

The collective financial influence of Millennials and Gen Z is significant. Their active participation in cryptocurrency markets contributes to increased liquidity and shapes market trends. Social media platforms like Reddit, Twitter, and TikTok have become pivotal in disseminating information and investment strategies among these generations.

The rise of cryptocurrencies like Dogecoin and Shiba Inu demonstrates how younger investors leverage online communities to impact financial markets². This phenomenon shows their ability to mobilise and drive market movements, challenging traditional investment paradigms.

Embracing Innovation and Technological Advancement

Cryptocurrencies represent more than just investment opportunities; they embody technological innovation that resonates with Millennials and Gen Z. Blockchain technology and digital assets are areas where these generations are not only users but also contributors.

A 2021 survey by Pew Research Center indicated that 31% of Americans aged 18-29 have invested in, traded, or used cryptocurrency, compared to just 8% of those aged 50-64. This significant disparity highlights the generational embrace of digital assets and the technologies underpinning them.

Impact on Traditional Financial Institutions

The shift toward cryptocurrencies is prompting traditional financial institutions to adapt. Banks, investment firms, and payment platforms are increasingly integrating crypto services to meet the evolving demands of younger clients.

Companies like PayPal and Square have expanded their cryptocurrency offerings, allowing users to buy, hold, and sell cryptocurrencies directly from their platforms. These developments signify the financial industry's recognition of the growing importance of cryptocurrencies.

Challenges and Considerations

While enthusiasm is high, challenges such as regulatory uncertainties, security concerns, and market volatility remain. However, Millennials and Gen Z appear willing to navigate these risks, drawn by the potential rewards and alignment with their values of innovation and financial autonomy.

In summary

Millennials and Gen Z are redefining the financial landscape, with their embrace of cryptocurrencies serving as a catalyst for broader change. This isn't just about alternative investments; it's a shift in how younger generations view financial systems and their place within them. Their drive for autonomy, transparency, and technological integration is pushing traditional institutions to innovate rapidly.

This generational influence extends beyond personal finance, potentially reshaping global economic structures. For industry players, from established banks to fintech startups, adapting to these changing preferences isn't just advantageous—it's essential for long-term viability.

As cryptocurrencies and blockchain technology mature, we're likely to see further transformations in how society interacts with money. Those who can navigate this evolving landscape, balancing innovation with stability, will be well-positioned for the future of finance. It's a complex shift, but one that offers exciting possibilities for a more inclusive and technologically advanced financial ecosystem. The financial world is changing, and it's the young guns who are calling the shots.

Bitcoin (BTC)

Known as "digital gold," Bitcoin is the pioneering cryptocurrency utilising blockchain technology to maintain a decentralised, unalterable ledger. It operates without central authority control and maintains a communal record of all transactions ever conducted.

Ethereum (ETH)

Ethereum is an open-source platform enabling developers to construct and deploy decentralised applications. It can be conceptualised as a programmable Bitcoin, allowing participants to execute decentralised blockchain applications known as "smart contracts".

Tap (XTP)

Tap Token (XTP) is a digital asset powering the Tap Network, a platform merging blockchain technology with everyday financial transactions. XTP functions as a utility token within this ecosystem, notably facilitating cashback rewards and premium services. XTP users can earn cashback on transactions, enhancing everyday spending while harnessing blockchain technology benefits.

Tether (USDT)

Tether (USDT) is a cryptocurrency designed to mirror the US dollar's value. It aims to create a stable cryptocurrency usable as digital dollars. Tether converts cash into digital currency, "tethering" the coin's value to national currencies like the US Dollar, ensuring price stability.

USD Coin (USDC)

USDC is a fully collateralised US Dollar stablecoin. This Ethereum-powered coin is the brainchild of CENTRE, an open-source project. USD Coins are issued by regulated, licensed financial institutions maintaining full reserves of the equivalent fiat currency in a 1 USDC: 1 USD ratio.

Litecoin (LTC)

Litecoin is a peer-to-peer digital currency designed for near-instantaneous, virtually costless payments worldwide. It's an open-source, global payment network operating in a fully decentralised manner without any central authorities.

Ripple (XRP)

XRP is a digital currency created by Ripple Labs to enhance global financial transaction efficiency. Unlike traditional cryptocurrencies, XRP prioritises speed and scalability, aiming to facilitate seamless cross-border payments with minimal fees. It functions as a high-performance bridge between different currencies, enabling swifter and more cost-effective global transfers.

Dai (DAI)

Multi Collateral Dai (DAI) is a cryptocurrency backed by multiple collaterals. Created by Maker, a smart contract platform on the Ethereum blockchain, it allows anyone to leverage their Ethereum assets and generate MCD tokens on the Maker Platform. Once generated, MCD can be utilised similarly to other cryptocurrencies.

Shiba Inu (SHIB)

SHIB is an experiment in decentralised spontaneous community building. Shiba Inu is entirely community-driven and governed, demonstrating genuine loyalty to the DeFi network's core values, built on Ethereum. Its native utility token, SHIB, will power ShibSwap and other DeFi protocols and tools.

Aave (AAVE)

Aave is a decentralised, non-custodial money market protocol where users can participate as depositors or borrowers. Depositors provide market liquidity to earn passive income, while borrowers can borrow in an overcollateralised (perpetually) or undercollateralised (one-block liquidity) manner. Aave aims to bring decentralised finance to the masses, with its protocol being fully open source and audited for security.

Cardano (ADA)

Cardano is a fully open-source crypto project developing a smart contract platform aiming to deliver more advanced features than existing blockchain protocols. It adopts a scientific philosophy and a research-first driven approach, striving to balance user needs with regulatory requirements, thereby combining privacy with regulation.

Chainlink (LINK)

Chainlink (LINK) is a decentralised oracle service aiming to connect smart contracts with real-world data. As blockchains cannot access external data, oracles serve as data feeds in smart contracts. Oracles provide external data (e.g., temperature, weather) triggering smart contract executions upon fulfilling predefined conditions.

Polygon (MATIC)

Matic provides scalable, secure, and instant transactions using sidechains based on an adapted Plasma framework implementation for asset security and a decentralised network of Proof-of-Stake (PoS) validators. It enables the creation of scalable dApps while ensuring superior user experience in a secure, decentralised manner. Matic intends to support other blockchains in the future, offering interoperability features alongside scalability to existing public blockchains.

Axie Infinity (AXS)

Axie Infinity is an NFT-based gaming platform where users can battle, collect, grow, and trade digital pets called Axies. Axies can be composed of hundreds of interchangeable parts, offering nearly infinite creative possibilities. As non-fungible tokens, each Axie is unique, increasing its potential value appreciation. Axie Infinity also offers governance through its native utility token, Axie Infinity Shards (AXS).

Compound (COMP)

Compound is an algorithmic money market protocol on Ethereum allowing users to earn interest or borrow assets against collateral. Users can supply assets to Compound's liquidity pool and immediately begin earning continuously compounding interest. Rates adjust automatically based on supply and demand. Supplied asset balances are represented by cTokens, which earn interest and serve as collateral.

ApeCoin (APE)

ApeCoin serves as the governance and utility token for navigating the APE ecosystem. APE token holders participate in the decentralised community known as the APE DAO, enabling developers to incorporate APE into both new and existing projects.

Solana (SOL)

Solana is a single-chain, delegated proof-of-stake protocol focused on delivering scalability without compromising decentralisation or security. SOL is the Solana blockchain's native token. Solana aims to support all high-growth and high-frequency blockchain applications and democratise global financial systems.

The Graph (GRT)

The Graph is an indexing protocol for querying data from networks like Ethereum and IPFS, powering numerous applications in both DeFi and the broader Web3 ecosystem. Developers can build and publish open APIs, called subgraphs, which applications can query using GraphQL to retrieve blockchain data. The Graph currently supports indexing data from Ethereum, IPFS, and POA, with more networks planned for the future.

Decentraland (MANA)

Decentraland (MANA) is a virtual reality platform powered by the Ethereum blockchain, enabling users to create, experience, and monetise content and applications. In this virtual world, users purchase land plots they can navigate, build upon, and monetise. Decentraland uses two tokens: MANA (an ERC20 token) and LAND (non-fungible ERC721 tokens).

Dogecoin (DOGE)

Originating from an internet meme, Dogecoin (DOGE) began as a joke but its passionate community helped grow the cryptocurrency to a significant market cap. DOGE is similar to Bitcoin but easier to mine (or "dig" in DOGE protocol terms). Dogecoin is a peer-to-peer, open-source digital currency known for its Shiba Inu coin mascot, represented as a fun, lighthearted cryptocurrency for value transfer within its community.

Enjin (ENJ)

Enjin has established itself as a blockchain ecosystem developer, creating a suite of user-first blockchain products enabling easy management, exploration, distribution, and integration of blockchain assets. Built on an on-chain infrastructure and comprising the Enjin Platform, Marketplace, Wallet, Beam, and other tools and services, the Enjin ecosystem aims to help game industry businesses increase revenue, gain competitive edge, and innovate.

UNI (Uniswap)

Since its inception, the Uniswap Protocol has served as a trustless and highly decentralised financial infrastructure. Having proven product-market fit for decentralised financial infrastructure, Uniswap is well-positioned for community-led growth, development, and self-sustainability. The introduction of UNI (ERC-20) enables shared community ownership and a vibrant, diverse governance system to guide the protocol's future.

Maker (MKR)

Maker DAO is a decentralised autonomous organisation on the Ethereum blockchain aiming to minimise its stable token DAI's price volatility against the IMF's currency basket SDR. Its token, MKR, is a speculative Ethereum-based token backing DAI's value. Maker earns continuous fees on all outstanding DAI for governing the system and assuming bailout risks. Maker's income is channelled to MKR owners through a Buy Back programme.

Sandbox (SAND)

SAND is the utility token used throughout The Sandbox ecosystem as the basis for transactions and interactions in the blockchain-based, play-to-earn game. The Sandbox is a community-owned and driven platform where users can create, monetise, and trade voxel assets and in-game experiences. It's an ERC-20 utility token built on the Ethereum blockchain.

1inch (1INCH)

1inch is a decentralised exchange (DEX) aggregator optimising cryptocurrency trades by finding the best prices across multiple DEXs. Users can access improved rates and lower slippage on trades, facilitating efficient and cost-effective transactions across the decentralised finance (DeFi) ecosystem.

Convex (CVX)

CVX is the native token of Convex Finance, a decentralised finance platform enhancing yield farming on Curve Finance. CVX holders can boost their rewards and participate in governance decisions within the Convex ecosystem. CVX helps maximise returns for liquidity providers and stakers, making it a key asset for optimising DeFi investments.

Synthetic (SNX)

SNX is the native token of Synthetix, a decentralised platform for trading synthetic assets. By staking SNX, users can mint and trade various synthetic assets mirroring real-world asset values, like currencies and commodities. SNX holders earn rewards and participate in Synthetix network governance, aiming to provide a robust, flexible trading environment in the DeFi space.

LIDO (LDO)

LIDO is a decentralised staking protocol allowing users to earn rewards on staked assets while maintaining liquidity. Users can stake assets like Ethereum and receive liquid staking tokens in return, usable across DeFi platforms. LIDO simplifies staking with enhanced flexibility and access to rewards without fund lockup.

Bitdao (BIT)

BIT is BitDAO's governance token, enabling holders to participate in decision-making processes and influence the DAO's direction. BIT holders can vote on proposals, contribute to DeFi project development, and shape the BitDAO ecosystem's future.

Curve Dao Token (CRV)

Launched in 2020, Curve serves as a DeFi Automated Market Maker (AMM) platform for stablecoin exchange. The network launched a decentralised autonomous organisation (DAO) using CRV as its native token. Curve's governance protocol rewards users with CRV based on liquidity commitment and ownership duration.

Gnosis (GNO)

GNO is the native token of Gnosis, a decentralised platform for creating and managing prediction markets and DeFi applications. GNO token holders have governance rights and a stake in the Gnosis ecosystem, allowing participation in decision-making and shaping the platform's future. GNO supports innovative financial product development and decentralised applications on the Gnosis network.

Polkadot (DOT)

Polkadot is an open-source project founded by the Web3 Foundation. It's a sharded protocol enabling blockchain networks to operate together. The DOT token serves three distinct purposes: network governance, staking, and bonding.

Quant (QNT)

The Quant platform is known for its revolutionary blockchain protocol, Overledger, allowing developers to build applications on an open network. This project aims to redefine the internet as we know it and is the only platform permitting multi-chain application building on an internet-scale, decentralised network.

Chiliz (CHZ)

Chiliz is a fin-tech platform for tokenising sports teams, using its blockchain technology and native token, CHZ, as collateral for fans to collect tokens and rewards. The network provides access by partnering with Socios.com to build relationships with well-known sports leagues, who then create their own branded fan tokens.

Chain (XCN)

XCN is the Chain network's native token, aiming to enhance blockchain system scalability and interoperability. As the Chain ecosystem's utility token, XCN is used for staking, governance, and accessing various network services. XCN holders can participate in decision-making processes and help drive scalable blockchain solution development within the Chain network.

GensoKishi Metaverse (MV)

MV is the GensoKishi Metaverse's native token, a virtual world blending gaming and decentralised finance (DeFi). MV tokens are used within the GensoKishi Metaverse for transactions, in-game purchases, and governance. MV holders can participate in the metaverse's growth and development, access exclusive content, and engage in this blockchain-based virtual world's vibrant ecosystem.

PAX Gold (PAXG)

PAXG is a digital token backed by gold, offering a stable, secure way to invest in precious metals. Each PAXG token is pegged to one troy ounce of gold held in reserve, providing users with a stable value store and cryptocurrency's liquidity and ease. PAXG allows users to gain gold value exposure while benefiting from blockchain technology's efficiency and flexibility.

Ankr (ANKR)

Ankr (ANKR) works to realise Web3 by creating optimal accessibility for decentralised web builders. The network facilitates easy, affordable node deployment on blockchains, reduces costs, and streamlines processes for users, enabling universal Web3 participation. ANKR, Ankr's native token, serves as the network's payment method.

Balancer (BAL)

BAL is the governance token of Balancer, a decentralised exchange and automated portfolio manager. BAL holders can participate in Balancer protocol governance, vote on proposals, and influence platform development. BAL also incentivises liquidity providers, rewarding them for Balancer ecosystem participation and helping ensure the platform's stability and growth.

Kyber Network (KNC)

Kyber Network's on-chain liquidity protocol allows decentralised token swap integration into any application, enabling seamless value exchange among all ecosystem parties. Leveraging the protocol, developers can build payment flows and financial apps, including instant token swap services, ERC-20 payments, and innovative financial dApps, contributing to a world where any token is universally usable.

Ethereum Name Service (ENS)

ENS (Ethereum Name Service) is a decentralised domain name system mapping human-readable names to Ethereum addresses and other blockchain identifiers. ENS token holders can participate in ENS protocol governance, vote on key decisions, and manage their domain names. ENS simplifies blockchain application interactions by replacing complex addresses with easily memorable names.

Basic Attention Token (BAT)

Basic Attention Token (BAT) is a blockchain-based digital advertising and rewards token from Brave Software. This Ethereum-based ERC20 token enables advertisers, publishers, content creators, and developers to reward each other for their services. User attention is privately monitored in the Brave browser, with publishers rewarded accordingly using BATs. Users also receive BAT tokens for participation.

Loopring (LRC)

Loopring is a Layer 2 scaling solution for Ethereum functioning as a DEX (Decentralised Exchange), AMM (Automated Market Maker), and blockchain data migration service. Loopring's scaling system only uses the Ethereum Layer 1 blockchain for verification, achieving higher speeds with lower per-transaction costs.

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In the fast-paced world of fintech, standing still means falling behind. At Tap, we've embraced this ethos wholeheartedly, pushing the boundaries of what's possible in digital finance. As we reflect on the first half of this year, we're proud to share a story of relentless innovation, expansion, and customer-centric improvements that have solidified our position as an innovative crypto-fintech player.

A Fresh Face for Finance

Our journey this year began with a seemingly simple yet profoundly impactful change – we gave our card a fresh new look. This was more than just aesthetics; it was a statement. In a world where your card is an extension of your digital identity, we wanted to ensure that every time our users reach for their Tap card, they feel a sense of pride and modernity.

Our community spoke, and we listened. Our users, ever  trendsetters, made it clear: they wanted to flaunt their Tap cards without turning their hands into impromptu privacy screens. The result? A card so sleek, so modern, that it practically begs to be photographed which makes a big difference in today's social media-driven world.

But we didn't stop at the surface. While giving our cards a modern facelift, our engineering dev team was hard at work enhancing our platform's core. We’ve also added a new exchange to our smart router and improved trading execution times. For our users, this means faster, more efficient transactions – because in the world of finance, every second counts.

Unparalleled Rewards - The Game-Changing Cashback Feature

Our standout achievement this year is undoubtedly the launch of our new Cashback feature. Born from the vocal requests of our vibrant community, this feature offers one of the industry-leading Cashback rates of up to 8% on card purchases. It's more than just a perk, it's a game changer that puts real rewards back into our users' pockets with every transaction.

This feature also breathes new life into our native XTP token, creating a symbiotic ecosystem where token holders can unlock even more value. By embedding XTP directly into our Cashback system, we've supercharged its Tokenomics, seamlessly connecting the best of traditional finance and crypto in a way that's simple, rewarding, and user-centric.

Expanding Horizons: Conquering the American Frontier

Our ambition knows no borders, and this year, we've made significant strides in our global expansion, particularly in the USA. This wasn't just another market entry – it was a testament to Tap’s resilience and unwavering commitment to our global vision.

The path to the US market was fraught with challenges. The regulatory landscape in the USA is notoriously complex, and the new government crackdown in early 2023 delayed our expansion plans, halting our launch just one week before it was set to go live. 

While this setback caused many companies to retreat from the jurisdiction, we saw it as an opportunity to demonstrate our adaptability and determination.

In the face of these obstacles, we didn't just persevere – we thrived. We've built a new, updated app platform specifically for our American users, tailored to navigate the intricate regulatory environment while delivering the innovative financial solutions Tap is known for.

Our successful expansion into the USA, despite the hurdles, is more than just a new market entry. It's a clear signal of Tap’s global ambitions and our ability to adapt and excel in even the most challenging environments.

Premium Experiences for Premium Users

Recognising that our users' needs evolve, we've introduced new premium user tiers. These tiers are designed to offer tailored experiences that align with the diverse financial journeys of our users and to fit every taste and budget. This is a reimagining of how financial services can be personalised.

Each plan now includes our brand new Cashback feature, allowing users to earn as they spend, and a dedicated market newsletter to keep them informed and empowered in their financial decisions. From the budget-conscious to the exclusivity seeker, there's now a Tap experience crafted for everyone.

Elevating the User Experience

Many of you requested this add on and that’s why we've introduced a search bar – a simple addition that makes navigating our feature-rich app a breeze. This simple yet effective addition makes it easier for users to find specific features, transactions, or information within the app.

The search functionality helps both new and experienced users navigate our growing range of services more efficiently, saving time and improving overall satisfaction with the app.

As part of our ongoing efforts to provide diverse financial options, we've expanded our cryptocurrency offerings this year. We've added two new tokens to our platform: GALA and YFI, giving our users more choice in their crypto investments.

Additionally, we've introduced an in-app XTP-BTC trading pair. This new feature allows users to conveniently trade between our native token and Bitcoin directly within the Tap app.

Strengthening Our Core: Behind-the-Scenes

While the changes mentioned above are the ones you can see and touch, they're just the tip of the iceberg. Behind the scenes, we've implemented close to 80 improvements that, while not immediately visible, have dramatically enhanced the overall user experience. 

From app fluidity enhancements to reinforced security measures and new provider integrations, we've been working round the clock to make your Tap experience smoother, safer, and more efficient than ever before.

Looking Ahead‍

As we move into the second half of the year, we're more excited than ever about the future of Tap. We're not just a financial app; we're your partner in navigating the complex world of modern finance. 

With every update, every new feature, and every market we enter, we're driven by a single goal: to empower you to get more from your money.

The story of Tap is one of constant evolution, and we're thrilled to have you along for the ride. Here's to the innovations of today and the financial revolutions of tomorrow.

The financial world is currently undergoing a remarkable technological transformation, led by the rise of open banking, open finance, and embedded finance. While these terms may seem similar, each represents a distinct approach with unique implications. Understanding the nuances between these emerging service models is not only interesting but will add value to your endeavours in the financial realm. Ultimately, they hold the power to fundamentally reshape how we access and manage our money.

In this article, we'll explore the defining characteristics of each trend - their origins, benefits, and the broader ecosystem in which they thrive. 

What is open banking?

Origins and key principles

At the heart of the financial technology revolution lies open banking - a model that has its origins in the need for increased transparency, competition, and consumer choice within the banking industry. 

The key principles of open banking centre around empowering individuals and businesses to securely share their financial data with third-party providers, like fintechs for example, enabling a new era of innovative services and personalised experiences.

Regulatory frameworks

Regulatory frameworks like the European Union's Payment Services Directive (PSD2) have been instrumental in systemising and accelerating the open banking movement, in fact, it has been referred to as the “starting point” of the open banking solution. 

These regulations have encouraged fintech firms and developers to use customer data from banks securely through APIs, leading to better products and services.

Benefits for consumers and businesses

Open banking brings numerous benefits for both businesses and consumers. 

• Consumers can control their financial data better, manage accounts across different institutions easily, and use personalised money management tools. 
• Businesses can integrate banking features into their platforms using open APIs, enhancing customer experience and creating new revenue streams. 

There’s no denying that the open banking revolution is picking up speed, so expect significant changes in the financial landscape ahead.

What is open finance?

Key principles

While open banking has revolutionised how we interact with our bank accounts, open finance takes things even further.

Instead of just focusing on banking data, open finance allows the secure sharing of information across a wider range of financial services. This could include investment portfolios, insurance policies, loan details, and even pension information.

In essence, open finance takes a broader view, considering a person's entire financial picture and serves as a comprehensive framework that outlines how open banking principles should operate within the greater financial economy.

Accessing a broader range of financial data

By bringing all this data together, consumers and businesses gain a more complete view of their overall financial health. This unlocks new possibilities and opportunities, such as:

• Lenders can provide more personalised loan offers
• Wealth managers can deliver tailored investment strategies
• Insurance providers can price policies more accurately
• Individuals can take a unified approach to budgeting, saving, and achieving financial goals

What is embedded finance?

Integrating financial services into non-financial platforms

Embedded finance represents a major shift in how people interact with financial services. Instead of relying solely on traditional banking platforms, this approach involves seamlessly integrating banking capabilities right into the everyday digital tools and apps people already use.

An example of embedded finance would be a user being able to access banking features directly within a shopping app or a ridesharing platform. Parties can seamlessly engage with the financial services within the app, whether for exchange, payment or tipping.

Improving customer experience and accessibility

By embedding financial features into non-financial environments, companies can dramatically improve the customer experience. Consumers gain frictionless access to banking, lending, payments, and other services without having to leave the digital spaces they might find themselves in. This enhanced accessibility and convenience can lead to higher engagement and loyalty, further spurring the evolution of the digital financial landscape.

Real life examples of embedded finance applications

You can find examples of embedded finance all around you. Examples include e-commerce platforms that offer buy-now-pay-later options at checkout or ridesharing apps that allow in-app tipping and payouts and retail apps that provide integrated spend tracking and budgeting tools. The common thread is the ability to deliver financial services in a natural, contextual way that feels like a seamless part of the user's experience.

As embedded finance continues to grow, the boundaries between banking, commerce, and everyday digital life will keep blurring. This intersection promises to redefine how individuals and businesses manage their financial lives in the years ahead.

Comparing their approaches

The key differences between open banking, open finance, and embedded finance lie in their scope, technological needs, and regulatory factors.

Open banking focuses specifically on banking data and services, while open finance encompasses a wider range of financial information beyond just banking.

The technological requirements also vary, with open banking relying on secure APIs to share data, and embedded finance integrating financial capabilities directly into non-financial platforms.

Regulatory oversight is another distinguishing factor, with frameworks like PSD2 driving open banking, while open finance and embedded finance navigate a more diverse regulatory landscape.

Conclusion

In summary, open banking, open finance, and embedded finance represent a profound transformation in how we access and interact with financial services. Open banking unlocks banking data, open finance expands to broader financial information, and embedded finance seamlessly integrates financial capabilities into everyday digital experiences. 

As these trends continue to evolve, staying informed on the latest developments will be key for consumers and businesses to navigate the changing financial landscape and capitalise on the benefits these innovations can provide. Consider this movement as the future of finance unfolding before our eyes.

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