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How to launch and manage a card program successfully

Want to launch your own branded card program? We break down the what and how—unlock new revenue, boost loyalty, and stay ahead in the digital payment game.

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Ever wondered how companies launch those shiny credit cards with their logos on them? Let's dive into the world of card programs and break down everything you need to know to launch one successfully.

What's a card program, anyway?

Think of a card program as your business's very own payment ecosystem. It's like having your own mini-bank, but without the vault, technical infrastructure and security guards. Companies use card programs to offer payment solutions to their customers or employees, whether a store credit card, a corporate expense card, or even a digital wallet.

As you’ve probably figured, the financial world is quickly moving away from cash, and card payments are becoming the norm. In fact, they're now as essential to business as having a product, website or social media presence.

Why should your business launch a card program?

Launching a card program isn't just about joining the cool kids' club – it's about creating real business value and heightened exposure. Here's what you can achieve:

Keep your customers coming back

Remember those loyalty cards from your favourite coffee shop? Card programs take that concept to the next level. When customers have your card in their wallet, they're more likely to choose your business over competitors. Plus, every time they pull out that card, they (and everyone else around) see your brand.

Show me the money!

Card programs open up exciting new revenue streams. You can earn from:

  • Interest charges (if applicable)
  • Transaction fees from merchants
  • Annual membership fees
  • Premium features and services
  • Insights and information on spending habits

Know your customers better

Want to know what your customers really want? Their spending patterns tell the story. Card programs give you valuable insights into customer behaviour, helping you make smarter business decisions.

Understanding the card program ecosystem

Let's break down the key players in this game:

The dream team

Picture a football team where everyone has a crucial role:

  • Card networks (like Visa and Mastercard) are the referees, setting the rules
  • Card issuers (like Tap) are the coaches, making sure everything runs smoothly
  • Processors (overseen by Tap) are the players, handling all the transactions on the field

Open vs. closed loop: what's the difference?

Open-loop and closed-loop cards differ in where they can be used and who processes the transactions. Let’s break this down:

Open-loop cards:

These cards are branded with major payment networks like Visa, Mastercard, or American Express, and are accepted almost anywhere the network is supported, both domestically and internationally.

Examples: Traditional debit or credit cards, prepaid cards branded by major networks.

Pros: Wide acceptance and flexibility.

Cons: May come with fees for international use or transactions.

Closed-loop cards:

Cards issued by a specific retailer or service provider for exclusive use within their ecosystem. These cards are limited to the issuing brand or select partners.

Examples: Store gift cards (like Starbucks or Amazon), fuel cards for specific gas stations.

Pros: Often come with brand-specific rewards or discounts.

Cons: Limited to specific merchants; less flexibility.

Challenges that may arise

Let's be honest – launching a card program isn't all smooth sailing. Here are the hurdles you'll need to jump:

The regulatory maze

Remember trying to read those terms and conditions? Well, card program regulations are even more complex. You'll need to navigate through compliance requirements that would make your head spin.

Security

Fraud is like that uninvited guest at a party – it shows up when you least expect it. You'll need robust security measures to protect your program and your customers.

We’ve designed our card program to handle these niggles, so that you can bypass the challenges and reap the rewards. With a carefully curated experience, we take care of the setup, programming and hardware so that you can focus on the benefits and users.

Closing thoughts

Launching a card program is like building a house – it takes careful planning, the right tools, and expert help. But when done right, it can become a powerful engine for business growth. 

Contact us to get started on building a card program tailored to your company. After all, the future of payments is digital, and there's never been a better time to get started.

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NEWS AND UPDATES

Millennials and Gen Z: The Catalysts of the Money Revolution?

Millennials and Gen Z are revolutionizing the financial landscape, leveraging cryptocurrencies to challenge traditional systems and redefine money itself. Curious about how this shift affects your financial future? Let's uncover the powerful changes they’re driving!

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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.

Terra, Celsius: The crypto crashes in 2022 explained

2022 was a rollercoaster for crypto investors. Explore the reasons behind the crashes of Terra and Celsius and what the future holds.

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There is seldom a dull moment in the cryptosphere. In a matter of weeks, crypto winters can turn into bull runs, high-profile celebrities can send the price of a cryptocurrency to an all-time high and big networks can go from hero to bankruptcy. While we await the next bull run, let’s dissect some of the bigger moments of this year so far. 

In a matter of weeks, we saw two major cryptocurrencies drop significantly in value and later declare themselves bankrupt. Not only did these companies lose millions, but millions of investors lost immense amounts of money. 

As some media sources use these stories as an opportunity to spread FUD (fear, uncertainty and doubt) about the crypto industry, in this article we’ll look at what affected these particular networks. This is not the “norm” when it comes to investing in digital assets, these are cases of not doing enough thorough research. 

The Downfall of Terra

Terra is a blockchain platform that offered several cryptocurrencies (mostly stablecoins), most notably the stablecoin TerraUST (UST) and Terra (LUNA). LUNA tokens played an integral role in maintaining the price of the algorithmic stablecoins, incentivizing trading between LUNA and stablecoins should they need to increase or decrease a stablecoin's supply. 

In December 2021, following a token burn, LUNA entered the top 10 biggest cryptocurrencies by market cap trading at $75. LUNA’s success was tied to that of UST. In April, UST overtook Binance USD to become the third-largest stablecoin in the cryptocurrency market. The Anchor protocol of the Terra ecosystem, which offers returns as high as 20% APY, aided UST's rise.

In May of 2022, UST unpegged from its $1 position, sending LUNA into a tailspin losing 99.9% of its value in a matter of days. The coin’s market cap dipped from $41b to $6.6m. The demise of the platform led to $60 billion of investors’ money going down the drain. So, what went wrong?

After a large sell-off of UST in early May, the stablecoin began to depeg. This caused a further mass sell-off of the algorithmic cryptocurrency causing mass amounts of LUNA to be minted to maintain its price equilibrium. This sent LUNA's circulating supply sky-rocketing, in turn crashing the price of the once top ten coin. The circulating supply of LUNA went from around 345 million to 3.47 billion in a matter of days. 

As investors scrambled to try to liquidate their assets, the damage was already done. The Luna Foundation Guard (LFG) had been acquiring large quantities of Bitcoin as a safeguard against the UST stablecoin unpegging, however, this did not prove to help as the network's tokens had already entered what's known as a "death spiral".

The LFG and Do Kwon reported bought $3 billion worth of Bitcoin and stored it in reserves should they need to use them for an unpegging. When the time came they claimed to have sold around 80,000 BTC, causing havoc on the rest of the market. Following these actions, the Bitcoin price dipped below $30,000, and continued to do so.

After losing nearly 100% of its value, the Terra blockchain halted services and went into overdrive to try and rectify the situation. As large exchanges started delisting both coins one by one, Terra’s founder Do Kwon released a recovery plan. While this had an effect on the coin’s price, rising to $4.46, it soon ran its course sending LUNA’s price below $1 again. 

In a final attempt to rectify the situation, Do Kwon alongside co-founder Daniel Shin hard forked the Terra blockchain to create a new version, renaming the original blockchain Terra Classic. The platform then released a new coin, Luna 2.0, while the original LUNA coin was renamed LUNC. 

Reviewing the situation in hindsight, a Web3 investor and venture partner at Farmer Fund, Stuti Pandey said, “What the Luna ecosystem did was they had a very aggressive and optimistic monetary policy that pretty much worked when markets were going very well, but they had a very weak monetary policy for when we encounter bear markets.” 

Then Celsius Froze Over

In mid-June 2022, Celsius, a blockchain-based platform that specializes in crypto loans and borrowing, halted all withdrawals citing “extreme market conditions”. Following a month of turmoil, Celsius officially announced that it had filed for Chapter 11 bankruptcy in July. 

Just a year earlier, in June 2021, the platform’s native token CEL had reached its all-time high of $8.02 with a market cap of $1.9 billion. Following the platform’s upheaval, at the time of writing CEL was trading at $1.18 with a market cap of $281 million. 

According to court filings, when the platform filed for bankruptcy it was $1.2 billion in the red with $5.5 billion in liabilities, of which $4.7 billion is customer holdings. A far cry from its reign as one of the most successful DeFi (decentralized finance) platforms. What led to this demise?

Last year, the platform faced its first minor bump in the road when the US states of Texas, Alabama and New Jersey took legal action against the company for allegedly selling unregistered securities to users. 

Then, in April 2022, following pressure from regulators, Celsius also stopped providing interest-bearing accounts to non-accredited investors. While against the nature of DeFi, the company was left with little choice.  

Things then hit the fan in May of this year. The collapse of LUNA and UST caused significant damage to investor confidence across the entire cryptocurrency market. This is believed to have accelerated the start of a "crypto winter" and led to an industry-wide sell-off that produced a bank-run-style series of withdrawals by Celsius users. In bankruptcy documents, Celsius attributes its liquidity problems to the "domino effect" of LUNA's failure.

According to the company, Celsius had 1.7 million users and $11.7 billion worth of assets under management (AUM) and had made over $8 billion in loans alongside its very high APY (annual percentage yields) of 17%. 

These loans, however, came to a grinding halt when the platform froze all its clients' assets and announced a company-wide freeze on withdrawals in early June. 

Celsius released a statement stating: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this necessary action for the benefit of our entire community to stabilize liquidity and operations while we take steps to preserve and protect assets.”

Two weeks later the platform hired restructuring expert Alvarez & Marsal to assist with alleviating the damage caused by June’s uncertainty and the mounting liquidity issues. 

As of mid-July, after paying off several loans, Celsius filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Final Thoughts

The biggest takeaway from these examples above it to always do your own research when it comes to investing in cryptocurrency or cryptocurrency platforms. Never chase “get-rich-quick” schemes, instead do your due diligence and read the fine print. If a platform is offering 20% APY, be sure to get to the bottom of how they intend to provide this. If there’s no transparency, there should be no investment. 

The cryptocurrency market has been faced with copious amounts of stressors in recent months, from the demise of these networks mentioned above (alongside others like Voyager and Three Anchor Capital) to a market-wide liquidity crunch, to the recent inflation rate increases around the globe. Not to mention the fearful anticipation of regulatory changes. 

If there’s one thing we know about cryptocurrencies it’s that the market as a whole is incredibly resilient. In recent weeks, prices of top cryptocurrencies like Bitcoin and Ethereum have slowly started to increase, causing speculation that we might finally be making our way out of the crypto winter. While this won’t be an overnight endeavour, the sentiment in the market remains hopeful. 

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What is a CBDC?

Unveiling the future of money: Explore the game-changing Central Bank Digital Currencies and their potential impact on finance.

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Since the debut of Bitcoin in 2009, central banks have been living in fear of the disruptive technology that is cryptocurrency. Distributed ledger technology has revolutionized the digital world and has continued to challenge the corruption of central bank morals. 

Financial institutions can’t beat or control cryptocurrency, so they are joining them in creating digital currencies. Governments have now been embracing digital currencies in the form of CBDCs, otherwise known as central bank digital currencies. 

Central bank digital currencies are digital tokens, similar to cryptocurrency, issued by a central bank. They are pegged to the value of that country's fiat currency, acting as a digital currency version of the national currency. CBDCs are created and regulated by a country's central bank and monetary authorities.

A central bank digital currency is generally created for a sense of financial inclusion and to improve the application of monetary and fiscal policy. Central banks adopting currency in digital form presents great benefits for the federal reserve system as well as citizens, but there are some cons lurking behind the central bank digital currency facade.

Types of central bank digital currencies

While the concept of a central bank digital currency is quite easy to understand, there are layers to central bank money in its digital form. Before we take a deep dive into the possibilities presented by the central banks and their digital money, we will break down the different types of central bank digital currencies. 

Wholesale CBDCs

Wholesale central bank digital currencies are targeted at financial institutions, whereby reserve balances are held within a central bank. This integration assists the financial system and institutions in improving payment systems and security payment efficiency. 

This is much simpler than rolling out a central bank digital currency to the whole country but provides support for large businesses when they want to transfer money. These digital payments would also act as a digital ledger and aid in the avoidance of money laundering.

Retail CBDCs

A retail central bank digital currency refers to government-backed digital assets used between businesses and customers. This type of central bank digital currency is aimed at traditional currency, acting as a digital version of physical currency. These digital assets would allow retail payment systems, direct P2P CBDC transactions, as well as international settlements among businesses. It would be similar to having a bank account, where you could digitally transfer money through commercial banks, except the currency would be in the form of a digital yuan or euro, rather than the federal reserve of currency held by central banks.

Pros and cons of a central bank digital currency (CBDC)

Central banks are looking for ways to keep their money in the country, as opposed to it being spent on buying cryptocurrencies, thus losing it to a global market. As digital currencies become more popular, each central bank must decide whether they want to fight it or profit from the potential. Regardless of adoption, central banks creating their own digital currencies comes with benefits and disadvantages to users that you need to know. 

Pros of central bank digital currency (CBDC)

  • Cross border payments
  • Track money laundering activity 
  • Secure international monetary fund
  • Reduces risk of commercial bank collapse 
  • Cheaper
  • More secure
  • Promotes financial inclusion

Cons of central bank digital currency (CDBC)

  • Central banks have complete control
  • No anonymity of digital currency transfers
  • Cybersecurity issues 
  • Price reliant on fiat currency equivalent 
  • Physical money may be eliminated 
  • Ban of distributed ledger technology and cryptocurrency

Central bank digital currency conclusion

Central bank money in an electronic form has been a big debate in the blockchain technology space, with so many countries considering the possibility. The European Central Bank, as well as other central banks, have been considering the possibility of central bank digital currencies as a means of improving the financial system. The Chinese government is in the midst of testing out their e-CNY, which some are calling the digital yuan. They have seen great success so far, but only after completely banning Bitcoin trading.

There is a lot of good that can come from CBDCs, but the benefits are mostly for the federal reserve system and central banks. Bank-account holders and citizens may have their privacy compromised and their investment options limited if the world adopts CBDCs.

It's important to remember that central bank digital currencies are not cryptocurrencies. They do not compete with cryptocurrencies and the benefits of blockchain technology. Their limited use cases can only be applied when reinforced by a financial system authority. Only time will tell if CBDCs will succeed, but right now you can appreciate the advantages brought to you by crypto.

Understanding the crypto Travel Rule's role

You might have heard of the "Travel Rule" before, but do you know what it actually mean? Let us dive into it for you.

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What is the "Travel Rule"?

You might have heard of the "Travel Rule" before, but do you know what it actually mean? Well, let me break it down for you. The Travel Rule, also known as FATF Recommendation 16, is a set of measures aimed at combating money laundering and terrorism financing through financial transactions.

So, why is it called the Travel Rule? It's because the personal data of the transacting parties "travels" with the transfers, making it easier for authorities to monitor and regulate these transactions. See, now it all makes sense!

The Travel Rule applies to financial institutions engaged in virtual asset transfers and crypto companies, collectively referred to as virtual asset service providers (VASPs). These VASPs have to obtain and share "required and accurate originator information and required beneficiary information" with counterparty VASPs or financial institutions during or before the transaction.

To make things more practical, the FATF recommends that countries adopt a de minimis threshold of 1,000 USD/EUR for virtual asset transfers. This means that transactions below this threshold would have fewer requirements compared to those exceeding it.

For transfers of Virtual Assets falling below the de minimis threshold, Virtual Asset Service Providers (VASPs) are required to gather:
  • The identities of the sender (originator) and receiver (beneficiary).
  • Either the wallet address associated with each transaction involving Virtual Assets (VAs) or a unique reference number assigned to the transaction.
  • Verification of this gathered data is not obligatory, unless any suspicious circumstances concerning money laundering or terrorism financing arise. In such instances, it becomes essential to verify customer information.
Conversely, for transfers surpassing the de minimis threshold, VASPs are obligated to collect more extensive particulars, encompassing:
  • Full name of the sender (originator).
  • The account number employed by the sender (originator) for processing the transaction, such as a wallet address.
  • The physical (geographical) address of the sender (originator), national identity number, a customer identification number that uniquely distinguishes the sender to the ordering institution, or details like date and place of birth.
  • Name of the receiver (beneficiary).
  • Account number of the receiver (beneficiary) utilized for transaction processing, similar to a wallet address.


By following these guidelines, virtual asset service providers can contribute to a safer and more transparent virtual asset ecosystem while complying with international regulations on anti-money laundering and countering the financing of terrorism. It's all about ensuring the integrity of financial transactions and safeguarding against illicit activities.

Implementation of the Travel Rule in the United Kingdom

A notable shift is anticipated in the United Kingdom's oversight of the virtual asset sector, commencing September 1, 2023.

This seminal development comes in the form of the Travel Rule, which falls under Part 7A of the Money Laundering Regulations 2017. Designed to combat money laundering and terrorist financing within the virtual asset industry, this new regulation expands the information-sharing requirements for wire transfers to encompass virtual asset transfers.

The HM Treasury of the UK has meticulously customized the provisions of the revised Wire Transfer Regulations to cater to the unique demands of the virtual asset sector. This underscores the government's unwavering commitment to fostering a secure and transparent financial ecosystem. Concurrently, it signals their resolve to enable the virtual asset industry to flourish.

The Travel Rule itself originates from the updated version of the Financial Action Task Force's recommendation on information-sharing requirements for wire transfers. By extending these recommendations to cover virtual asset transfers, the UK aspires to significantly mitigate the risk of illicit activities within the sector.

Undoubtedly, the Travel Rule heralds a landmark stride forward in regulating the virtual asset industry in the UK. By extending the ambit of information-sharing requirements and fortifying oversight over virtual asset firms‍

Implementation of the Travel Rule in the European Union‍

Prepare yourself, as a new regulation called the Travel Rule is set to be introduced in the world of virtual assets within the European Union. Effective from December 30, 2024, this rule will take effect precisely 18 months after the initial enforcement of the Transfer of Funds Regulation.

Let's delve into the details of the Travel Rule. When it comes to information requirements, there will be no distinction made between cross-border transfers and transfers within the EU. The revised Transfer of Funds regulation recognizes all virtual asset transfers as cross-border, acknowledging the borderless nature and global reach of such transactions and services.

Now, let's discuss compliance obligations. To ensure adherence to these regulations, European Crypto Asset Service Providers (CASPs) must comply with certain measures. For transactions exceeding 1,000 EUR with self-hosted wallets, CASPs are obligated to collect crucial originator and beneficiary information. Additionally, CASPs are required to fulfill additional wallet verification obligations.

The implementation of these measures within the European Union aims to enhance transparency and mitigate potential risks associated with virtual asset transfers. For individuals involved in this domain, it is of utmost importance to stay informed and adhere to these new guidelines in order to ensure compliance.

‍What does the travel rules means to me as user? ‍

As a user in the virtual asset industry, the implementation of the Travel Rule brings some significant changes that are designed to enhance the security and transparency of financial transactions. This means that when you engage in virtual asset transfers, certain personal information will now be shared between the involved parties. While this might sound intrusive at first, it plays a crucial role in combating fraud, money laundering, and terrorist financing.

The Travel Rule aims to create a safer environment for individuals like you by reducing the risks associated with illicit activities. This means that you can have greater confidence in the legitimacy of the virtual asset transactions you engage in. The regulation aims to weed out illicit activities and promote a level playing field for legitimate users. This fosters trust and confidence among users, attracting more participants and further driving the growth and development of the industry.

However, it's important to note that complying with this rule may require you to provide additional information to virtual asset service providers. Your privacy and the protection of your personal data remain paramount, and service providers are bound by strict regulations to ensure the security of your information.

In summary, the Travel Rule is a positive development for digital asset users like yourself, as it contributes to a more secure and trustworthy virtual asset industry.

‍Unlocking Compliance and Seamless Experiences: Tap's Proactive Approach to Upcoming Regulations‍

Tap is fully committed to upholding regulatory compliance, while also prioritizing a seamless and enjoyable customer experience. In order to achieve this delicate balance, Tap has proactively sought out partnerships with trusted solution providers and is actively engaged in industry working groups. By collaborating with experts in the field, Tap ensures it remains on the cutting edge of best practices and innovative solutions.

These efforts not only demonstrate Tap's dedication to compliance, but also contribute to creating a secure and transparent environment for its users. By staying ahead of the curve, Tap can foster trust and confidence in the cryptocurrency ecosystem, reassuring customers that their financial transactions are safe and protected.

But Tap's commitment to compliance doesn't mean sacrificing user experience. On the contrary, Tap understands the importance of providing a seamless journey for its customers. This means that while regulatory requirements may be changing, Tap is working diligently to ensure that users can continue to enjoy a smooth and hassle-free experience.

By combining a proactive approach to compliance with a determination to maintain user satisfaction, Tap is setting itself apart as a trusted leader in the financial technology industry.  So rest assured, as Tap evolves in response to new regulations, your experience as a customer will remain top-notch and worry-free.

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Simplifying Your Spending: Why Tap’s New Partnership with TapiX Matters to You

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Tap temporarily suspends XTP locking/fees in compliance with FCA regulatory requirement

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Tap Teams Up with Notabene for Cryptocurrency Travel Rule Solutions

Tap is excited to announce its partnership with Notabene, enhancing compliance operations and ensuring adherence to cryptocurrency Travel Rule.

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Understanding the crypto Travel Rule's role

You might have heard of the "Travel Rule" before, but do you know what it actually mean? Let us dive into it for you.

Read more
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LATEST ARTICLE

Crypto
Ash
Travel with Tap  – A crypto vacation guide
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Bitcoin and other cryptocurrencies are all about decentralised, worldwide, financial independence and liberty. Cryptocurrencies are borderless, censorship-resistant digital currencies that can be used by anybody with internet access. 

As a result, crypto, at least in principle, appears to be the perfect solution for international travellers or "digital nomads." With the added advantage of having the Tap app, users can instantly and seamlessly use their cryptocurrencies as they would regular fiat currencies when travelling around.

With the growth rate of blockchain technology and crypto adoption increasing, it's only natural that we're seeing more options to spend and travel the world using cryptocurrency.

In this article, we'll look at a variety of different ways to spend your crypto while travelling with Tap and how to spend seamlessly with your Tap card. We will explore why people choose to use their crypto to travel and how the exploding $1 trillion travel market is important for the cryptocurrency industry. 
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Entirely Cashless

‍The beauty of travelling with crypto is that it is entirely cashless. You won't have to worry about dealing with foreign currency exchanges when entering or leaving a different country as all of your money is kept digitally online in your app. 

With the Tap card, users can use their crypto balances to load their card and freely swipe away worldwide. The card allows for seamless payments at millions of merchants around the world, with the merchant none the wiser. 

The option to upgrade to more premium accounts allows you to reduce or completely eliminate any FX fees. Get empowered and enjoy the best out of your money wherever you go.

Reduces Risk

Instead of being a target for muggings looking to steal cash, being entirely digital bypasses this risk.

Accessible

Should something happen at home you can easily and quickly send funds back. Operating 24/7 and only requiring an internet connection, sending money back home can be completed at a moment's notice. Send funds to your friends and family via crypto or fiat for free on their Tap account. 

Discounts

Last but not least, many companies offer discounts to users paying with cryptocurrencies. From travel to retail, and everything in between, users can enjoy added discounts just by utilising crypto. 

Should an event arise that you do need cash, users can easily withdraw cash from a regular ATM using their Tap card. Paying significantly lower fees than you would with your standard bank card, the Tap card allows you to seamlessly integrate into the foreign country with peace of mind. 

How To Travel Abroad With Tap

This is the ultimate crypto vacation guide showing you how to buy everything that you might need through the Tap app for that epic crypto vacation abroad.
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Flights

CheapAir.com was the first US online travel agency to open its doors to crypto, getting into the game as early as 2013. The company currently allows holidaymakers to make payments using Bitcoin, Litecoin, Bitcoin Cash and Dash.

In 2020, Travala and Expedia merged to give users access to millions of hotels and villas worldwide payable in over 30 popular types of cryptocurrencies. There is also Destinia.com in Spain, airBaltic in Latvia, Surf Air in the US, and Peach Aviation in Japan.

Conveniently buy everything you need with your Tap app by scanning the company’s QR code and confirming the transaction. Alternatively, you can make online purchases using your Tap card. 
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Accommodation

Travala, CheapAir.com and Destinia all allow users to book flights and accommodation in one smooth transaction. On Destinia look out for the GoCoin merchant plugin.

Booking.com has partnered with flight planner, A Bit Sky, to provide a location with both flight and accommodation options.

Savvy accommodation-seekers can look to Airbnb-style crypto startups like 99Flats in India or CryptoCribs on Reddit, or head over to XcelTrip,a decentralized travel ecosystem, which provides access to 400 airlines and 1.5 million hotels.
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Food and Drink

CoinMap is an app for anyone and everyone wanting to find crypto-friendly companies. Felix Weis, as well as numerous other cryptocurrency influencers, has credited CoinMap with being the saviour for finding the closest cafe, bar, or restaurant that accepts Bitcoin, including international chains such as Subway and local providers who use crypto merchants. Say goodbye to walking around with boatloads of cash and just take your Tap app along instead. 

Holidaymakers can also look to using crypto to buy a gift card which can be purchased online through Gyft or eGifter, with eGifter offering a 5% discount for purchases made with Bitcoin. eGifter offers gift cards to restaurants like Papa John, Taco Bell, Dunkin’ Donuts, TGI Fridays, UberEats and more.
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Getting Around

Expedia, A Bit Sky, Destinia, and CheapAir all offer access to transfers or car rentals in their services, while Gyft and eGifter offer Uber vouchers. There is also SpendBitcoin.com, which locates different crypto-accepting services in an area, simply chose the car filter option.
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Things To Do

Again, Gyft and eGifter provide access to options like Groupon where you can find local activities on offer, or head to purse.io for any last-minute Amazon purchases (snorkel, anyone?).
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Travel The Tap Way‍

Both the Tap card and the Tap app can provide a seamless and cost-effective solution to using both fiat and cryptocurrencies when travelling. Simply load your wallet with crypto and fiat currencies, and pay directly from the app or use the card to pay at millions of merchants around the world. Say hello to easy travel and plenty of discounts. 

With a range of coins on offer and an integrated smart engine that ensures the best possible prices in real time, travelling with cryptocurrencies and Tap is as smooth a ride as it gets.

With a range of coins on offer and an integrated smart router, Tap lets you store and manage your digital assets wherever, whenever. There are no border delays or inconvenient payment processes to worry about while travelling with crypto only speed and convenience. Tap is as seamless a journey as it gets. 

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Crypto
James
What Are Altcoins?
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Have you heard of the term “altcoin” but not exactly sure what that means? In this article we’re breaking down everything you need to know about altcoins, from the different types of altcoins and how they work, to how you can get your hands on them (buy altcoins). The crypto industry can often feel a little daunting, so we’re here to clear the air and help you establish a strong foundation of insight, knowledge and know how. 

Starting at the beginning, what are altcoins? Altcoins are all cryptocurrencies except for Bitcoin. Not too complicated, is it? Circling back to the early days of the crypto industry when there were only a few cryptocurrencies on the scene, any new coin that was introduced was referred to as an “alternative coin” (labelling it as an alternative cryptocurrency to Bitcoin), which was then shortened to altcoin. So when someone refers to an altcoin, know that they are talking about any cryptocurrency that is not the original (Bitcoin). Altcoins are still decentralized networks, with most of them utilizing blockchain technology.

How Many Altcoins Are There?

At the time of writing, CoinMarketCap reports that there are over 9,400 altcoins in the cryptocurrency industry. This number is increasing by the day, however it’s worth mentioning that these 9,400+ altcoins only make up 50% of the entire cryptocurrency market’s value. Bitcoin is still the most dominant cryptocurrency, with Ethereum the next bigger cryptocurrency. Ethereum is currently responsible for holding roughly 14.5% of the entire market’s value. As Ethereum is also an altcoin, this makes the “altcoin industry” worth $1 trillion. In general terms, one would rather just say the crypto industry.

The Different Types Of Altcoins

With an industry worth over $1 trillion, there is bound to be a wide range of variation. This is just the case with the crypto industry. There are a number of categories that have been created over the years, allowing for various altcoins to provide a new service to the industry. You can also expect to see tons of innovation in the altcoin space, as each new altcoin needs to either improve on the last one, or provide a different use case.

Each cryptocurrency is designed to solve a problem, either faced within the blockchain industry or outside of it, however, many of these have created a niche altcoin market. An example of this is altcoins focused primarily on providing anonymous transactions, these altcoins then fall into the Privacy category. We’ve detailed seven of the main categories below to give you an indication of the vast innovation and use case potential within the space. 

Payment Focused Altcoins

First and foremost, these cryptocurrencies’ primary aim is to provide a medium of exchange within the digital currency realm. Focusing on payment functionality, these digital currencies are akin to Bitcoin and often were created as a “better” version of BTC (through hark forks on the network). Some examples of this include Litecoin (LTC) and Bitcoin Cash (BCH). 

Protocol Focused Altcoins

Protocol focused altcoins are designed to allow developers to work on their blockchain network to create decentralized apps (dapps), smart contracts, and in some cases other cryptocurrencies. They provide space for innovation within the blockchain industry, and empower developers to learn and grow their blockchain understanding. Examples of protocol focused cryptocurrencies include Ethereum (ETH), Tron (TRON) and Neo (NEO). 

Privacy Focused Altcoins

As mentioned above, privacy focused cryptocurrencies provide users the opportunity to send private transactions that are entirely encrypted. While these networks often garner a bad name due to them being used for illicit activities, they are in essence not far from what Satoshi Nakamoto originally intended for Bitcoin. Each network uses slightly different protocols, however they all provide the means to send secure, anonymous transactions. Examples of privacy focused cryptocurrencies include Monero (XMR), Zcash (ZEC) and Dash (DASH).

Stablecoins

You’ve likely heard of stablecoins before. They are the digital currencies that are pegged to a fiat currency. Providing a stable market inside of what has become known as a highly volatile market (cryptocurrencies as a whole), stablecoins offer a hedge against market dips as well as an entry point for users who want to get a feel for the crypto industry. Examples of stablecoins include USD Coin (USDC) and Tether (USDT) which are both pegged to the US dollar, trading at a 1:1 ratio (i.e. 1 USDT will always be worth $1). Stablecoins also include cryptocurrencies pegged to the value of commodities such as gold and oil.

NFTs

NFTs (non fungible tokens) have had their fair share of mainstream media attention recently, especially after one NFT broke records when sold for millions of dollars. NFTs are actually unique crypto assets that cannot be used in the same way that other digital currencies can be. Each NFT holds unique characteristics that represent a one of a kind product, whether it be a piece of digital art, physical art, a house, or even a luxury handbag. These altcoins cannot be recreated, and hold all their transaction history (previous ownership) on a transparent blockchain. They also cannot be “spent” in the same way as other cryptocurrencies in that one an NFT is created, it has that purpose attached to it for life (unlike BTC which can be spent interchangeably).

CBDCs 

CBDCs (central bank digital currencies) are similar to stablecoins but are created and maintained by financial institutions like banks. These currencies’ value is pegged to the local currency, and allow countries to test the efficiency of digital currencies without the volatility. Many countries are in the development phase of CBDCs, however China is leading the pack having recently launched their testing phase. 

Utility tokens

Utility tokens are blockchain tokens that are unique to a particular platform. Many cryptocurrency projects have created utility tokens as a means of crowdfunding prior to their launch, while other projects create utility tokens to be used within the platform for goods and services. Typically, utility tokens have been ERC-20 tokens, and might allow a user access to a new level of a game or to a subscription of some sorts.

How to Get Altcoins

Having gained an understanding of altcoins, individuals eager to explore the thriving altcoin market can effortlessly leverage the capabilities of the Tap app. Tap offers seamless access to an extensive spectrum of cryptocurrencies, including notable names such as Ethereum, Litecoin, XRP, and an assortment of others. It's crucial to bear in mind that not all cryptocurrency wallets exhibit compatibility across the board. For instance, attempting to house an altcoin like XRP within your Bitcoin wallet or stow Tron within your Ethereum wallet would not work due to their incompatibility.

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Crypto
James
What are crypto assets?
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As we explore the world of crypto assets, we take a look at the different types of crypto assets on the market and at the wide range of diversity in the new-age industry. As more people enter the market and start exchanging digital assets, the industry grows and expands to allow new variations.

Below we explore the vast diversity in the industry, from crypto assets used as money to ones that reward users for viewing a website. Each business offers a unique solution, and to navigate this we offer you guidance below.

What Are Crypto Assets?

The terms "crypto asset" and "cryptocurrency" can be used interchangeably. They both refer to a digital asset built using blockchain that can be transferred in a direct peer-to-peer manner. The first crypto asset to launch is Bitcoin, which entered (and created) the scene in 2009. Since then thousands of crypto assets have been created, each one with its own unique use case.

The Different Types Of Crypto Assets

While crypto assets might fall into one or more categories, each has its own set of rules and use cases. 

Payment-Focused

These crypto assets can be used to pay for everyday goods and services or as a store of value (in some cases). These include the likes of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), etc.

Stablecoins

Stablecoins are crypto assets that have their value pegged to a fiat currency or commodity. These crypto assets are designed to bypass the volatility synonymous with the crypto market. These include the likes of Tether (USDT) and USD Coin (USDC).

Privacy Coins

Privacy coins are digital assets that hide details of the transaction, such as the origin, destination and amount. These crypto assets offer untraceable monetary transfers. These include the likes of Monero (XMR) and ZCash (ZEC).

CBDCs

Central Bank Digital Currencies (CBDCs) are crypto assets built and maintained by banks. Used as digital currencies alongside the traditional currency, CBDCs are designed to provide a digital version of the local fiat to which the value is pegged. 

Governance Tokens

Common among decentralized finance (DeFi) protocols, governance tokens provide holders with a say in the platform and in future updates. 

Utility Tokens

Utility tokens will typically provide a service to the holder on the platform on which it was created. Commonly created using the ERC-20 token standard, utility tokens might represent a subscription on a platform or a use case specific to that ecosystem. 

Non-Fungible Tokens

Non-fungible tokens, also known as NFTs, are crypto assets that cannot be used interchangeably and instead hold unique and rare properties. Each NFT represents a singular function that cannot be changed.

How Are Crypto Assets Created And Distributed?

Before crypto assets are created the project's intentions are generally circulated through a white paper. In this white paper, the asset's tokenomics will be outlined which will cover how the asset is created and distributed.

Bitcoin, for example, uses a Proof of Work consensus which means that new coins are entered into circulation through miners solving complex mathematical problems. The network was designed to only ever have 21 million coins created, and new coins are slowly entered into the system each time a miner verifies and adds a new block to the blockchain. 

Ethereum on the other hand has no limit to the number of ETH that can be created. The platform is currently moving from a PoW to a Proof of Stake consensus, which alters the way in which transactions are verified, however, new coins still enter circulation through verifying transactions. 

XRP minted all its coins prelaunch and slowly release them into the system through a central authority while Tether creates USDT on demand. For each $1 sent, 1 USDT is created, which can later be removed from circulation should it be sold. 

The Future Of Crypto Assets

With the ICO Boom in 2017, the DeFi boom in 2020 and the more recent NFT Craze, crypto assets aren't going anywhere. With constant innovation and increasing adoption, crypto assets have become an integral part of the modern day financial landscape.

While mainstream adoption is on the rise, a few wrinkles still need to be ironed out. For one, regulatory bodies around the world are working toward creating legal frameworks in which these crypto assets can exist, while centralized banks are exploring whether CBDCs can co-exist with their physical counterparts. While the world seeks to figure these out, one this is for certain: crypto assets are here, and the industry is becoming bigger by the day. 

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Crypto
Ash
What are crypto trading pairs?
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Understanding what crypto trading pairs are is important for all levels of trading, whether new to the market and looking to buy cryptocurrencies or wanting to engage in advanced arbitrage strategies. 

While the concept has been around in the stock markets for a while, it came about in the crypto industry due to a number of exchanges only allowing bigger cryptocurrencies like Bitcoin and Ethereum to be purchased with fiat currencies. While other cryptocurrencies were available on the platform, they could only be bought by trading BTC or ETH. Hence, it became necessary for a relationship to be established in terms of value between the cryptocurrencies being exchanged for one another.

When it comes to investing in cryptocurrencies there are plenty of options available, it only makes sense that markets open allowing one digital asset to be traded for another.

Crypto Trading Pairs Explained

Every cryptocurrency has an established value against a fiat currency, while this will continuously change depending on the market conditions affecting it, the use of the same fiat will remain. Most sites default to present a cryptocurrency's value in USD, however, they also allow for changes to be made (to GBP, EUR, etc). This is referred to as a base currency.

A trading pair is when two cryptocurrencies can be traded against each other, as opposed to a cryptocurrency and fiat. For example, BTC/LTC, or ETH/DOGE. In order to acquire the one, the other will need to be exchanged. In this case, the base currency is now a cryptocurrency. 

If you would like to buy DOGE with DOT but the exchange does not have this trading pair available, you would need to exchange DOGE for BTC, and then buy DOT with the BTC. Unfortunately, this will incur more fees, illustrating the convenience of trading pairs. 

How Do Trading Pairs Work?

Exchanges typically allow you to compare costs between cryptocurrencies, i.e. how much Bitcoin you will need to pay for Litecoin. If you are unable to load your account with fiat, you can still trade using cryptocurrencies, depositing one and trading it for another. 

Trading pairs allow you to establish a cryptocurrency's value in terms of another cryptocurrency. 

Say you buy ETH/LTC, this means that you are buying ETH in exchange for LTC. LTC is then the base currency. If you were selling ETH/LTC, you would be selling ETH and accumulating LTC. Ethereum and Bitcoin are the most common base currencies, however, the bigger the exchange the more trading pairs are on offer. 

Before engaging in any trading pairs take a look at the fees and taxes associated with the trade on the exchange's website, as sometimes some cryptocurrencies can incur higher fees. 

In Conclusion

Trading pairs are when a cryptocurrency is valued against another cryptocurrency and capable of being traded for one another. Trading pairs provide an essential role in the crypto economy. These days there are hundreds of trading pairs on offer, allowing traders to make informed decisions, find better prices, and perform a greater number of transactions. 

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Crypto
Ash
What are dapps?
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When exploring the world of blockchain and its endless possibilities, it’s likely that you’ve come across the term dapps. But what are dapps? In this piece we explore the concept, decipher their place in the industry, and look at several networks that currently support them.

What are dapps?

Decentralized apps, or dapps as they’re more commonly known, are applications that are built on top of peer to peer decentralized networks. Instead of being built on one computer, with one single entity in control, dapps utilize a network of computers based anywhere around the world. With multiple computers operating and maintaining the network, dapps are able to incorporate many streams of content consumption, be it providing content, trading or consuming it. 

The advantages of dapps

Compared to standard web apps, like Twitter or Uber, these apps can handle multiple users but only one authority has control over the backend of the app. Dapps provide a more decentralized and secure approach. So while Uber connects passengers to drivers through the app for a portion of the payment, dapps essentially allow the drivers and riders to connect directly, taking no payment for the connection.

Another advantage to the world of dapps is that all transactions are transparent and stored on the blockchain of the network it is built on. Dapps also need a token to operate, which enhances the security of both the dapp and the transactions taking place. Typically dapps are also open source, allowing other developers to view the code and further drive development in the industry.

The disadvantages of dapps

As with anything in life, there are also disadvantages. As the world of dapps is still in its infancy stage, the user base is relatively low. When it comes to blockchain based projects, the more users a network has the higher functioning the network is. Unfortunately, many dapps still have a relatively low user base decreasing the functionality, however that doesn’t speak for all of them. As the blockchain and crypto worlds continue developing and reaching wider audiences, both the usability and users will increase. 

Another disadvantage is the potential vulnerability to hacking. As most dapps are created using open source smart contracts, this leaves them open to potential probing from hackers. This isn’t a given, however it has happened in the past that hackers found weaknesses in the network and were able to conduct illicit activities through them. 

How many dapps are there?

According to a dapp monitoring website, State Of The Dapps, there are currently roughly 3,500 dapps in the industry. These are spanned across a wide range of networks, including the likes of Ethereum, EOS, TRON, NEO, Steem and more. The website further reports that over $257 million has passed through the dapps industry in just twenty four hours (at the time of writing). Dapps also cover a broad range of subjects, with dapps catering to industries like energy, exchanges, finance, gambling, games, health, identity, insurance, marketplaces, media, property, security, social, storage and wallets. The most widely of which are finance, security and exchanges.

A look into Ethereum dapps

The most widely used network to create dapps on top of, Ethereum has over 2,700 dapps built on its network. Ethereum was the first network designed to provide a blockchain platform on which developers could build their own decentralized applications. Ethereum was also the first network that allowed developers to create and execute their own smart contracts, an essential ingredient to the making of dapps. 

According to DappRadar, the three biggest dapps currently on the Ethereum network are DeFi projects and an exchange. Coming in at first place based on its current market cap is Uniswap, a defi protocol (exchange) that facilitates the trading of cryptocurrencies. Uniswap has an estimated 48,950 active users. Also dabbling in the world of DeFi, the second largest dapp on the Ethereum network is compound, a protocol that allows users to lend and borrow crypto. The third largest is MakerDAO, a smart contract that facilitates user interaction with the Dai stablecoin system.

A look into EOS dapps

Similar to Ethereum but with fewer transaction fees, the Entrepreneurial Operating System was designed to provide developers with a platform on which to build their blockchain based endeavours. As the second largest platform on which dapps are currently created, let’s explore the three largest dapps currently operating on the network. Coming in first place is Joule, a dapp which promotes financial inclusion and social change through determining the Global Popularity Index in real time. The next two entries both fall into the DeFi category, being Defibox and VIGOR.

The power of dapps

While many dapps are still in the experimental phase, there is also a large amount of money circulating in the industry and millions of users indicating a promising market. Thanks to dapps’ wide use range and the amount of innovation in the industry at present, the dapp industry is likely to continue growing and become a permanent fixture in many peoples’ lives, whether crypto inclined or not.

Ekonomi
James
What is a benchmark?
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n the world of finance and technology, benchmarks are a vital tool for measuring performance and quality. A benchmark is a standard or point of reference used to evaluate the performance or quality of something, such as investment returns or the efficiency of software and hardware systems. This article will explore what benchmarks are, why they are used, provide examples, and explain how to use benchmarks to make more informed investment decisions.

What is a Benchmark?

A benchmark is a standard of comparison used to evaluate the performance or quality of something. In finance, benchmarks are often used to compare the performance of investments to a specific market index. For example, the S&P 500 index is a commonly used benchmark for evaluating the performance of a portfolio of stocks.
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Benchmarks are also used in the technology industry to evaluate the efficiency and performance of hardware and software systems. For example, a computer's processing speed may be benchmarked against industry standards to determine how well it performs compared to other computers on the market.

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Why are Benchmarks Used?

Benchmarks are used for a variety of reasons. In finance, benchmarks are used to evaluate the performance of an investment or a portfolio of investments. By comparing the performance of an investment to a benchmark, investors can determine whether their investment strategy is successful or not.
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In the technology industry, benchmarks are used to evaluate the efficiency and performance of hardware and software systems. By benchmarking a computer or a software system against industry standards, developers can determine how well their product performs compared to other products on the market.
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Examples of Benchmarks
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There are many different benchmarks used in finance. Here are a few examples:
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  1. S&P 500 Index - This is a benchmark used to evaluate the performance of a portfolio of stocks in the United States. It is widely used by investors as a measure of the overall performance of the U.S. stock market.
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  2. Dow Jones Industrial Average - This is another benchmark used to evaluate the performance of the U.S. stock market. It is based on the stock prices of 30 large U.S. companies.
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How to Use Benchmarks

To use a benchmark, you first need to select the appropriate benchmark for your needs. For example, if you are evaluating the performance of a portfolio of stocks, you would select a stock market index such as the S&P 500 or the Dow Jones Industrial Average.
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Once you have selected a benchmark, you can compare the performance of your investment or product to the benchmark. If your investment or product outperforms the benchmark, then it is considered successful. If it underperforms, then you may need to adjust your investment strategy or product development.
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How Do Benchmarks Help You Make More Informed Investment Decisions?

Benchmarks help investors make more informed investment decisions by providing a standard of comparison for investment performance. By comparing the performance of an investment to a benchmark, investors can determine whether their investment strategy is successful or not.

For example, if an investor's portfolio of stocks outperforms the S&P 500 index, then the investor can be confident that their investment strategy is successful. However, if the portfolio underperforms the S&P 500, then the investor may need to reevaluate their investment strategy.

Benchmarks also help investors identify trends in the market. By tracking the performance of a benchmark over time, investors can identify trends in the market and adjust their investment strategy accordingly.

Conclusion:

In conclusion, benchmarks are a fundamental tool used in finance and technology to measure performance and quality. They provide a standard of comparison that helps investors and developers evaluate the success of their investments and products.

Using benchmarks to evaluate investment performance and product efficiency can help you make more informed investment decisions. By comparing the performance of your investments or products to industry standards, you can determine whether your investment strategy or product development is successful or not.

Overall, benchmarks are an essential tool for evaluating performance and quality, and understanding how to use them is crucial for success in finance and technology.

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