What is Tap (XTP)? – Bitfinex blog

18 Jan What is Tap (XTP)?

Tap provides a seamless and intuitive platform to transition from fiat to digital currencies. Users can buy, sell, trade, or hold over 50 cryptocurrencies with ease, leveraging the platform’s smart routing system to ensure the best prices. The platform places a strong emphasis on security, providing industry-leading secure storage for digital assets.

Tap facilitates instant, free money transfers within its network, simplifying the process of splitting bills and sharing expenses with friends and family. The platform also incentivizes its community by offering rewards for inviting new users. Tap is more than just a financial app; it’s a comprehensive financial empowerment tool. It is designed to transform the way individuals manage their money and trade, offering an intuitive interface, powerful features, and robust security measures.

Tap (XTP)

Tap (XTP) is a financial technology platform established in 2019 with a vision to democratise finance and provide financial inclusion to those often overlooked by traditional banking systems. The platform is built on the fundamental principle of making finance accessible to everyone, particularly the millions who are marginalised or ignored by conventional banks.

Tap’s approach to finance revolutionises the way individuals interact with their money and cryptocurrencies, aiming to empower users to achieve their financial goals. The platform offers an all-in-one investment, money, and trading app, making investing and financial transactions simpler and more intuitive. With its presence in 45 countries and a user base of over 250,000, Tap has become a reliable financial tool for a global audience.

One of the key features of Tap is its multi-currency account, which offers functionalities similar to a traditional bank but with added features. Users can send and receive money globally, enjoy instant top-ups, pay bills, and benefit from favourable exchange rates while spending abroad. In addition, Tap provides a unique card that can be used for in-store purchases, online shopping, and ATM withdrawals worldwide, offering competitive exchange rates and real-time transaction notifications.

The Tap platform is fueled by its native XTP token. XTP is an ERC-20 token, which offers a diverse range of use cases within the Tap ecosystem, making it a versatile tool for digital finance management. When users purchase XTP, they unlock a suite of functionalities designed to cater to various aspects of modern financial needs, all accessible through Tap’s secure and regulated app.

How Tap Works

Tap operates by providing a comprehensive financial service that merges traditional banking and cryptocurrency management. Users interact with Tap through the Tap mobile app. As part of the registration process, users must verify their identity and provide necessary personal details, adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Once your account is verified, you have the flexibility to purchase, sell, and securely store cryptocurrencies.

The app simplifies the process of purchasing cryptocurrencies, accepting various payment options like debit or credit cards and bank transfers. Additionally, users have the option to transfer cryptocurrencies from external wallets into their Tap account. Conversely, selling cryptocurrencies on Tap enables users to transfer fiat currency directly to their bank accounts or send cryptocurrencies to other wallets or exchanges.

Tap’s wallet is designed for robust security and encryption, accommodating over 50 different cryptocurrencies. The app allows the creation of multiple sub-wallets tailored for distinct financial activities such as saving, trading, or daily expenditures, offering easy management and switching capabilities.

For spending cryptocurrencies, users can acquire a Tap Mastercard directly through the app. The card is available in both physical and virtual forms and comes in two tiers: standard and premium.

To use the Tap card for purchases, users must preload it with either fiat or crypto from their Tap wallet. Tap’s system efficiently converts the selected cryptocurrency into fiat at the best available market rate for any transaction, deducting the amount from the user’s wallet balance. The card also facilitates cash withdrawals from ATMs globally.

Why is Tap Unique?

Tap seamlessly integrates cryptocurrency and traditional banking services. This hybrid approach allows users to manage both fiat and digital currencies in one platform, simplifying the process for those who regularly engage in both financial worlds.

Tap’s unique selling point is its ability to instantly convert cryptocurrencies to fiat currency. This feature is particularly useful for users who wish to use cryptocurrencies for everyday transactions, as it eliminates the delay typically associated with crypto-to-fiat conversions.

Tap supports a wide range of cryptocurrencies, offering users the flexibility to store, manage, and trade a diverse portfolio from a single platform. This extensive support makes it a one-stop-shop for cryptocurrency enthusiasts.

What is the Tap Ecosystem?

The Tap ecosystem encompasses a comprehensive range of financial services and features that collectively provide a seamless experience for managing both fiat and cryptocurrency assets.

• Multi-Currency Wallet: Tap offers a secure and encrypted digital wallet that supports over 50 different cryptocurrencies. This wallet allows users to store, manage, and easily switch between various crypto and fiat currencies, catering to both investment and everyday transaction needs.
• Cryptocurrency Exchange: Users can trade a wide array of cryptocurrencies within the app. Tap’s exchange platform is designed for speed and efficiency, providing users with a reliable and user-friendly trading experience.

• Tap Prepaid Mastercard: A major feature of the Tap ecosystem is its prepaid Mastercard, which enables users to spend their cryptocurrencies at merchants worldwide. This card automatically converts cryptocurrencies to fiat at the point of sale, making it easy to use digital assets for everyday purchases.

• Instant Money Transfers: The platform allows for quick and hassle-free money transfers globally. Users can send and receive funds to and from other Tap accounts instantly and without any additional cost.

• Investment and Trading Tools: Tap provides various tools and features for users interested in cryptocurrency investment and trading. This includes market insights, portfolio management tools, and real-time price tracking.
• Fiat Currency Support: Alongside its crypto services, Tap also supports various fiat currencies, enabling users to manage traditional currency alongside their digital assets.

What is the XTP Token?

One of the primary functions of the XTP token is to facilitate trading within the Tap platform. Users can exchange XTP for a wide array of cryptocurrencies listed on the platform. This feature is enhanced by the availability of multiple XTP trading pairs, offering flexibility and convenience for users looking to diversify their digital asset portfolios. Tap’s well-regulated and secure app ensures a smooth trading experience, catering to the specific needs of each user.

The Tap platform also provides a secure wallet for safe storage of XTP, functioning in a similar way to a traditional bank account but without the associated fees. This feature appeals to users who wish to keep their XTP tokens secure for extended periods, offering peace of mind and ease of asset management.

XTP tokens can be used for everyday transactions, making them more than just an investment vehicle. The Tap Card allows users to spend their XTP at merchants and ATMs globally. This feature eliminates the complications often associated with travelling across borders with money. The ability to pay bills, send funds to friends and family, and make purchases directly from a mobile device via the Tap app adds a layer of convenience and functionality, integrating cryptocurrency use into daily life.

Tap also enables users to send XTP tokens quickly and freely between Tap accounts, providing a seamless way to transfer assets globally. This functionality is crucial for individuals who require an efficient and cost-effective method to move funds across borders. 

Whether it’s for personal or business purposes, the ability to transfer XTP with just a tap on the mobile app offers users a practical way to connect financially with anyone in the world. This feature of the Tap platform emphasises its commitment to facilitating global financial inclusion and simplifying the process of international transactions.

Tap (XTP) Tokenomics

How to buy XTP with crypto

1. Log in to your Bitfinex account or sign up to create one.

2. Go to the Deposit page.

3. In the Cryptocurrencies section, choose the crypto you plan to buy XTP with and generate a deposit address on the Exchange wallet.

4. Send the crypto to the generated deposit address.

5. Once the funds arrive in your wallet, you can trade them for XTP. Learn how to trade on Bitfinex here.

How to buy XTP with fiat

1. Log in to your Bitfinex account or sign up to create one.

2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.

3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.

4. Check your Bitfinex registered email for the wire details.

5. Send the funds.

6. Once the funds arrive in your wallet, you can use them to buy XTP.

Also, we have Bitfinex on mobile, so you can easily buy XTP currency while on-the-go.

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