Review on Tap by LUIS RIVERO R
Cryptocurrency bank.
It is an asset storage and trading service, its main commercial product is its prepaid tap card available on the Mastercard interbank network offering a payment alternative in those places where cryptocurrencies are not yet accepted.
This project has the functionality of becoming a crypto bank since in theory it supports traditional methods of payment with crypto. In other words, you can make transfers to third party users and assign a debit card backed with your assets.
You have authorizations from Gibraltar government entities, high security standards used for storage, the terms of use for your prepaid card are those from your provider Transact Payments Limited, so they must collect user data.
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Pros
- It has good rates since it is done in accordance with the average prices of the different exchanges in the market. You can also add funds using fiat money with traditional payment methods.
- According to official data, they have a loss coverage applicable to the company of one hundred euros, providing peace of mind to the funds protected in this project.
- It admits cash withdrawals and payments at points of sale compatible with Master.
- The Tap system searches for the best rate on the market to process the exchange to fiat, offering the user the best rate on the market.
- The token of this service has utility, that is, for those who hold it in their wallet, they will obtain discounts of up to 25% on transactions.
- You can choose which prepaid customer you want to be, from free with limited benefits to Titanium with benefits on basically unlimited purchases and withdrawals.
Cons
- It requires verification of personal data to be able to use its services, however this process is done quickly.
- Most of the assets are cold stored by third parties without immediate availability, I consider that these types of platforms should have a section for cryptocurrencies with decentralized storage for quick payments.
- Payments made with cryptocurrencies to other users is slow, due to the transaction verification process.
