As lovers and users of cryptocurrency, we always at one point use an exchange. If it means buying a currency or selling another, exchanges have proven to be important since the idea of cryptocurrency was birthed. Different exchanges offer different features and prices which has called for the need to have an account in more than one exchange. As much as it is good to benefit from these different features, the stress of remembering every exchange in which you have an account as well as doing KYC in all exchanges is challenging.

ENTER TAP...

TAP is an exchange app which will allow trade on all major cryptocrrency exchanges within the TAP app. With one KYC (know your customer) process you can trade any supported cryptocurrency asset on any major exchange. No longer do you need to pass KYC on different exchanges, and its connection to different exchanges ensures you get the cheapest price when transacting between exchanges.

What More Can It Do?

TAP, however, is not limited to moving cryptocurrencies between exchanges alone. It can be used for the purchase of items through the TAP card. It uses a middleware that searches all exchanges to find the best price for the customer and checks if that customer has enough funds in his/her TAP account to fund the purchase. Once confirmed, payment is sent to the vendor from TAP's liquidity pool held with TAP card provider. After that, the crypto/FIAT trade is executed and the backend reconciliation process will take fiat from the exchange to replenish the amount taken from liquidity pool held with the card provider.

The crypto is then returned to the balances on the exchange from the central liquidity pool to return the exchange balance to its original state. Then, crypto is taken from the customer’s account in cold storage and returned to the central liquidity pool so that all TAPs liquidity pools are returned to the original state leaving only the customer cold storage account in debit.

In Another Scenario...

If a user gives fiat physically to another user in a particular currency and the recipient doesn't have the same currency, the recipient can use TAP app to view exchange rate and gets the best exchange rate using the middleware through TAP's FX provider. The recipient can then pay the sender in the equivalent of the currency he or she posses' either to the sender's bank account or TAP account.

Here is a brief explainer video of the TAP app