Learning the friendly way

Hey Tapper! 🎉

We've hit a milestone that we couldn't have dreamed of when we started this wild fintech adventure. We've reached the dizzying heights of 200,000 users, and we're still climbing!  To put this in perspective, that's roughly the population of a small city. If only we could host a city-wide party with virtual confetti and digital fireworks – that would be something, right?

This incredible journey hasn't been a solo expedition. It's been a collaborative and thrilling adventure filled with talented professionals, a supportive community, and a pinch of good old-fashioned fintech humor (yes, that's a thing). We wanted to take a moment to share our heartfelt gratitude and a peek behind the scenes of how we got here.

The Dream Team‍

To begin, let's shine a light on the incredible individuals who work tirelessly behind the scenes – our talented team. Think of us as the Avengers of the fintech world (minus the capes, of course). Our journey started with a small but mighty group of financial enthusiasts. Picture us gathered around a conference table, armed with laptops and spreadsheets, brainstorming ideas that would transform the financial landscape.

Our engineers are wizards with lines of code, turning dreams into reality faster than you can say "crypto." Our designers are artists, making your digital experience a masterpiece. And our customer support team? Well, they're the real superheroes, dealing with every question, concern, and the occasional squirrel jumping in the office (yes, it happened 🐿️) with grace and humor.

To our team, we say this: Thank you for your unwavering dedication, your late-night coding sessions, your creative genius, and your limitless passion for making our vision of managing finance come to life. We couldn't have done it without you – not even close!

Our Community: The Wind Beneath Our Digital Wings‍

As we embarked on this journey, we stumbled upon something incredible – a community of users who believed in our vision as much as we did. They were the wind beneath our digital wings, the driving force that kept us going when the spreadsheets threatened to overwhelm us. From the first user who trusted us with their financial transactions to our 200,000th user who just joined the party, you've made this adventure worthwhile. 🙌

We've seen you share your success stories, engage in lively discussions on our social platforms, and even send us the occasional meme that made us snort coffee through our noses. Your feedback has been priceless, and your support has been our fuel when the fintech rollercoaster took a wild turn🎢 (trust us, it's been quite the ride).
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But here's the deal about fintech: it's not all about numbers and algorithms. It's about people, dreams, and the shared pursuit of financial freedom. So, as we celebrate this milestone, we also want to raise a digital cup to you, our amazing community.

Thank you for your trust, your patience, your loyalty, and your sense of humor. You've made this journey feel like a joyful adventure with friends.  

The Future: Buckle Up, There's More to Come‍

As we celebrate this incredible milestone, we want you to know that we're just getting started. We've got big plans, crazy ideas, and enough determination to make Elon Musk jealous (just kidding, Elon, we love your rockets). We're committed to improving your financial lives, one digital transaction at a time.

So, what's next? More features, a fresh app design, more innovation, and more reasons for you to smile while managing your finances. Because, let's face it, finances can be stressful, but with a dash of humor and a supportive community by your side, it becomes a thrilling adventure.

In closing, thank you, dear users and supporters, for being the heart and soul of our fintech journey. Here's to 200,000 users and beyond – we can't wait to see where the next part of this adventure takes us. Until then, keep those financial dreams alive and your digital wallets handy. We're here to make it all a little bit easier, a lot more fun, and we'll always be just a click away.

With heartfelt thanks and a virtual high-five,

The Tap Team ✨

We are delighted to announce the listing and support of Lido (LDO) on Tap!

LDO is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LDO for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting LDO will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Lido's liquid staking service allows users to tap into the benefits of staking rewards without compromising their tokens' liquidity. Lido aims to empower users to put their staked assets to use, supporting a number of PoS cryptocurrencies. The platform offers a liquid staking solution that provides users with a system that allows them to earn rewards on staked coins while also receiving a tokenized version of the staked coins which can generate returns in other DeFi protocols.

The Lido DAO token (LDO) is an ERC-20 token, the native utility token to the Lido protocol used to reward users. The token has a total supply of 1 billion tokens and serves three primary functions.

The LDO token grants holders with governance rights in the operations of the Lido DAO, as well as the removal or addition of Lido node operators and helping with the management of fee parameters and distribution.

Get to know more about Lido (LDO) in our dedicated article here.

We are delighted to announce the listing and support of Loopring (LRC) on Tap!

LRC is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LRC for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting LRC will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Addressing the speed and cost concerns associated with the Ethereum platform and decentralized cryptocurrency exchanges, Loopring delivers a new layer to the DeFi space. Describing itself as “an open-source, audited, and non-custodial exchange protocol,” Loopring is bringing something new and innovative to the space.

The Loopring Exchange aims to offer a hybrid platform combining the best features of centralized exchanges and decentralized exchanges, addressing issues like structural limitations and transparency. The platform combines centralized order matching with decentralized blockchain order settlement, using zero-knowledge proofs (ZKPs) for enhanced privacy, reduced costs, and high speeds.

The Loopring cryptocurrency, LRC, plays a crucial role in the operations of the protocol.
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To operate a decentralized exchange on Loopring, a minimum of 250,000 LRC needs to be locked up. This allows the exchange operator to utilize on-chain data proofs. Alternatively, an operator can stake 1 million LRC to run an exchange without this feature.

LRC serves as an incentive for the proper utilization of the Loopring network. Exchange operators who deposit LRC may face confiscation of their deposits by the protocol if they operate exchanges poorly. These confiscated funds are then distributed to users who choose to lock up LRC.

Get to know more about Loopring (LRC) in our dedicated article here.

We are delighted to announce the listing and support of Ethereum Name Service (ENS) on Tap!

ENS is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENS for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENS will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Ethereum Naming Service is a branch from the original blockchain network which aims to make the crypto space, particularly within the DeFi and Web3 sectors, more user-friendly and accessible. Similar to how Domain Name Service made the internet more accessible, Ethereum Name Service aims to do the same and become a fundamental component of these sectors.

Users can register a name through various ENS domain registrars or directly through the ENS manager. Once registered, the name is added to the Ethereum Name Service Registry, and the user becomes the owner of that name. ENS uses a hierarchical system of domains similar to the DNS system used for the internet. 

Once registered, the user can then set the resolver, which is a smart contract that provides information about the Ethereum wallet address associated with the ENS name.

The Ethereum Name Service (ENS) system is similar to the DNS (Domain Name System) used on the internet. Users can register an ENS domain name under the .eth top-level domain and associate them with their Ethereum addresses by using the platform's smart contracts.

The Ethereum Name Service (ENS) did not have its own token until recently. In 2021, the ENS team announced the launch of a new governance token called ENS, which is separate from the old ERC-20 token with the same name.

Get to know more about Ethereum Name Service (ENS) in our dedicated article here.

We are delighted to announce the listing and support of Kyber (KNC) on Tap!

KNC is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold KNC for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting KNC will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Kyber Network is a decentralized multi-chain liquidity hub that provides instant, secure transactions on any decentralized application (dapp). Its main goal is to provide deep liquidity pools that offer the best rates for DeFi dapps, decentralized exchanges (DEXs), and other users. Kyber Network is built on the Ethereum blockchain and makes use of intricate smart contracts.

Kyber Network seeks to solve the liquidity issue in the DeFi industry by allowing developers to build products and services using the platform's protocol, while KyberSwap acts as the trustless trading platform that also provides rewards for liquidity providers. With over $1 billion in total volume from over 1 million user transactions, Kyber Network is a growing player in the DeFi space.

Kyber Network Crystal (KNC) is the native coin for the platform and acts as both a utility and governance token. KNC holders can participate in the DAO and governance proposals by staking their assets or delegating their vote. Users can stake KNC to vote on upgrades and policies or delegate their tokens to other validators and earn a portion of the block reward.

Get to know more about Kyber (KNC) here in our dedicated article.

Are you ready to embrace the future of cashless payments? As Europeans increasingly rely on digital payment methods, the European Union is exploring implementing a safe and effective transition. Enter the digital euro, a potential game-changer in the world of virtual money. 

In this article, we'll dive into what the digital euro is all about and how it works. Get ready to discover how this innovative currency could streamline transactions, reduce costs, and empower individuals and businesses throughout the Eurozone. It's high time we unlock the possibilities of the digital euro and embrace the convenience of a cashless future.

What is the digital euro?

The digital euro, at its core, is a virtual currency designed for the Eurozone. It operates entirely digitally, making transactions fast, secure, and innovative. As a digital currency, it exists in electronic form, with no physical counterpart like traditional banknotes or coins. 

The European Central Bank (ECB) plays a crucial role in issuing and managing the digital euro, ensuring its legal value and guaranteeing its acceptance alongside physical cash. With the ECB's oversight, the digital euro aims to provide a seamless and convenient payment method for businesses and individuals alike, revolutionising the way we handle money in the digital age.

Is the digital euro a cryptocurrency?

No, the digital euro is not considered a cryptocurrency. While both the digital euro and cryptocurrencies are virtual assets, there are key differences between them. 

Cryptocurrencies, like Bitcoin, are typically decentralised and operate independently of central banks or public authorities. They are often issued by private individuals and allow for peer-to-peer transactions without the need for intermediaries like central banks. 

In contrast, the digital euro will be issued and regulated by the European Central Bank (ECB), making it a central bank digital currency (CBDC). The digital euro will operate on a centralised system and will be managed and regulated using blockchain technology operated by the central bank.

Why do we need a digital euro?

The digital euro has several key objectives aimed at transforming the financial landscape. Firstly, it seeks to enhance financial integration within the Eurozone by providing a common and easily accessible digital payment solution for all member countries.

Secondly, the digital euro aims to bolster security, offering a safe and trusted digital currency that can mitigate risks associated with traditional payment methods. For users, the digital euro promises convenience by enabling fast and seamless transactions, eliminating the need for physical currency. 

Additionally, it has the potential to be cost-effective, reducing transaction fees and providing efficient payment options for both businesses and individuals. The digital euro also allows anyone to use the currency without creating a bank account associated with the central bank.

How will the digital euro work?

The virtual currency operates on an innovative framework, known as blockchain technology, revolutionising the way we transact. To use the digital euro, individuals and businesses will need to create a digital wallet, similar to those used for cryptocurrencies.

However, unlike cryptocurrencies, the digital euro will be issued and regulated by the European Central Bank (ECB), ensuring its stability and legal value. Despite it being a digital currency, it is still regarded as central bank money as it is operated by the central bank. Users won't require a traditional bank account, as the digital euro can be deposited directly at the European Central Bank. This empowers individuals to engage in peer-to-peer transactions without relying on commercial banks as intermediaries. 

With blockchain technology as its backbone, the digital euro ensures secure, traceable, and efficient transactions, making it a cutting-edge payment method for the modern era while remaining central bank money.

Advantages of implementing the digital euro

The modern payment tool is designed to empower all private citizens and businesses in the Eurozone. Once approved, the digital euro will revolutionise transactions with its simplicity and immediacy. Here's what it brings:

Streamlined processes

The digitization of payments will make purchases and money transactions simpler and faster.

Cost savings

The digital euro significantly reduces costs associated with payment systems, putting more money back in your pocket.

Environmental benefits

By embracing the digital euro project, we contribute to a drastic reduction in the ecological footprint associated with monetary and payment systems within the financial sector.

Instant support

In times of need, governments can swiftly provide economic aid to citizens, thanks to the digital euro.

Anti-money laundering

With transaction registration, we can effectively combat money laundering and tax evasion.

Financial inclusion

The digital euro ensures everyone, even those without a bank account, can enjoy the simplicity and security of digital payments within the financial system.

Risks associated with the digital euro

While the digital euro brings numerous benefits, it's important to be aware of potential risks. Here are a few considerations:

Privacy

The digital euro complements physical cash, known for its anonymity. While it aids in anti-money laundering, tracking payments could limit citizen privacy to some extent.

Impact on banks

As the digital euro gains popularity, deposits in credit institutions may decrease, potentially affecting loan availability. Credit institutions and payment intermediaries, and even national central banks, may need to revise their business models to adapt to the digital euro ecosystem and safeguard financial stability within the greater financial system.

Traditional euro vs the digital euro

When comparing the digital euro to traditional currency, there are both similarities and differences to consider. In terms of similarities, both the digital euro and physical currency share the fundamental purpose of facilitating transactions and serving as a medium of exchange. While the digital euro operates in the digital realm, central banks physical banknotes and coins continue to play a significant role in everyday transactions alongside the digital euro. It's important to note that both are central bank money.

However, key differences set the digital euro apart. The digital euro offers advantages such as faster transactions, as it eliminates the need for physical exchange and reduces processing times. 

Additionally, the digital euro promotes financial inclusion by enabling individuals without a bank account to participate in the digital economy, expanding access to secure and convenient payment methods. The digital euro is not designed to replace the traditional currency, but rather coexist alongside it.

It is, however, poised to shape the future of currency.

The current landscape of CBDCs

While the digital euro is expected to take 5 years to implement, other countries around the world are also in the running to release a central bank digital currency of their own. In fact, approximately 50 central banks around the world are actively researching or experimenting with central bank digital currencies, confirming that the race to embrace digital currencies and central bank money is on. 

The Bahamas lead the pack with their Sand Dollar, a digital version of the Bahamian dollar launched in October 2020. The dollar offers users free mobile transactions and a safer option than carrying cash. Other noteworthy initiatives include China with the digital renminbi (e-CNY) already in testing and Sweden’s e-krona, and now, the digital euro project.

This thriving landscape in the financial system signifies the growing acceptance of digital currencies by central banks. As financial inclusion, individual financial stability, streamlined payment systems, and the emergence of private cryptocurrencies take centre stage, the exploration of CBDCs empowers nations and central banks to shape the future of money and unlock new possibilities for a digitally empowered society.

Final thoughts

In conclusion, the digital euro represents a transformative leap toward a cashless future. With its aim of enhancing financial integration, strengthening security, and providing convenient payment options, the digital euro has the potential to revolutionise the way we handle money in the Eurozone. 

Operating on blockchain technology and regulated by the European Central Bank, the digital euro offers fast, secure, and efficient transactions, empowering individuals and businesses alike. While the digital euro coexists with physical currency, its advantages, such as faster transactions and increased financial inclusion, make it a promising addition to the financial landscape.

As countries worldwide explore the potential of central bank digital currencies, including the Sand Dollar, the future of digital currencies appears bright, heralding a new era of financial empowerment. Keep an eye out for the digital euro in months to come.