Discover Livepeer (LPT), a decentralised video streaming protocol that cuts costs, boosts efficiency, and powers video apps through Ethereum-based tech.
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Livepeer is a decentralised video streaming network that aims to make video content more accessible and affordable for everyone. Launched in 2017, it was the first fully decentralised live video streaming network protocol, offering an alternative to traditional centralised streaming services like YouTube and Twitch.
The platform works by connecting video creators who need their content processed with computer operators who provide the computing power. This peer-to-peer approach can reduce streaming costs by up to 50-90% compared to traditional cloud providers while maintaining high quality and reliability.
TLDR
Decentralised video infrastructure: Livepeer is a decentralised network for limitless video computing, enabling AI processing and transcoding jobs to power the future of video.
Cost-effective streaming: Designed to make streaming more reliable while reducing costs, Livepeer acts as a decentralised marketplace for developers building applications that integrate live video and transcoding providers.
Ethereum-based protocol: Built on Ethereum, it aims to provide a blockchain-based alternative to centralised streaming services, giving developers freedom to innovate and creators independence from big platforms.
Native token (LPT): The Livepeer Token (LPT) is the protocol token of the Livepeer network, used for staking and network governance rather than direct payments.
What is Livepeer (LPT)?
Livepeer creates a global network where anyone can contribute computing power to help process video content. When someone wants to stream a video, instead of using expensive centralised servers, the content gets distributed across this network of independent computers.
The magic happens through video transcoding: the process of converting video files into different formats and quality levels so they can be watched on different devices and internet speeds. Traditional streaming services handle this with massive, expensive data centres. Livepeer does it through thousands of smaller computers around the world.
This approach benefits everyone involved. Content creators get cheaper streaming costs, computer operators earn money for contributing their resources, and viewers get the same high-quality experience they expect from streaming platforms.
The network is particularly valuable for developers building video applications, as they can tap into Livepeer's infrastructure without setting up their own expensive video processing systems.
Who created Livepeer?
Livepeer was founded in 2017 by Doug Petkanics and Eric Tang, both entrepreneurial software engineers who had been long-time collaborators before starting the project.
Doug Petkanics serves as CEO and brings over 10 years of experience as an entrepreneur and software developer. Before Livepeer, he was a co-founder and VP of Engineering at Wildcard and attended the University of Pennsylvania.
Eric Tang, who serves as CTO, co-founded Livepeer to utilise blockchain technology to reduce costs and increase efficiency in video streaming. The platform has grown significantly under their leadership, now featuring more than 70,000 GPUs that encode videos for large platforms.
The founding team recognised that video streaming was becoming increasingly expensive and centralised, with a few big companies controlling most of the infrastructure. They set out to democratise video streaming by creating a decentralised alternative that could compete on both cost and performance.
How does Livepeer work?
Video transcoding network
The core of Livepeer is its video transcoding network. When someone uploads a video, it needs to be converted into multiple formats and quality levels (like 1080p, 720p, 480p) so it can be watched on different devices and internet connections.
Instead of using one large data centre, Livepeer distributes this work across thousands of computers worldwide. These computers, called "orchestrators," compete to provide the best service at the lowest cost.
Staking and network security
Computer operators who want to join the network must stake LPT tokens as a form of security deposit. This ensures they'll do good work; if they provide poor service or try to cheat, they can lose their staked tokens.
Users can also "delegate" their LPT tokens to trusted orchestrators, earning a share of the rewards while helping secure the network without running their own hardware.
Economic incentives
The network creates a marketplace where video processing jobs go to the orchestrators offering the best combination of price, quality, and reliability. This competition naturally drives down costs while maintaining high standards.
Payments for video processing are typically made in ETH or other cryptocurrencies, while LPT tokens are used for staking and governance rather than direct transactions.
What Is LPT?
LPT is a staking token in the Livepeer Network that helps reduce costs for video broadcasters. Unlike many crypto tokens, LPT isn't primarily used for payments, it also provides:
- Network security: Orchestrators must stake LPT tokens to participate in the network, ensuring they provide reliable service.
- Governance rights: LPT holders can vote on important network decisions and protocol upgrades.
- Delegation rewards: Token holders can delegate their LPT to orchestrators and earn a portion of the fees those orchestrators collect.
- Work token: LPT represents the right to perform work on the network and earn fees from video processing jobs.
The token follows an inflationary model where new LPT is created to reward network participants, but this inflation is balanced by the value created through network usage and growth.
How can I buy and sell LPT?
If you're interested in exploring LPT, you can do so easily through the Tap app. The app supports buying, selling, trading, and storing LPT tokens, allowing verified users to manage LPT alongside other digital assets.
When considering LPT investment, it's important to understand that the token's value is closely tied to the network's adoption and usage. As more developers and content creators use Livepeer's infrastructure, the demand for LPT staking and the overall network value should increase accordingly.
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If you’re in the process of applying for a passport chances are strong that you already know the importance of needing one. Whether you’re in a terrible hurry because you forgot to check the expiry date before booking your trip or maybe lost your passport ahead of an urgent cross-border meeting, we’ve got you covered. The UK offers a service that allows applicants to fast-track their application.
Find everything you need to know about the process below, including the fees involved. And why might we, a fintech platform, be informing you about fast-tracking passports? Because we’re in the business of travel. With our world-friendly app that allows users to seamlessly switch between currencies as they swipe their cards around the world, we understand not every process is this simple. Now that we’ve covered that, let’s get into why you’re really here.
How to fast-track your passport application
Getting a passport in the UK can sometimes be a lengthy process, but luckily there are options available to speed things up. Normally, it can take up to 10 weeks to receive a new passport through the standard application process. While it may be quicker in some cases, it's always best to be prepared for a wait.
The one-week fast-track option
The first option is the 1 week Fast Track service. This service allows you to renew an adult or child passport, replace a lost or stolen passport, or update your details. You can book an appointment for this service up to 3 weeks in advance and will need a debit or credit card.
How to apply
To apply for the 1 week Fast Track service, follow these steps:
1. Visit your local Post Office branch to obtain an application form (these are not available online).
2. Book your fast-track passport appointment online.
3. Pay the fee.
4. Take your completed application form and the required supporting documents to your appointment. There is a booklet accompanying the application form that provides a list of the necessary documents.
5. Once you have completed these steps, your new passport will be delivered to your home address within a week of your appointment. It's important to note that someone needs to be present to sign for the passport upon delivery.
The costs*
The cost for the 1 week Fast Track service is £155 for an adult passport and £126 for a child passport.
The same-day fast-track option
If you need your passport even faster, there is also the Online Premium service. With this service, you can collect your new passport on the same day as your appointment. However, please note that this service is only available for adult passport renewals issued after 31 December 2001.
If you have an adult passport issued before this date, you will need to use the one-week fast-track service or the standard application process.
How to apply
To use the Online Premium service, you can simply apply and book an appointment online. The earliest appointment you can get is 2 days after applying.
The cost*
The cost of this service is £193.50 for an adult passport.
Who can use these services?
It's important to know if you are eligible for these fast-track passport services. If you are applying for your very first UK passport, unfortunately, you won't be able to use either of the fast-track services (unless applying for a child's first-time passport in which case you can use the one-week fast-track option). For everything else, you will have to go through the standard application process instead.
In conclusion
Remember, it's always best to plan ahead and apply for your passport in advance to avoid any last-minute stress and government regulation curveballs. However, if you do find yourself in need of a passport urgently, these fast-track services can be a lifesaver.
If you have any further questions or need additional assistance, don't hesitate to reach out to the appropriate passport office or visit their website for more information (listed below). They will be able to provide you with the most up-to-date details and guidance regarding the fast-track process.
*Please note that the fees were correct at the time of writing and are subject to change. Check the website page listed below to find the relevant information.
References:
- GOV.UK - Passport application service
- GOV.UK - 1 week Fast Track service
- GOV.UK - Online Premium service
Private label cards are branded payment solutions that enable businesses to offer customized rewards, incentives, and financing options to their customers and employees. These cards serve as powerful tools for driving customer loyalty, improving cash flow management, and gaining valuable spending insights. In this article, we'll guide you through the concept of private label cards, their key benefits for businesses, and delve into how they work.
What are private label cards?
Private label cards are branded payment cards issued by businesses to their customers or employees, allowing them to make purchases or access funds within a specific ecosystem or network. Unlike traditional debit or credit cards issued by a bank, private label cards are a product tailored to the branding and specific needs of the issuing company.
These cards differ from traditional cards in several ways. Firstly, they are not tied to a specific financial institution but rather to the company's brand and loyalty program. Secondly, they often offer unique rewards and incentives tailored to the business's products or services. Additionally, private label cards provide businesses with valuable customer data and insights, enabling targeted marketing efforts and personalized experiences.
Private label cards and fintechs
In recent years, fintech platforms have revolutionized the issuance and management of private label cards. These technology-driven companies act as program managers, handling the end-to-end process of card issuance, transaction processing, and compliance adherence.
By partnering with fintech platforms like Tap, businesses can efficiently launch and manage their private label card programs, leveraging advanced technologies, scalability, and industry expertise without the need for extensive in-house resources.
How private label cards benefit businesses
Private label cards empower businesses to strengthen customer relationships, optimize financial operations, and gain a competitive edge through tailored rewards, data-driven insights, and robust security measures. Let’s explore some of these concepts below:
Drive business
Private label cards offer businesses a range of benefits that can drive customer loyalty, enhance brand recognition, and streamline operations. By offering customizable rewards and loyalty programs tailored to their products or services, businesses can incentivize customers to make repeat purchases while simultaneously collecting data on customer preferences, fostering long-term relationships and brand advocacy.
Cash flow management
Private label cards provide businesses with a valuable tool for cash flow management. By encouraging customers to use their branded cards, companies can receive payments more quickly, improving their working capital and financial flexibility.
Collect data and analytics
One of the key advantages of private label cards is the wealth of data and analytics they provide. Businesses can gain insights into customer spending patterns, preferences, and behaviours, enabling data-driven decision-making and targeted marketing strategies.
Security benefits
Additionally, private label card programs prioritize security and fraud prevention measures. Fintech platforms offering these solutions employ advanced technologies and protocols to safeguard customer information and transactions, providing businesses and their customers with peace of mind.
The differences between private label and co-branded cards
Private label cards are issued by a single retailer or business, bearing their branding and tailored rewards program. Co-branded cards, however, involve a partnership between a merchant and a major card network (Visa, Mastercard), carrying dual branding.
In general, private label cards offer more customization and control for the merchant but may have limited acceptance outside their network. They can also drive stronger loyalty but require more resources to manage.
Co-branded cards, on the other hand, have wider acceptance but less flexibility in terms of rewards/benefits. As they leverage an existing card network's infrastructure, they offer less differentiation.
The choice depends on the merchant's goals; private label are beneficial for deeper customization and loyalty while co-branded cards off wider acceptance and shared resources with a card network partner.
How private label cards work
Private label cards are issued through a collaborative process involving businesses and fintech platforms. Businesses define the card program's features, branding, and reward structure, while fintech platforms handle the technical and operational aspects. As program managers, fintech companies then oversee card issuance, transaction processing, and data management, leveraging their expertise and scalable technologies.
The importance of compliance and adherence to regulatory requirements cannot be underestimated or overlooked when looking at the issuance of private label cards. Fintech platforms need to ensure that card programs comply with industry standards, data privacy laws, and anti-fraud measures, providing businesses with a secure and reliable payment solution.
Regular audits and risk assessments are conducted to maintain compliance and mitigate potential risks. Businesses must always do their research before engaging in private label card issuance with a fintech platform.
Examples of use cases
Private label cards can offer a range of use cases across various industries. See several examples below:
Retail and e-commerce
In the retail and e-commerce sectors, they serve as powerful loyalty tools, incentivizing customers with tailored rewards and exclusive offers. Businesses can leverage these cards to drive repeat purchases and foster brand loyalty. An example would be the Amazon Store Card.
Corporate expense management
Corporate organizations utilize private label cards for streamlined expense management, enabling employees to make authorized purchases while providing detailed spending data for analysis and budgeting purposes.
These cards also facilitate employee incentive and recognition programs, rewarding high-performers with customized benefits and privileges. An example of this would be a company card issued to employees to use for company expenses.
Specific purposes
Additionally, private label cards can be issued as prepaid cards for specific purposes, such as payroll disbursements, gift cards, or restricted-use cards for controlled spending. This versatility allows businesses to tailor card programs to their unique needs, ensuring efficient fund management and targeted usage.
An example of this could be a corporate-branded preloaded gift card for promotional purposes allowing holders to buy something in-store using the card.
How to create a private label card for your business
With Tap, you can seamlessly integrate private label card programs into your operations. Tap streamlines the entire card issuance and management process, allowing companies to leverage off their advanced technologies and industry expertise.
By partnering with Tap, you gain access to a scalable and flexible solution, enabling you to launch and adapt card programs efficiently, tailored to your company’s specific needs. Tap's platform offers robust features, real-time analytics, and end-to-end support, empowering every businesses to deliver tailored payment experiences while ensuring compliance and security.
With Tap, you have the power to not only launch and adapt your card programs efficiently but also to customise the fees charged to your users. Our approach is entirely flexible, allowing you to set charges that align with your clientele's needs. Our platform offers unparalleled freedom, allowing you to tailor your card programs precisely to your company's needs and goals.
Conclusion
In summary, private label cards empower businesses with a versatile payment solution that promotes customer loyalty, optimizes operations, and delivers valuable data insights. Whether for retail, corporate, or specific use cases, private label cards offer a competitive edge through tailored rewards, data-driven strategies, and enhanced customer experiences - paving the way for business growth.
Please contact xxx for further information on setting up your private label card.
Did you know that there are five different ways we express our love through money? Below we break down the original five love languages and then explain how these can be integrated into a financial setting. Knowledge is power, after all.
The original five love languages
The original five love languages were first introduced by Dr. Gary Chapman in his book "The 5 Love Languages: The Secret to Love that Lasts" offering insight into how we convey our love and how we hope to receive it. The five love languages are:
Words of affirmation
Expressing love and appreciation through verbal or written compliments, praise, and kind words.
Quality time
Showing love by giving undivided attention and spending meaningful quality time together.
Receiving gifts
Demonstrating love through thoughtful and meaningful gifts, usually involves around both giving and receiving gifts.
Acts of service
Expressing love by performing acts of kindness and service for the other person.
Physical touch
Showing affection and love through physical touch, such as hugs, kisses, and holding hands.
These love languages help individuals understand how they prefer to give and receive love. The book also states that recognizing and speaking each other's love languages can strengthen relationships.
What are the financial love languages?
Taking the original pillars, we’ve created five money love languages to give you an idea of how you financially show up in relationships (family, love or otherwise). Whether you share a flat with your brother, a business with a friend, or a joint account with a partner, everyone will be able to relate to these financial love languages. Afterall, managing money in a positive light is the cornerstone of any healthy relationship.
The five financial love languages
There’s value in being attuned to your own patterns, and to those of the ones you love. By recognising your partner's money love language you might get a better objective of how to create more harmony in the relationship by understanding what drives them to spend money. Without further adieu, let’s get into the five money love languages.
Open communication
While there are few topics less pleasant to talk about than money, having open and honest communication when it comes to the benjamins is not only valuable but essential. Having the skill, or having honed the skill should we say, to speak about financial matters with a loved one is an accolade, and for some, the most natural money love language. These chats will likely make you feel empowered and more connected to those around you, making it easier to be on the same page.
Acts of service: money edition
While the original acts of service encompass doing things that make the lives of those you love a little easier, in this context acts of service relate to money-related tasks such as taxes or budgeting. Having someone do your taxes as an act of love might be a bit ambitious, so let’s look at alternatives. It could be organising the holiday budget or creating an action plan to get your friend out of debt, or simply fixing something for you in order to save you money.
Love in savings
While it doesn’t sound like the sexiest option, planning for the future and having financial security is an invaluable act of love. Whether through investments, retirement plans, or even an emergency fund, what doesn’t say “I love you” if not “let’s make a financial decision to grow old together.” Some people's love language is expressing affection through providing, so why not let them put their planning skills and diligence to the test and shower you with their love? It might even help you reach your financial goals that much faster.
Experiencing something together
This person’s money love language is expressing their fondness through experiences and quality time, spending money on taking a trip, going on an exciting date night, or simply a new adventure. Through investing in time and experiences, you are quite simply saying I value spending time with you more than I value monetary gains.
The art of gifting
The last money love language we have for you today centers around gift-giving. Are you someone who likes to shower friends with presents, or love to spoil your significant other with something wonderful? Then this one’s for you. While this shouldn’t ever involve draining your bank account, pouring your love (and money) into an appropriate gift is a great way to show affection. Remember, it’s often the thought that counts rather than the price tag.
Which is your money love language?
Which of these do you most resonate with? Sometimes by identifying these intrinsic needs, we are able to better understand not only ourselves but our expectations of others. Whatever your financial love language might be, be sure to pour the greatest amount of love into your own finances and steadily work toward reaching your financial goals.
Before Bitcoin was launched in 2009, Satoshi Nakamoto designed the cryptocurrency to have a maximum supply of 21 million coins. As part of the greater plan, the number of new Bitcoin that enter circulation decreases at regular intervals, thus maintaining the total supply. These intervals are known as halvings, and affect everything from market value to investing strategies to potential profitability. Let's get into it.
What is the Bitcoin halving?
Roughly every 4 years, or every 210,000 blocks that are mined, the network undergoes a halving where the block reward for miners is reduced by 50%. This reward is earned by verifying transactions and adding a new block to the blockchain.
The halvings process decreases the rate at which new Bitcoins enter circulation, gradually depleting the remaining supply until the final satoshi is mined, expected to be around 2140. After that, miners will solely rely on transaction fees as an incentive to validate blocks.
The most recent Bitcoin network halving took place in April 2024, when the mining reward was reduced from 6.25 BTC to 3.125 BTC.
Why does the halving occur?
The Bitcoin halving is pre-programmed into Bitcoin's core code and is not something that can be changed - it's set in stone. Designed to control and slow down the release of new Bitcoins over time results in fewer and fewer Bitcoin being minted after each halving event.
This limited supply is a key part of what gives the digital currency its deflationary nature and potential for increasing value. As the supply is capped at 21 million, the dwindling new supply hitting the market reinforces Bitcoin's artificial scarcity.
Previous Bitcoin halvings
Below we look at previous halvings and how these affected the price of Bitcoin. Historically, 12 - 18 months after halvings, Bitcoin has reached a record high. While this is not the rule of thumb, it has certainly been witnessed.
2009 - Bitcoin launches
Date: 3 January 2009
Block reward: 50 BTC
2012 - Bitcoin’s first halving
Date: 28 November 2012
Block: 210,000
Block reward: 25 BTC
Price before halving (November 2012): Around $12
Next all-time high after halving: $1,156 (November 2013)
2016 - Bitcoin’s second halving
Date: 9 July 2016
Block: 420,000
Block reward: 12.5 BTC
Price before halving (July 2016): Around $650
Next all-time high after halving: $19,891 (December 2017)
2020 - Bitcoin’s third halving
Date: 11 May 2020
Block: 630,000
Block reward: 6.25 BTC
Price before halving (May 2020): Around $8,800
Next all-time high after halving: $69,000 (November 2021)
2024 - Bitcoin’s fourth halving
Date: 19 April 2024
Block: 840,000
Block reward: 3.125 BTC
Price before halving (April 2024): Around $65,000
At the time of writing, next all-time high after halving: $99,655.50 (November 2024)
Taking a look at the future dates, the next halving is expected to take place in 2028, when the block reward will be reduced to 1.5625 BTC. Thereafter, in 2032 and 2036. This will continue until all Bitcoins have been mined, which is expected to be in 2140.
Potential impacts of the recent halving
The next Bitcoin halving event is expected to have several potential impacts on the cryptocurrency. First and foremost, it will reduce the supply of new Bitcoins entering circulation by 50%, substantially decreasing its inflation rate. This scheduled supply rate reduction enhances Bitcoin's hardcoded scarcity which could lead to increased demand if investors view reduced supply as more desirable. Higher demand coupled with tightened supply could potentially drive up Bitcoin's price.
However, the halving will also cut block rewards for miners by 50%, which could force some smaller mining operations to shut down if their expenses outweigh newly reduced revenues. This may result in mining becoming less decentralised as larger entities with greater economies of scale are able to continue operating profitably. This could lead to further consolidation of the mining hashrate among a smaller number of big players.
Regardless of price movement, the most recent halving holds significance for Bitcoin's disinflationary issuance schedule, which will continue until the final Bitcoin is mined around 2140. This systematically shrinking supply reinforces Bitcoin's key value proposition as a deflationary asset, with absolute scarcity built into its design. Understanding this info highlights why some investors see Bitcoin's scarcity as a central role in its potential long-term value.
How will the rest of the crypto market be impacted?
We can confirm that Bitcoin's halving creates a ripple effect across the entire cryptocurrency market. While it directly impacts Bitcoin, it can also cause broader market shifts affecting many altcoins as investors start adjusting their portfolios during this time, which can lead to increased volatility and capital moving between digital assets.
Established cryptocurrencies like Ethereum often respond to Bitcoin's market changes, though their reactions aren’t always predictable. Smaller, less-known coins may face even greater uncertainty. Because crypto markets are so interconnected, even indirect effects from the halving can create big waves, making it a key event that influences the entire ecosystem.
Should I invest during a Bitcoin halving?
Sure, navigating Bitcoin halving speculation can feel like walking through a maze. Investors often debate the best timing - before, during, or after the event - but there's really no universal playbook.
The cryptocurrency market moves in mysterious ways, influenced by countless global factors, and past halvings have shown dramatically different market behaviors, making predictions challenging. While some see these events as potential opportunities, others view them with caution.
The key is understanding that no single strategy guarantees success. Individual research, a clear view of personal risk tolerance, and a broad understanding of market dynamics are essential for anyone considering involvement in this volatile landscape.
The bottom line
The Bitcoin halving is a highly significant event worth learning about as it enforces the cryptocurrency's hardcoded disinflationary monetary policy. While past halvings have led to powerful bull markets and substantial price appreciation, as illustrated above, it's important to understand that future price movements remain unpredictable and cannot be relied on.
Bitcoin's value is influenced by a complex array of factors beyond just supply dynamics, including adoption rates, regulatory developments, and overall market sentiment. Though artificially constrained supply can increase scarcity, demand is ultimately the driving force behind long-term valuations.
Hey there, Community! ✨
We've got some exciting news to share, and it's all about making your life a little bit easier and a whole lot clearer. We're thrilled to announce our partnership with TapiX – and before you wonder what this is all about, let me break it down into plain English, just for you.
No More Guessing Games 🎲
Ever looked at your transaction history and thought, "Where on earth did I spend that money?" We've all been there, scratching our heads, trying to decipher cryptic names or puzzling out just which coffee shop that was.
Here's where TapiX comes in – and why we're so excited about it. TapiX turns those confusing codes and names into information you can actually understand. We're talking real names of stores, complete with local language and all the details to make it click instantly. Yes, that means no more guessing games!
A Picture Speaks a Thousand Words 📷
But why stop at names? When you look at your transactions, you can now see actual logos and images – making it even easier to spot at a glance where you've been shopping. It's like turning your transaction history into a colourful gallery of your spending habits.
Pinpoint Shopping Locations📍
Ever got a charge from a store and wondered, "When did I go there?”. Now, you won't just see the name; you'll get the exact location. We're talking street address, city, even zip codes – perfect for those "Aha!" moments.
Extra Details at Your Fingertips 🫰
And there's more. Want to revisit a store but can't remember the name? You can now access additional details like website links, opening hours, and more for the store and companies that support it. It's like having a little assistant tucked away in your transaction history.
Why This Matters to You 👀
We believe managing your money should be as straightforward as shopping. That's why we partnered with TapiX – to transform your transaction list from a boring spreadsheet into a clear, understandable, and even helpful part of your daily life.
Here's what it boils down to: less time puzzling out your past spends and more time enjoying your present. Whether you're a budgeting pro or just trying to keep track of where your money's going, we think you'll love this new feature.
It's All About You 💙
At Tap, everything we do is aimed at giving you a better experience. We listen, we care, and we act on what you need. This partnership? It's all about making your financial life clearer and simpler.
We're here to help you make sense of your spending, save time, and maybe even discover some new favourite spots along the way. And this is just the beginning – we're always looking for ways to improve your experience.
So go ahead, take a look at your updated transaction history, and see the difference for yourself.
Here's to clearer, simpler, and more enjoyable finances.
Warmly,
The Tap Team.
Tap, announces a temporary suspension of XTP locking/fees payment for all its users, reflecting a steadfast commitment to regulatory compliance and global collaboration.
In alignment with our regulatory-first vision, Tap announce the temporarily suspending XTP locking and fee payment in XTP. This strategic move reflects our dedication to regulatory compliance in every aspect of our operations.
At Tap, we prioritize responsibility alongside innovation. This temporary suspension underscores our commitment to regulatory compliance and our ability to effectively serve all our users in the United Kingdom, aligning with the new FCA regulations set in place.
In accordance with the Financial Conduct Authority's (FCA) financial promotion rule, we regret to inform our UK residents that the utilization of XTP for locking or payment is temporarily suspended. The FCA has classified the use of digital assets for obtaining discounts as a financial incentive, thus preventing its extension to any UK resident.
The temporary suspension of services in the UK has necessitated a pause in functionality across our entire platform due to its unified nature. Nevertheless, our team remains unwavering in our commitment to restoring Locking/Paying Fees in XTP for our global community.
While this transition may present temporary challenges, it also represents an opportunity for growth and collective progress.
We extend our heartfelt appreciation to our users for their unwavering support and patience as we navigate through this transition. Rest assured, Tap remains steadfastly committed to delivering an unparalleled digital asset experience that is compliant, secure, seamless, and transformative for users worldwide.