According to City A.M., Tap Global has named the first-generation cryptocurrency exchange Bitfinex as its first client for the newly-launched Mastercard product. A ‘card as a service’ (CAAS) B2B product designed to bridge the gap between the cryptocurrency and mainstream transactions ecosystem.

The crypto app platform aims to bring together traditional finance and blockchain technology through a process that will facilitate seamless transactions. This will enable traditional finance to leverage blockchain technology in removing the existing boundaries between both sides of the divide.

With the latest partnership between Tap Global and Bitfinex, the latter will be able to issue a unique Mastercard to its European customers that will enable them to spend their cryptocurrencies seamlessly across traditional platforms. This will be powered by an existing infrastructure by Tap, and guided by regulatory approvals. 

The product allows Bitfinex customers to convert their Bitcoin and other cryptocurrencies to Euros and send them to their Tap Mastercards. By doing so, they will be able to spend their funds from any of the 37 million Mastercard merchants globally.