Tap Global Group plc's (LSE:TAP) shares climbed 6.2%, to 1.7p, after the group said its Tap Earn product had attracted US$3.5m of assets under management, activating a new recurring yield revenue stream for the company.
Tap, which blends money payments and crypto settlement in a single mobile app, says Tap Earn offers customers competitive variable yields on eligible cryptocurrency and stablecoin holdings and represents the first material step toward building yield-based revenue less dependent on trading volatility.
"Tap Earn is performing in line with our expectations and marks the start of a strategic evolution in how we think about Tap," Arsen Torosian, Chief Executive Officer, said.
The group said the US$3.5 million AUM came through customer deposits, that it expects scaled yield-based revenue to provide strategic optionality on transactional pricing, and that it intends to provide its next trading update around the end of the financial year ending 30 June.
