Tap Provides White-Label Mastercard Solution to Crypto Exchange Bitfinex
In 2023, Tap, a white-label card issuing platform, partnered with Bitfinex, a major cryptocurrency exchange, to provide a Mastercard-powered prepaid card solution. The arrangement allows Bitfinex to offer its users a branded payment card that bridges crypto holdings with traditional point-of-sale and online spending. Tap's platform handles the card issuance infrastructure, Mastercard network connectivity, and compliance requirements, enabling Bitfinex to launch the product quickly without building card program capabilities in-house.
The white-label approach means the cards carry Bitfinex branding, maintaining the exchange's customer relationship. Financial terms were not disclosed. This partnership is notable because it demonstrates how BaaS and embedded finance infrastructure providers are enabling crypto-native companies to offer traditional financial products, despite heightened regulatory caution around crypto-related banking services.
The deal also illustrates how white-label card issuing reduces time-to-market and cost for fintechs entering the payments space.
- Shows embedded card-issuing infrastructure enabling crypto platforms to offer traditional payment products
- Highlights that white-label BaaS providers can bridge the gap between crypto and traditional finance despite regulatory headwinds