Crypto Payment Innovation- Revolut Alumni Raise $2.3 Million for Bleap, a Next-Gen Crypto Payment App
Crypto Payment Innovation – Joao Alves and Guilherme Gomes, former employees of Revolut, have secured $2.3 million in pre-seed funding to develop Bleap, a revolutionary self-custodial payment platform. The round was led by Ethereal Ventures, the firm founded by Joe Lubin, the founder of Consensys. The funding also included contributions from Maven11, Alliance DAO, Robot Ventures, Credibly Neutral, and angel investors, including top executives from Revolut, Phantom, OKX, EigenLayer, and Consensys. According to Alves, the investment brings the company’s post-money valuation to $10 million.
This significant funding round will enable Bleap to continue developing its self-custodial app, which allows users to make payments using stablecoins linked to a Mastercard debit card, with no conversion fees, and up to 2% cashback on purchases.
Bleap: A Revolutionary Blockchain-Based Banking App
Alves and Gomes, who both have deep experience in the financial sector from their time at Revolut, believe that blockchain technology is the cornerstone for the future of finance. The idea for Bleap began to take shape in July 2023, with the intention of building an app that merges blockchain’s power with the best features of traditional banking.
“We wanted an app that combines blockchain’s power with the best of banking,” Alves, who previously led Revolut’s card program, said. “A banking app that would be radically better than anything else available today.” Gomes, who also led multiple product teams at Revolut, added, “Blockchain technology lets us build experiences that traditional finance rails simply can’t.”
Bleap: Multi-Currency Accounts and Blockchain-Powered Savings
In addition to its payments app, Bleap also supports multi-currency accounts with savings rates five times higher than traditional banks, thanks to its integration of stablecoins and decentralized finance (DeFi) protocols. Users can transfer funds globally, instantly, and without any fees, further improving the overall user experience.
How Bleap Works: Ethereum Layer 2 and Social Logins
Bleap is built on the Ethereum Layer 2 network Arbitrum, enabling fast, gasless transactions. The app replaces traditional seed phrases with cloud storage and social logins, using Multi-Party Computation (MPC) technology developed by PortalHQ. MPC allows Bleap to securely split wallet keys between the user and PortalHQ, ensuring a higher level of security while simplifying the user experience.
When users sign a transaction, their device uses their key share, while the app fetches the backup share from PortalHQ. The user’s key share is securely backed up using AES and SHA256 encryption, with the password stored both in the cloud and on Bleap’s server. This eliminates the need for seed phrases, ensuring that only the user has access to their password and encrypted wallet, making it safer for recovery in case of device loss.
A Unique Payment Experience: No Conversion Fees, Seamless Transactions
Bleap offers a seamless payment experience by integrating a Mastercard debit card that allows users to pay directly with stablecoins like USDC, USDT, USDA, and EURA. Unlike other crypto payment cards, users do not need to convert their crypto into fiat currency, saving on conversion and exchange fees. When a user makes a purchase, such as at a Starbucks for $5, the stablecoins are transferred to the merchant, and the transaction is simultaneously recreated on-chain. This process ensures that users have a seamless experience when spending their digital assets in the real world.
Cashback and DeFi Integration: Making Stablecoin Usage More Rewarding
Bleap users can earn up to 2% cashback on purchases, thanks to a combination of incentives provided by Bleap’s partners, including merchant interchange fees and subscription plans. Additionally, all blockchain transaction fees within the Bleap wallet are covered by the platform’s infrastructure.
In terms of savings, Bleap leverages DeFi protocols to offer savings rates of 13.2% APY on USD-denominated stablecoins and 5.3% APY on EUR-denominated stablecoins, thanks to the integration of Angle Protocol. The platform plans to offer more DeFi products in the future.
Bleap and the Growing Crypto Market
The rise of stablecoins, now circulating nearly $200 billion in supply, has significantly impacted global payments, with more than $5.1 trillion in transactions made using stablecoins in the first half of 2023. According to Bitwise, stablecoin transactions have already surpassed the volume of Visa ($6.5 trillion) in the same period, with another $3.1 trillion generated in Q3 of 2023.
“We always say that crypto is on the brink of finding its killer use case. Well, here it is,” wrote Bitwise analysts Juan Leon and Ari Bookman in a report. Bleap’s platform is positioned to capitalize on this growth, bringing the convenience of blockchain-powered payments to the masses.
MiCA Regulation: Enabling Bleap’s Growth in Europe
The proposed MiCA (Markets in Crypto-Assets) regulation has been a critical factor in enabling Bleap to expand into the European Union. With MiCA, European countries can now regulate crypto markets under a single framework, fostering a more unified approach to cryptocurrency regulation. Alves emphasized that, while MiCA increases entry barriers for startups, the benefits of a consistent regulatory environment make it easier to operate across Europe.
Bleap is already incorporated in the UK and registered as a Virtual Asset Service Provider (VASP) in Poland to serve EU customers, with plans to expand its services to Latin America in 2024.
Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.
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