Former Revolut Employees Launch Bleap With $2.3 Million In Funding

A new blockchain banking app named Bleap has raised $2.3 million in pre-seed funding. Former Revolut employees Joao Alves and Guilherme Gomes are behind the project.

It is supported by Ethereal Ventures, led by Joe Lubin, the founder of Consensys. Other investors include Maven11, Alliance DAO, Robot Ventures, and angel investors from companies like Revolut and Phantom.

The funding values Bleap at $10 million. Alves revealed that the money will help develop the app, which allows users to spend stablecoins through a Mastercard debit card. The app promises no conversion fees and offers up to 2% cashback on purchases.

Bleap Blends Blockchain With Banking For A Modern Financial Solution

Bleap combines blockchain with banking to provide a modern financial solution. Alves explained that the idea for Bleap began in July 2023, saying the team wanted an app that uses blockchain’s potential while offering the features of traditional banking.

According to Alves, Bleap offers multi-currency accounts and higher savings rates using stablecoins and decentralized finance. The app also allows instant global transfers without fees, setting it apart from traditional banking.

Built on Arbitrum, a Layer 2 Ethereum network, Bleap enables quick and cost-efficient transactions. It uses Multi-Party Computation (MPC) technology for added security, replacing seed phrases with cloud storage and social logins. Gomes said this approach simplifies blockchain banking for users.

Bleap’s Wallet Supports USDC, USDA, USDT, And EURA Stablecoins

Bleap’s wallet supports stablecoins like USDC, USDT, USDA, and EURA. Users can also buy stablecoins using fiat currency through the app. Alves confirmed that while the wallet is exclusive to Arbitrum, the app’s services also support Ethereum, Bitcoin, Solana, and other networks.

Alves explained that one of the challenges Bleap faced was connecting the public blockchain to a centralized system like Mastercard in a cost-efficient and fast way. He said while it was a slow process, there is a lot of support from the payments industry to support cryptocurrency payments.

To explain how the card works, Alves gave an example of paying $5 at Starbucks. The app checks if the user’s wallet has enough stablecoins, says yes to the payment, and puts it on the blockchain. Then, Bleap changes the stablecoins into regular money and settles with Mastercard, so the user does not have to pay extra fees.

According to the update, Bleap gives cashback from rewards with its partners. All blockchain transaction fees inside the app are covered, so users can use the app easily.

The platform uses decentralized finance (DeFi) to offer high savings rates. Right now, users can earn 13.2% APY on USD and 5.3% APY on EUR stablecoins. Alves said more DeFi products will come later.

With the new app, users keep control of their money, and Bleap does not own it. The platform wants to simplify blockchain banking and help connect crypto and regular finance.