Former Revolut Employees Secure $2.3 Million for Blockchain Banking App Bleap
Revolutionizing Payments with Blockchain and Stablecoin
A Modern Banking Experience
Joao Alves and Guilherme Gomes, former executives at Revolut, have teamed up to develop Bleap, an innovative application set to transform payments using blockchain technology and stablecoin. Through a pre-seed funding round of $2.3 million led by Ethereal Ventures, Bleap aims to introduce a decentralized bank account with advanced functionalities surpassing conventional financial systems.
Going beyond simply managing stablecoin, Bleap integrates a self-custodial wallet with a Mastercard debit card, allowing users to spend stablecoin seamlessly in real-world transactions without conversion fees, along with up to 2% cashback. Alves and Gomes envision creating a cutting-edge, intuitive, and highly efficient banking platform.
Enhanced Security and Usability
Bleap operates on the Ethereum Layer 2 Arbitrum network for swift transactions without additional charges. The app shifts away from traditional seed phrases to a more user-friendly access system based on advanced technologies like Multi-Party Computation (MPC) by PortalHQ. This approach distributes cryptographic keys between users and Bleap’s servers, ensuring a secure and user-friendly experience.
In the event of device loss, users can recover their wallet through a two-factor authentication (2FA) process and a backup password, simplifying the experience for less tech-savvy individuals and eliminating seed phrase management issues.
Seamless Integration of Stablecoin and DeFi Features
Efficient Global Transactions
Bleap supports various stablecoins like USDC, USDT, USDA, and EURA, empowering users to handle multi-currency accounts with savings rates up to five times higher than traditional banks. The platform offers instant global transactions with no fees, leveraging the benefits of decentralized finance (DeFi).
Users can add stablecoin to their wallets through transfers from external sources or direct purchases with fiat currencies through a cost-free on-ramping and off-ramping service. The integration of blockchain technology enables Bleap to realize experiences inaccessible through traditional financial systems.
Regulatory Hurdles Overcome
Regulation Compliance and Expansion
While integrating blockchain with a centralized infrastructure like Mastercard posed challenges, Bleap overcame regulatory obstacles through registration as a Virtual Asset Service Provider (VASP) in Poland and compliance with the MiCA regulation. These steps position Bleap for rapid expansion across Europe.
The MiCA regulation streamlines operations, enabling Bleap to serve the entire EU without navigating fragmented regulations. Currently in beta with select European users, Bleap plans a full public launch in early 2025 and aims to expand into Latin America by 2026, introducing a proprietary token to enrich its ecosystem.
Straying from the conventional crypto card model, Bleap eliminates the need for upfront cryptocurrency conversions, reducing costs and enhancing user experiences. By leveraging DeFi protocols, Bleap offers competitive savings rates on stablecoins, catering to both investors and everyday consumers.
Stablecoins are believed to be the game-changer in the cryptocurrency realm, and Bleap is poised to demonstrate their potential.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
