Former Revolut executives Joao Alves and Guilherme Gomes have raised $2.3 million in pre-seed funding to launch Bleap, a blockchain-based banking application.
By combining blockchain technology with banking services, Bleap aims to provide users with a self-custodial financial tool that allows seamless spending, saving, and transferring of stablecoins.
The funding, led by Joe Lubin’s Ethereal Ventures, brings Bleap’s valuation to $10 million.
What is Bleap?
Bleap is a blockchain-enabled financial application that functions as a self-custodial “bank account” and is s registered as a Virtual Asset Service Provider (VASP) in Poland, aligning with the EU’s Markets in Crypto-Assets (MiCA) regulation.
It enables users to hold, spend, and save stablecoins such as $USDC and $USDT through a Mastercard-linked debit card. The app eliminates the need for traditional conversion fees and offers additional features such as cashback and multi-currency account management.
It also supports international transfers and integrates DeFi protocols to provide competitive savings rates.
How does it work?
Bleap is built on Arbitrum, an Ethereum Layer 2 network that facilitates fast, gas-free transactions. Users create a Bleap account, which deploys a smart wallet using ERC-4337 account abstraction. This wallet supports stablecoins like $USDC, $USDT, $USDA, and $EURA.
The app uses Multi-Party Computation (MPC) technology for secure wallet management. Instead of traditional seed phrases, wallet keys are encrypted and backed up in the cloud. If a user loses access, they can recover their account through two-factor authentication and a secure, encrypted backup.
For payments, Bleap integrates with Mastercard, allowing users to spend stablecoins directly. Transactions are verified on-chain in real time, and stablecoins are converted to fiat for settlement, eliminating the need for pre-conversion and save users on exchange fees.
The startup is currently in beta testing with select users in Europe and plans a broader public launch in early 2025.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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