Ex-Revolut Executives Elevate $2.3M to Develop Bleap App

Former Revolut executives Joao Alves and Guilherme Gomes have raised $2.three million in pre-seed funding to launch Bleap, a blockchain-based banking utility.

By combining blockchain know-how with banking providers, Bleap goals to supply customers with a self-custodial monetary device that enables seamless spending, saving, and transferring of stablecoins.

The funding, led by Joe Lubin’s Ethereal Ventures, brings Bleap’s valuation to $10 million.

What’s Bleap?

Bleap is a blockchain-enabled monetary utility that features as a self-custodial “checking account” and is s registered as a Digital Asset Service Supplier (VASP) in Poland, aligning with the EU’s Markets in Crypto-Property (MiCA) regulation.

It permits customers to carry, spend, and save stablecoins reminiscent of $USDC and $USDT by way of a Mastercard-linked debit card. The app eliminates the necessity for conventional conversion charges and provides extra options reminiscent of cashback and multi-currency account administration.

It additionally helps worldwide transfers and integrates DeFi protocols to supply aggressive financial savings charges.

How does it work?

Bleap is constructed on Arbitrum, an Ethereum Layer 2 community that facilitates quick, gas-free transactions. Customers create a Bleap account, which deploys a sensible pockets utilizing ERC-4337 account abstraction. This pockets helps stablecoins like $USDC, $USDT, $USDA, and $EURA.

The app makes use of Multi-Celebration Computation (MPC) know-how for safe pockets administration. As a substitute of conventional seed phrases, pockets keys are encrypted and backed up within the cloud. If a person loses entry, they’ll recuperate their account by way of two-factor authentication and a safe, encrypted backup.

For funds, Bleap integrates with Mastercard, permitting customers to spend stablecoins immediately. Transactions are verified on-chain in actual time, and stablecoins are transformed to fiat for settlement, eliminating the necessity for pre-conversion and save customers on trade charges.

The startup is at the moment in beta testing with choose customers in Europe and plans a broader public launch in early 2025.