Bleap Raises $2.3M to Launch Self-Custodial Stablecoin Payments App

Bleap, a UK based, self-custodian payments-focused startup, secured the funding in Pre-Seed at a total of $2.3 million. It’s been led by Ethereal Ventures and participated also with Maven11, Alliance DAO, Robot Ventures and many others angel investors involved also who come from, e.g., Revolut, Phantom, OKX, EigenLayer and Consensys.

Founded by former Revolut employees Joao Alves and Guilherme Gomes, Bleap is developing a self-custodial wallet that integrates with a Mastercard debit card. This innovative solution allows users to spend stablecoins directly in the real world, eliminating conversion fees and offering up to 2% cashback on purchases. In addition to its payment features, the app supports multi-currency accounts with savings powered by stablecoins and decentralized finance, providing users with attractive savings rates far above what traditional banks offer. Bleap users can also transfer funds globally, instantly, and without any fees, offering a seamless and cost-effective alternative to traditional banking and payment systems.

Another key feature of Bleap is its support for fee-free crypto on- and off-ramping via external wallet connections, making it easier for users to manage their assets. The platform’s self-custodial model ensures that users have full control of their funds, which are stored directly on the blockchain, providing 24/7 access and security.

Bleap is currently in beta testing with select European users, with plans to launch publicly in Q1 2025. The company is registered as a Virtual Asset Service Provider (VASP) in the EU, ensuring compliance with regulations across Europe. This will be Bleap’s first foray into the European market, with plans to offer crypto payments throughout the region.

The money raised during this round will be invested in scaling up the operation of Bleap and further developing the platform. The $2.3 million funding also gives a valuation to the company of $10 million before investment. This capital will enable the company to improve its technology, expand its user base, and bring its product to a wider audience.

Bleap’s product falls within a rapidly growing sector in the financial technology area where traditional banking and crypto services are converging. Bleap brings a compelling alternative that would be more attractive in competition with traditional financial products to users who want to access and leverage the benefits that stablecoins offer.

Its founders, Joao Alves and Guilherme Gomes, are experienced in such ventures. Alves, who had headed Revolut’s Card Programme, explained the company’s vision: “We wanted an app that combines blockchain’s power with the best of banking.” The combination of modern blockchain technology with traditional financial services aims to provide users with the best of both worlds—secure, decentralized control over their funds, with the ability to use them as easily as they would traditional currencies.

Launched as this momentum gathers within the bigger cryptocurrency market, in which traditionally traditional financial institutions, like fintechs are testing how they can embed the elements of blockchain and digital asset offering within their portfolio. That follows upon the lines of increased services for Revolut X; crypto, a sister extension product, that announced itself onto 30 new markets available in the EEA through means of more than 200 tokens. Revolut X also offers competitive pricing, including zero fees for limit orders and a low 0.09% fee for market orders.

While Revolut X is expanding, Bleap’s offering differs in its self-custodial nature and the integration of a Mastercard debit card, thus making it easier for the user to spend stablecoins directly. By eliminating conversion fees as well as offering rewards that include cashback, Bleap hopes to make crypto payments easier and more accessible for the average user. The various multi-currency accounts offered on the app with attractive savings rates will also give users a unique way to grow their wealth even as they are in complete control of their funds.

As Bleap gets ready for its public launch in 2025, the company is well set to make a big difference in the evolving fintech and cryptocurrency space. Combining the power of blockchain with the convenience of traditional banking services, Bleap can become a significant player in the future of self-custodial finance.