Min Teo, Managing partner and co-founder at Ethereal Ventures (previously investments at Consensys) noted that they are pleased to be working with the team at Bleap App.
Bleap enables users to connect their Web3 wallet to their pre-paid debit card with a “seamless” mobile-first neobank experience.
Thrilled to be working with the stellar team at @BleapApp!
Bleap enables you to connect your Web3 wallet to their pre-paid debit card with a seamless mobile-first neobank experience. Check out 24/7 access to:
– Spending stablecoins with cashback
– On and off ramping easily… https://t.co/A1Je62quQD— Min Teo (@_MinTeo) November 28, 2024
Teo also shared via X that there’s 24/7 access to:
- Spending stablecoins with cashback
- On and off ramping easily and sending crypto or fiat instantly with zero fees
- Getting more bang for your buck with defi savings
Bleap also confirmed via their official social media channels that they have now raised $2.3M in pre-seed funding to build Bleap—a bank on the blockchain.
The investment round was led by Ethereal Ventures along with participation from others who share their vision of a better financial system.
Maven11 also took part in the funding round along with contributions from angel investors such as executives from digital bank Revolut, Phantom, digital assets firm OKX, EigenLayer and Consensys.
The proceeds from the raise now bring the firm to a $10 million post-money valuation, according to various media reports.
Bleap is now in beta for European Economic Area (EEA) users.
Although more details on this project are now yet available, the team claims they want to build a blockchain-powered bank (though it is not clear how or why this will be done).
However, the capital raise will be channeled towards implementing a non-custodial payments solution which allows clients transact with stablecoins through a Mastercard debit card.
With the rise of blockchain / distributed ledger tech (DLT), many new projects have emerged to disrupt traditional finance. Stablecoins are one of the most frequently-used innovations which are now being integrated into various DeFi and TradFi platforms.
Most consumers are not too concerned with the underlying technology, but care more about the end results. So if products and services can provide efficient and cost-effective ways for clients to conduct transactions, then they can go a long way in terms of serving vital needs of consumers and businesses.
