Blockchain bank account startup Bleap has joined with Mastercard to launch a non-custodial debit card, making it possible for people to connect stablecoin payments with traditional financial payment rails.
Launched by former Revolut dup Joao Alves and Guilherme Gomes, Bleap has been operating in beta mode since December, offering simplified access to DeFi yields, multi-currency accounts, trading and exchange features, zero fees for buying or selling stablecoins and a debit card offering 2% cashback.
The firm claims to have processed $5 million in transactions in its first four months.
The partnership with Mastercard enables cardholders to spend stablecoins through crypto to fiat currency conversion at more than 150 million merchants worldwide.
Says Alves: “Bleap’s technology enables stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails. This innovation will allow millions of self-custodial wallets to connect effortlessly with traditional financial systems, without requiring further integrations.”
He says that the collaboration will first focus on launch across Europe and expand into Latin America where demand for alternative financial solutions is accelerating.
Scott Abrahams, executive vice president, global partnerships at Mastercard says “Digital currencies are a critical part of the global economy, so helping people and businesses embrace them by simplifying how they can be spent is essential. Our Web3 card program is helping partners like Bleap harness the power of stablecoins to unlock new levels of accessibility, allowing consumers to conveniently and securely spend their digital assets anywhere Mastercard is accepted.”