Crypto startup Bleap, founded by ex-Revolut employees, has bagged in $2.3 million to make it easier to spend crypto with debit cards.

Bleap, a U.K.-based blockchain startup building a wallet-connected debit card, has raised $2.3 million in pre-seed funding led by Ethereal Ventures, according to a Nov. 28 announcement on X. Other backers include Maven11, Alliance DAO, Robot Ventures, Credibly Neutral, and angel investors. With the funding, the startup’s valuation reached $10 million.

Bleap’s card linked to Mastercard lets users spend stablecoins without conversion fees and offers up to 2% cashback. From the on-chain perspective, the startup leverages Arbitrum (ARB), an Ethereum layer-2 solution, as well as multi-party computation for wallet access.

Bleap to expand services under MiCA regulations

Founded by Joao Alves and Guilherme Gomes, Bleap is registered as a virtual asset service provider in Poland. The startup plans to expand under Europe’s MiCA regulations and enter Latin America by 2025. Currently in beta, Bleap aims for a full launch in Q1 2025, with a token rollout slated for 2026.

In September, Mastercard revealed that its European crypto users can now spend Bitcoin (BTC) and other tokens stored in self-custodial wallets through the newly launched Spend debit card. Created in partnership with crypto payments provider Mercuryo, the card is tied to a euro-denominated account, enabling users to make payments for goods and services at more than 100 million merchants worldwide.