Reap Leverages Fireblocks to Enable Crypto Repayments with the Reap Card

New York, United States, 11th January, 2023, Chainwire

Reap, the global fintech company powering expense management through the industry first Reap Visa Corporate Card (“Reap Card”) platform, launches industry-leading innovation by including cryptocurrency repayments functionality for the Web3 industry. Together with the Reap Card, Reap is offering expense management software that will enable web3 companies to settle their fiat payments with cryptocurrencies. 

Daren Guo, Reap Co-Founder, said: “We noticed a gap in the payments market involving web3 projects that face challenges for settling corporate expenses with non-fiat currencies like cryptocurrency. A seamless and scalable solution to convert crypto into fiat currently does not exist as traditional banks have not been able to settle on an industry standard for these web3 businesses. Reap is now able to bridge the gap between web3 businesses and the web2 fiat economy.”

Security and stability are at the forefront of customers’ minds who leverage Web3 technologies. To build out a trusted ecosystem, Reap has integrated with Fireblocks, an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations. 

Stephen Richardson, SVP of Financial Markets at Fireblocks, added:  “The security of digital assets is of paramount importance when it comes to building customer trust, which is why we are delighted to be working with Reap to power secure, frictionless payments for web3 creators. Reap’s solution stands to improve operational efficiency for web3 projects, allowing founders and project owners to focus on building innovative products with greater peace of mind. We’re proud to work with innovative companies like Reap that will enable the next generation of digital assets.”

The Reap Card simplifies the process of settling global payments in fiat by using USDC, USDT, BTC, and ETH seamlessly to resolve the problem of costly handling fees that include multiple off-ramp parties. Digital provider Gnosis has already used this service to see firsthand how the Reap Card streamlines complicated currency conversion processes and billing issues, freeing up executive time to focus on core business operations.

“As an early adopter of Reap Card, we have been able to take advantage of their innovative product suite and seamlessly settle payments in fiat currencies,” said Dosh, Communication and Marketing Team at Gnosis. “Reap’s solution has been particularly useful for bypassing the difficulties and hurdles that often come with trying to use cryptocurrency to navigate the traditional banking system.”  

Reap envisions a future where every business, regardless of size and industry, has the opportunity to operate at its full potential by building and applying innovative financial solutions. Reap is committed to orchestrating success with all types of business to capture global opportunities, in an ever-changing competitive global marketplace.

About Reap

Reap is a financial platform that enables access and financial connectivity through innovation for companies of all sizes. Reap combines spend management software with a range of innovative payment products — including the flagship Reap Visa Corporate Credit Card. Reap is committed to helping businesses orchestrate success by providing the best financial tools that evolve with their customers and the market.

Reap is supported by industry-leading investors including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures and Payment Asia. Reap was founded in 2018 and has expanded to a team of over 40, working across offices in 7 countries.

Find out more here. Media Inquiries- Reap


Daniel Choy


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How crypto can modernize the world of lending

Lending has been around in some form for thousands of years — dating back to ancient civilizations where farmers would borrow seeds and use crops as repayment.

The arrival of fiat currencies transformed the way economies were run back then. Indeed, you could argue that we’re seeing such a seismic shift now as cryptocurrencies become a larger and more influential part of the world’s financial ecosystem.

When done right, crypto lending has the potential to level the playing field — giving consumers a type of flexibility that they may otherwise have been unaccustomed to. For several years now, the rates offered by banks have been tepid to say the least. In some countries, even the most generous savings accounts will only pay less than 1% interest — even if funds are locked up for several years.

Given how inflation has been rising sharply recently, in part because of the money printing performed in response to the coronavirus pandemic, signing up for one of these accounts means a saver’s money would actually command less spending power down the line.

Crypto lending offers three powerful advantages compared with the status quo. First, it is possible to find more competitive deals that ensure capital actually grows — with interest sometimes paid on a weekly or a monthly basis. Second, many platforms offer a much-needed degree of flexibility to lenders, meaning that they won’t be forced to lock up their money for long periods of time and can withdraw their funds at will. And third, it can act as a powerful incentive when markets are behaving rather erratically.

That’s before we’ve even discussed the fact that crypto as collateral can be far more practical from a lender’s point of view than real estate — an asset that is rather illiquid and can be rather time consuming to sell.

It isn’t just lenders who benefit

Of course, all of this sounds like a good deal for lenders — the people who have capital to spare. But it can also be beneficial for borrowers, too. In the current financial ecosystem, where a single blemish on an otherwise impeccable credit history can deny a responsible consumer access to the best interest rates, crypto platforms can offer an invaluable lifeline.

Banks often have an opaque list of requirements when it comes to finding the people they are willing to extend credit to. And, in a world where ever-increasing numbers of consumers are self-employed, otherwise creditworthy applicants can end up being excluded from the market simply because they don’t have a traditional nine-to-five job — irrespective of whether they actually earn more money in their current arrangement.

The crypto world can help to foster inclusivity here, but there are challenges. A number of lenders in this space are offshore and unregulated — something that can make them less appealing to everyday consumers. This also restricts the number of partnerships that crypto platforms can enter into with fintech firms.

A new approach?

One platform that is aiming to shake up the world of lending is Baanx, a crypto-as-a-service fintech intending to bridge the worlds of crypto and fiat. The company allows brands to offer interest-free forms of secured lending to their customers and communities, alongside high savings rates for those who stake their digital assets. This is all achieved via APIs that can be rapidly integrated into any DeFi, exchange, or wallet’s app or website.

This form of interest free and low cost secured lending is provided to those who stake BXX, the utility coin that’s associated with Baanx. Loans can subsequently be moved into crypto wallets or physical and virtual cards. For those who use Bitcoin and Ether as collateral, loan-to-value ratios of up to 50% are available, and approval can be achieved in one click.

Baanx is on the list of temporarily registered cryptoasset businesses with the FCA and also utilizes a lending license. The project’s whitepaper states that it will “lend against any digital asset including cryptos, stocks, bonds and the emerging NFT asset class.”

The volumes of money that can be offered through lending will depend on the volumes of tokens that are staked within its system.

Figures provided by Baanx suggest that the platform now has sold more than 600,000 white-label cards and accounts around the world — almost exclusively through branded corporate clients, including Tezos Crypto Life app, DeFi protocols, exchanges, and wallet providers. It is also planning to launch with a major wallet provider in the U.S. in the fourth quarter of 2021.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.


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