Reap leverages fireblocks to enable crypto payments with the Reap card
New York, USA, 11 January 2023, Chainwire
Reap, the global fintech company powering spend management through the industry’s first Reap Visa Corporate Card (“Reap Card”) platform, is launching industry-leading innovation by including cryptocurrency reimbursement functionality for the Web3 industry. Along with the Reap card, Reap offers cost management software that will enable web3 companies to settle their fiat payments with cryptocurrencies.
Daren Guo, Reap’s co-founder, said: “We noticed a gap in the payment market involving web3 projects that face challenges in paying business expenses with non-fiat currencies such as cryptocurrency. A seamless and scalable solution to convert crypto to fiat exists not yet 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 the minds of customers leveraging Web3 technologies. To build out a trusted ecosystem, Reap has integrated with Fireblocks, an easy-to-use platform for creating new blockchain-based products and managing the day-to-day operations of digital assets.
Stephen Richardson, SVP of Financial Markets at Fireblocks, added: “The security of digital assets is paramount 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 will improve operational efficiency for web3 projects, so that founders and project owners can focus on building innovative products with greater security. We are proud to work with innovative companies like Reap that will enable the next generation of digital assets.”
Reap Card simplifies the process of settling global payments in fiat using USDC, USDT, BTC and ETH seamlessly to solve the problem of costly handling fees that include multiple exit fees. Digital provider Gnosis has already used this service to see first-hand how Reap Card streamlines complicated currency conversion processes and invoicing issues, freeing up managers’ time to focus on core business.
“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 helpful in 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 adopting innovative financial solutions. Reap is committed to orchestrating the success of 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 businesses of all sizes. Reap combines cost 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 customers and the market.
Reap is backed by industry-leading investors including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures and Payment Asia. Founded in 2018, Reap has grown to a team of over 40, working across offices in 7 countries.
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