Jan. 11, 2023 – Reap, the global fintech company powering expense management through the industry’s first Reap Visa Corporate Card (Reap Card) platform, launches industry-leading innovation by including cryptocurrency repayment functionality for the Web3 industry. Together with the Reap Card, Reap offers expense management software that will enable Web3 companies to settle their fiat payments with cryptocurrencies.
Daren Guo, co-founder of Reap, 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 to create new blockchain-based products and manage day-to-day digital asset operations.
Stephen Richardson, senior vice president 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 USD Coin (USDC), Tether (USDT), Bitcoin (BTC) and Ether (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.
Dosh, communication and marketing team at Gnosis, said:
“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. 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.
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 seven countries.