By introducing cryptocurrency repayments functionality for the Web3 industry, global fintech company Reap, which powers expense management with the industry’s first Reap Visa Corporate Card (also known as the “Reap Card”) platform, introduces an innovation that is leading the industry. Reap is offering expense management software alongside the Reap Card that will allow web3 businesses to settle their fiat payments with cryptocurrencies.
Reap co-founder Daren Guo stated: We discovered a void in the market for payments involving web3 projects, which face difficulties when settling business expenses using non-fiat currencies like cryptocurrencies. Traditional banks have not been able to agree on a standard for these web3 businesses, so there is currently no easy and scalable way to convert crypto to fiat. The web2 fiat economy and web3 businesses can now be connected through Reap.
Customers who make use of Web3 technologies place a high value on stability and security. Reap has integrated with Fireblocks, an easy-to-use platform for managing day-to-day digital asset operations and creating new blockchain-based products, to create a trusted ecosystem.
Fireblocks’ SVP of Financial Markets, Stephen Richardson, added: “We are delighted to be collaborating with Reap to power secure, frictionless payments for web3 creators because the security of digital assets is of the utmost importance in establishing customer trust. The solution provided by Reap has the potential to increase web3 projects’ operational efficiency, allowing project founders and administrators to concentrate more effectively on developing innovative products. We are pleased to collaborate with cutting-edge businesses like Reap, which will make possible the next generation of digital assets.
By seamlessly utilizing USDC, USDT, BTC, and ETH, the Reap Card solves the issue of prohibitive handling fees that include multiple off-ramp parties and makes it easier to settle global payments in fiat. Gnosis, a digital company, has already used this service to see for themselves how the Reap Card simplifies complicated currency conversion procedures and billing issues, allowing executives to concentrate on core business functions.
Dosh, a member of the Gnosis Communication and Marketing Team, stated, “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.” The solution proposed by Reap has been particularly helpful in overcoming the obstacles that frequently arise when attempting to use cryptocurrency to navigate the conventional banking system.
By developing and implementing cutting-edge financial solutions, Reap envisions a world in which every company, regardless of size or industry, is given the opportunity to operate at its full potential. In an ever-evolving, highly competitive global market, Reap is committed to orchestrating success with all kinds of businesses in order to seize global opportunities.
Through innovation, the financial platform known as Reap makes financial connectivity and access possible for businesses of all sizes. The flagship Reap Visa Corporate Credit Card is one of the innovative payment options offered by Reap, which also includes spend management software. By providing the most cutting-edge financial instruments that adapt to the market and customers they serve, Reap is dedicated to assisting businesses in orchestrating their success.
Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia are among the leading investors in Reap. Since its inception in 2018, Reap has grown to employ over 40 people across seven offices.