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. Reap Card and expense management software will allow web3 companies to make fiat payments using 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. There is currently no seamless and scalable way to convert crypto to fiat. Traditional banks have not been able settle on an industry standard to help these web3-based 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. Reap has integrated Fireblocks with Fireblocks in order to establish a trusted ecosystem. Fireblocks is an easy-to use platform that allows users to create blockchain-based products and manage digital assets.
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.”
Reap Card makes it easy to settle global payments in fiat. It uses USDC, USDT and BTC seamlessly. This eliminates the need for costly handling fees, which can include off-ramp parties. Gnosis, a digital provider, has used the Reap Card to experience firsthand how it simplifies complex currency conversion processes and billing issues. This allows executives to concentrate on their 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 sees a future where all businesses, regardless of their size or industry, have the chance to reach their full potential by developing and applying innovative financial strategies. Reap will work with any type of business to help them capture global opportunities in an ever-changing global marketplace.
Reap The financial platform that facilitates financial connectivity and access for all companies, regardless of their size. Reap combines spend management software with a range of innovative payment products — including the flagship Reap Visa Corporate Credit Card. Reap’s mission is to help businesses achieve success by offering the best financial tools, which evolve with their customers as well as the market.
Reap has been supported by industry-leading investors such as Acorn Pacific Ventures. Arcadia Funds. HashKey Capital. Hustle Fund. Fresco Capital. Abacus Ventures. Reap was started in 2018 and has grown to over 40 people, who work in seven offices.
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