Bleap SIA - Latvia's 8th MiCA CASP

What happened

On 25 June 2026 the Supervision Committee of Latvijas Banka issued Bleap SIA a crypto-asset service provider (CASP) licence. The official statement was published on the Latvijas Banka website on 26 June 2026. Bleap SIA is the eighth crypto-asset service provider that Latvijas Banka has licensed since the EU's single crypto-asset framework (MiCA) took effect.

The previously known licences went to BlockBen SIA (2025-12-03), Nexdesk SIA (2025-12-10), SIA Paybis Europe (2026-05-12), Neverless SIA (2026-05-20), Trek Technologies SIA / Backpack EU (2026-05-27), AS TWINO Investments (2026-06-04) and SIA AlphaRoute / Kanga Exchange EU (2026-06-18). Bleap SIA follows directly after it as the eighth.

Unlike most earlier participants, Bleap is not a classic trading exchange but a non-custodial Mastercard project - a finance app in which the user's crypto-assets stay in their own wallet until the moment of a purchase or swap.

The company: who is Bleap

Bleap was founded in 2024. It is an on-chain finance app with a Mastercard debit card that lets users spend crypto-assets and stablecoins on everyday purchases without keeping them on a centralised exchange. The product is built on the belief that self-custody (the user's own control over their funds) and payments can live in a single product.

Corporately, Bleap rests on its parent company Bleap Finance Ltd (registered in London). The Latvian entity Bleap SIA has been set up as the company's EU MiCA licensing base - much as several other international projects choose Latvia as their EU regulatory home. The card is technically issued by Unlimit (an electronic money institution, EMI, licensed in Cyprus), and settlement uses the EURe stablecoin (Monerium) and USDC.

Owners and team

Bleap's founders are Joao Alves and Guilherme Gomes, who previously worked on the product team at Revolut. That Revolut experience - building scalable consumer-finance products - is one reason investors took notice of the project at an early stage.

The company is backed by serious crypto-industry investors. The pre-seed round was led by Ethereal Ventures, the fund founded by Consensys (and Ethereum co-founder) Joe Lubin. The later seed round was led by the European venture firm Blossom Capital, known for early bets on fintech and infrastructure companies.

Financials and funding

Bleap is a private, unlisted company, so full financial statements are not public. The key figures are known, however:

• Total funding raised: about $8.3 million across two rounds.
• $2.3M pre-seed (late 2024), led by Ethereal Ventures.
• $6M seed (summer 2025), led by Blossom Capital.
• 20,000+ users across the European Economic Area.
• More than $30 million in transactions processed in 2025 (per the company).

Compared with the region's large exchanges these are small, early-stage volumes. They point to a product in a phase of rapid growth rather than a mature, large-scale operator. That is important context when weighing liquidity and resilience.

Licensed services

Unlike AlphaRoute (which holds the full set of six services), the Bleap SIA licence is narrow and covers only two MiCA services:

• exchange of crypto-assets for funds (fiat);
• exchange of crypto-assets for other crypto-assets.

The licence does not include custody, operation of a trading platform, order execution or advice. That is not a shortcoming but a logical match to the product's architecture: because Bleap is non-custodial, it does not need a custody licence - the user holds the funds themselves. What Bleap actually needs is precisely the exchange permission, so that crypto-assets can be converted to fiat or stablecoin at the point of purchase.

The product: a non-custodial Mastercard

Bleap's main product features:

• MPC (Multi-Party Computation) wallet - no seed phrase; the private key is split, so the user does not have to manage a single critical phrase and Bleap cannot unilaterally access the funds.
• Mastercard virtual debit card - accepted anywhere Mastercard works; Apple Pay and Google Pay support.
• 0% FX markup - conversion happens at the moment of purchase with no currency-exchange markup.
• 2-20% cashback across three tiers: Standard 2%, Plus 5% (with a €500 stake), Pro 20% (with a €5,000 stake), paid on-chain.
• In-app swaps across roughly 50 crypto-assets on the Arbitrum, Base and Solana networks.
• EURe (Monerium) and USDC as settlement stablecoins; supported fiat currency is EUR.

Weak points to keep in mind: for now only a virtual card is available (no physical card), there is no ATM support, the interface is English-only, and the top cashback tier requires a substantial €5,000 stake.

Target audience

Bleap is not aimed at the broad retail audience looking for a simple "buy bitcoin with a bank card" experience. Its target is a narrower, clearly defined segment:

• DeFi-experienced users and self-custody advocates who want to spend crypto-assets without giving up control of them.
• Stablecoin users for whom EURe or USDC is an everyday settlement instrument.
• Technically native consumers (often aged 25-40) for whom MPC and on-chain cashback are an advantage rather than a barrier.

This positioning sets Bleap apart from traditional crypto cards built on a custody model and a BankID-style beginner flow.

Position among competitors

The crypto-card market has become crowded, but Bleap competes in a narrow non-custodial niche:

• Gnosis Pay - the most direct competitor; also non-custodial (Gnosis Chain, Safe wallet). Bleap differentiates with its MPC approach and multi-chain swaps (Arbitrum/Base/Solana).
• MetaMask Card - a non-custodial card built on the MetaMask wallet; strong brand recognition but a narrower cashback structure.
• Crypto.com, Bitpanda Card, Wirex, Nexo Card - custody-model cards with physical cards, ATM support and broader localisation, but without self-custody.
• Kraken (Krak Card) - a large, established exchange with a card as an add-on product.

Bleap's strength is its pure non-custodial architecture and on-chain cashback; its weakness is small scale and recognition versus Crypto.com or Wirex, plus the virtual-only card. In practice Bleap competes less with the big exchanges and more with Gnosis Pay and MetaMask Card for the same DeFi-native audience.

EU passport and the MiCA context

Once authorised in one EU member state, a crypto-asset service provider can offer services across the EU and the European Economic Area under the cross-border notification mechanism - in practice all 30 EEA countries (the 27 EU member states plus Norway, Iceland and Liechtenstein). In Bleap's case, the Latvian licence makes Latvia the project's EU regulatory base and provides the legal foundation to expand the non-custodial card across the EEA.

Impact on the Baltic and Nordic market

Bleap's arrival is another confirmation that Latvia is establishing itself as one of the most active MiCA licensing hubs in Europe. An eighth licence in barely half a year shows that the Latvijas Banka process has become a real alternative to Malta, Ireland and the Netherlands.

The practical impact on regional users is nuanced. On one hand, Bleap widens the choice of non-custodial payments in the Baltics and Nordics - a segment so far dominated by custody cards. On the other, the immediate effect on the average user is limited: there is no LV/LT/EE or Nordic-language interface, no BankID/MitID, and the product is more technically demanding than a traditional card. So in the short term Bleap complements the regional offering in the DeFi-native niche rather than competing for the mass market.

More important is the strategic signal: a growing number of international crypto projects are choosing Latvia as their EU home, which over the medium term can mean more jobs, expertise and tax base in the local fintech ecosystem.

What still needs clarifying

At the time of writing, the following about Bleap SIA's EU operation under MiCA is not yet public:

• detailed Bleap SIA financial statements and capital base;
• the ESMA Interim MiCA register entry with a Legal Entity Identifier (LEI);
• the precise scope and terms of Bleap SIA's services for individual EEA countries;
• plans for a physical card and additional language localisation.

The funding, user and transaction figures above relate to the Bleap group as a whole. Norriwire will update this article as official register entries and Bleap's communication about the EU entity's operation appear.

Next milestones

• ESMA Interim MiCA Register - the entry with an LEI is usually added within 7-14 days of the national licence.
• Latvijas Banka market participants register - the official entry with a registration number.
• Bleap's official communication - announcements about the EU entity's service terms and the opening of new markets.
• Physical card and localisation - whether Bleap expands the offering for Baltic and Nordic users.

Related articles

• Bleap non-custodial crypto card 2026 - in-depth review
• Kanga Exchange EU - Latvia's seventh MiCA CASP
• MiCA-licensed exchanges in the Baltics and Nordics

Sources

• Latvijas Banka - Latvijas Banka is issuing a licence to Bleap SIA (26.06.2026)
• Latvijas Banka (LV) - original statement
• Bleap - official website
• Bleap - $6M seed round (Blossom Capital)
• The Block - Ex-Revolut duo raise $6 million seed round to expand Bleap
• ESMA - Markets in Crypto-Assets Regulation (MiCA)