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Gnosis Pay is the world's first self-custodial Visa debit card that connects directly to a Safe Smart Account on the Gnosis Chain blockchain. Launched in February 2024, Gnosis Pay enables users to spend cryptocurrency at over 80 million merchants worldwide while maintaining complete control over their private keys and assets. The platform has processed over $100 million in transactions across 50,000+ accounts, establishing itself as a leading crypto payment solution in Europe.

Unlike traditional crypto cards that require depositing funds into custodial accounts, Gnosis Pay allows users to keep their crypto in their own Safe wallet until the exact moment of spending. The card integrates seamlessly with traditional payment rails including IBAN accounts, SEPA transfers, and Visa acceptance, bridging the gap between blockchain technology and everyday finance.

Company Overview

Gnosis Pay is a product of the Gnosis ecosystem, which was founded in 2015 by Martin Köppelmann and Friederike Ernst in Gibraltar. The broader Gnosis organization has built foundational infrastructure for the Ethereum ecosystem, including Safe (securing over $100 billion in assets), CoW Protocol (decentralized trading), and Gnosis Chain (an Ethereum sidechain with over 200 million transactions).

Gnosis Pay Co Ltd is a UK-registered company (No. 14919639) that operates the card program. The Gnosis Pay Debit Card is issued by Monavate Limited pursuant to license by VISA Europe Limited. Monavate is authorized and regulated by the Financial Conduct Authority as an Electronic Money Institution (FRN: 901097).

Key Statistics:

• $100M+ in volume processed
• 1.6M+ transactions processed
• 50K+ accounts deployed
• 115K+ merchants accepting crypto
• €32M in EU transactions by 2025

In Q3 2024, GnosisDAO launched a $40 million venture fund (Gnosis VC) to support early-stage projects in decentralized infrastructure, real-world assets, and financial rails.

Products & Services

Self-Custodial Visa Card

The Gnosis Pay Card is a Visa debit card linked directly to a Safe smart account on Gnosis Chain. Users maintain complete control of their private keys and crypto assets while spending at any Visa-accepting merchant worldwide.

Card Features:

• Physical Visa debit card (€30 issuance, often waived through promotions)
• Virtual card coming March 2025
• Instant conversion at point of sale
• Apple Pay integration launching April 2025
• Google Pay available for OG NFT holders
• Daily spending limit: Up to €8,000 (customizable)
• Monthly limit: Based on account tier

How It Works:

1. Complete KYC verification
2. Receive a Safe Smart Account on Gnosis Chain
3. Fund with EURe (Euro stablecoin) or GBPe (British Pound stablecoin)
4. Spend anywhere Visa is accepted
5. Assets stay in your self-custody wallet until transaction

IBAN Banking

Gnosis Pay provides users with a personal IBAN through partnership with Monerium, a licensed Electronic Money Institution in Iceland. This enables traditional banking functionality alongside crypto spending.

IBAN Features:

• Estonia-based IBAN issued in your name
• SEPA Instant transfers
• Receive salary payments directly
• Third-party deposits accepted
• Fiat to stablecoin conversion at 1:1 rate
• No fees for IBAN usage

How IBAN Works:

1. Transfer EUR via SEPA to your Monerium IBAN
2. Funds automatically mint as EURe in your Gnosis Pay Safe
3. Spend with your card or use in DeFi
4. Send EUR out by signing from your wallet (EURe burns automatically)

Cashback Rewards Program

Gnosis Pay offers one of the highest cashback programs in the crypto card market, paid in GNO tokens:

GNO Holdings	Cashback Rate
0.1 - 1 GNO	1%
1 - 10 GNO	2%
10 - 100 GNO	3%
100+ GNO	4%
OG NFT Holder	+1% (up to 5% total)

• Cashback paid weekly in GNO tokens
• Distributed directly to your Safe wallet
• Minimum cashback: 0.01 GNO (~€2.55)
• OG NFT is soulbound (non-transferable)

White-Label Infrastructure (B2B)

Gnosis Pay offers white-label card issuing infrastructure for wallets, neobanks, crypto exchanges, and payment processors:

Free Plan:

• Launch in 14 days
• Virtual & physical Gnosis Pay branded cards
• Easy API integration
• Earn from transactions & referrals

Startup Plan (Custom Pricing):

• Up to 3 markets
• Custom-branded cards
• Dedicated support
• 2-year minimum agreement

Enterprise Plan (Custom Pricing):

• 3+ markets
• Dedicated BIN & premium card options
• Custom features & integrations
• 3-year agreement

API Capabilities:

• RESTful APIs for card issuance and management
• Safe Protocol smart account deployment
• Integrated KYC/AML via Sumsub
• Real-time authorization engine
• DeFi-powered FX rates
• T+1 settlement with Visa

Fees & Pricing

Card Fees

Fee Type	Amount
Card Issuance	€30 (often waived)
Transaction Fee	0%
Foreign Exchange	0%
Crypto-to-Fiat Conversion	0% (only gas fees)
ATM Withdrawal	Free up to €200/month, then ~3.5%
Monthly Fee	€0
Annual Fee	€0

Limits

Limit Type	Amount
Daily Spending	Up to €8,000 (customizable)
Monthly Spending	Based on account tier
ATM Free Limit	€200/month

Supported Assets & Networks

Supported Stablecoins:

• EURe (Euro stablecoin by Monerium) - for EUR cards
• GBPe (British Pound stablecoin) - for GBP cards

Blockchain:

• Gnosis Chain (primary)
• Polygon zkEVM (L2 for compliance layer)

Infrastructure:

• Safe Smart Accounts (self-custodial wallets)
• Monerium (IBAN and stablecoin issuance)
• Cow Swap integration for token swaps
• deBridge for cross-chain bridging

Note: Users must convert other cryptocurrencies to EURe or GBPe before spending. Bridging from Ethereum mainnet is required for most users as CEXs don't support direct Gnosis Chain withdrawals.

Geographic Availability

Currently Available (32+ Countries):

• European Economic Area (EEA) countries
• United Kingdom

Planned Expansion:

• Brazil (Pix integration)
• Argentina
• Mexico
• Colombia
• Philippines
• Thailand
• Japan
• Singapore
• Australia
• United States

Prohibited Regions: Sanctioned countries and regions per international laws.

Security & Compliance

Self-Custody Model:

• Users control private keys via Safe Smart Accounts
• Assets remain in user's wallet until transaction
• No centralized custody of crypto

Regulatory Compliance:

• Card issued by FCA-regulated Monavate Limited
• MiCA compliant
• PSD2 ready
• Integrated KYC/AML via Sumsub
• Know Your Transaction (KYT) checks on-chain
• AML/CFT screening via compliance partners

Security Features:

• Ethereum signature authentication
• Real-time fraud detection
• Customizable daily spending limits
• On-chain transaction verification

Target Users

Ideal For:

• European crypto holders wanting to spend without conversion fees
• Self-custody advocates who want to maintain control of private keys
• GNO token holders seeking high cashback rewards
• DeFi users who want to integrate spending with yield strategies
• Users needing IBAN banking with crypto benefits
• Frequent travelers benefiting from 0% FX fees

Not Suitable For:

• Users outside Europe (currently)
• Those needing multi-currency crypto support
• Users without patience for bridging to Gnosis Chain
• Those requiring Apple Pay (coming April 2025)
• Users needing high ATM withdrawal limits

Pros

• True self-custodial model—maintain control of private keys
• 0% transaction, FX, and conversion fees
• Up to 5% cashback in GNO tokens (highest in market)
• Personal IBAN with SEPA Instant transfers
• No monthly or annual fees
• Built on battle-tested Safe infrastructure
• Regulated card issuer (FCA authorized)
• DeFi integration via Zeal Wallet
• Excellent customer service (9.8/10 rating)
• White-label infrastructure available

Cons

• Limited to EURe and GBPe stablecoins only
• Europe-only availability (expansion planned)
• Bridging to Gnosis Chain required (Ethereum gas fees)
• No Apple Pay yet (April 2025)
• Physical card only (virtual card March 2025)
• €8,000 daily spending limit (lower than some competitors)
• GNO token required for higher cashback tiers
• Cannot use for car rentals or automated fuel pumps

Alternatives

• Cypher: Multi-chain support (25+ chains), available in 160+ countries
• RedotPay: Higher limits ($1M daily), broader crypto support
• ether.fi Cash: DeFi staking + credit card combo
• Holyheld: European card with different fee structure
• MetaMask Card: Coming soon, direct MetaMask integration
• Bybit Card: Exchange-backed with broader features

MetaMask Card is a self-custody crypto debit card that enables users to spend cryptocurrency directly from their MetaMask wallet at over 150 million merchants worldwide where Mastercard is accepted. Launched in 2024 through a partnership between Consensys (MetaMask's parent company), Mastercard, and Baanx, the card represents a major step in bridging self-custody crypto wallets with everyday commerce.

Unlike traditional crypto cards that require pre-loading funds to a custodial account, MetaMask Card maintains a true self-custody model where users retain control of their assets until the exact moment of transaction. The card operates on the Linea network (Ethereum Layer 2), enabling fast transactions with minimal gas fees, typically under $0.02 per transaction.

Company Overview

MetaMask is developed by Consensys, the leading blockchain and web3 software company founded by Joseph Lubin in 2014. MetaMask has become one of the world's most popular self-custody wallets with tens of millions of users globally. The wallet supports Ethereum and EVM-compatible networks, enabling users to interact with dApps, swap tokens, and manage their crypto assets.

Card Partners:

• Mastercard: Global payment network providing acceptance at 150+ million merchants
• Baanx: FCA-regulated crypto payments provider (EMI license UK & EU/EEA) that powers the card infrastructure
• CompoSecure: Premium metal card manufacturer for the Metal card edition

Network:

• Linea (Ethereum Layer 2 developed by Consensys)

The MetaMask Card was first announced in March 2024 and launched as a pilot in August 2024 in the EU and UK, with expansion to additional regions including the Americas in 2025.

Products & Services

Virtual Card (Free Tier)

The standard MetaMask Card is a virtual Mastercard that can be added to Apple Pay or Google Pay for contactless payments.

Features:

• Instant issuance after KYC verification
• Apple Pay and Google Pay integration
• Spend directly from MetaMask wallet
• 1% mUSD cashback on all eligible transactions
• Earn 1 MetaMask Rewards point per $1 spent

Metal Card ($199/year)

A premium chromatic Fox-design metal card manufactured by CompoSecure, offering enhanced rewards and limits.

Features:

• Premium 16g metal card with chromatic Fox design
• Physical card for in-store purchases and ATM withdrawals
• 3% mUSD cashback on first $10,000 spent annually (1% thereafter)
• Free ATM withdrawals up to $1,200/month
• Zero foreign transaction fees
• Higher spending limits
• Exclusive event access and surprise perks
• $99 replacement fee if lost/stolen

Cashback Rewards

MetaMask Card offers cashback paid in mUSD (MetaMask's native stablecoin):

Card Type	Cashback Rate	Cap
Virtual (Free)	1% in mUSD	No cap
Metal ($199/yr)	3% in mUSD	First $10,000/year
Metal (after cap)	1% in mUSD	Unlimited

• Cashback accrues automatically
• Claim requires small gas fee payment
• mUSD can be withdrawn to wallet at any time

MetaMask Rewards Points

Earn 1 point for every $1 USD spent with the card, redeemable through the MetaMask Rewards program.

Fees & Pricing

Card Fees

Fee Type	Virtual Card	Metal Card
Annual Fee	$0	$199
Card Replacement	N/A	$99

Transaction Fees

Fee Type	Rate
Stablecoin (USDC, USDT) - Local Currency	0%
Stablecoin - Foreign Currency	0.5%
DeFi Token (aUSDC)	0% up to $1,200/mo, then 0.5%
Other Crypto (wETH)	0.875%
Network Gas (Linea)	~$0.01-0.02 per transaction

ATM & Cross-Border Fees

Fee Type	Virtual Card	Metal Card
ATM Withdrawal	2%	Free up to $1,200/mo, then 2%
Cross-Border Transaction	1%	0% (fair usage)

Note: ATM operators may charge additional fees.

Limits

Limit Type	Virtual Card	Metal Card
Per Transaction	$10,000	$20,000
Daily Spending	$15,000	$30,000
ATM Per Transaction	$1,000	$1,000
ATM Daily	$1,000	$5,000

Limits may be increased based on usage history.

Supported Tokens & Networks

Network:

• Linea (Ethereum Layer 2) - exclusive

Supported Tokens:

• mUSD (MetaMask USD stablecoin)
• USDC
• USDT
• wETH (Wrapped Ethereum)
• EURe (Euro stablecoin)
• GBPe (British Pound stablecoin)
• aUSDC (Aave interest-bearing USDC)

US Users Limited To:

• mUSD, USDC, aUSDC only

How It Works:

1. Bridge supported tokens to Linea network
2. Set spending limits in MetaMask app (requires gas fee)
3. Add virtual card to Apple Pay/Google Pay
4. Spend anywhere Mastercard is accepted
5. Tokens convert instantly to local fiat at purchase

Geographic Availability

Currently Available:

• Argentina
• Brazil
• Canada
• Colombia
• European Union (all member states)
• Mexico
• Switzerland
• United Kingdom
• United States (excluding New York and Vermont)

Not Available:

• New York, Vermont (US)
• Sanctioned countries

Expansion:

• Global rollout ongoing throughout 2025

Security & Compliance

Self-Custody Model:

• Users maintain full control of private keys
• Funds remain in wallet until transaction
• No pre-loading or custodial accounts required
• Smart contract authorization for spending limits

Security Features:

• Customizable spending limits
• Two-factor authentication (2FA)
• Hardware wallet compatibility (Ledger, Trezor)
• Instant card freeze in MetaMask app
• Transaction simulation and fraud alerts
• Keys stored wherever user chooses

Regulatory:

• Baanx FCA-regulated (UK)
• EMI licensed (UK & EU/EEA)
• KYC verification required

Target Users

Ideal For:

• MetaMask wallet users (tens of millions globally)
• Self-custody advocates who want spending without custodial accounts
• Ethereum and Linea ecosystem users
• Users earning yield via aUSDC who want to spend without selling
• Frequent travelers benefiting from zero FX fees (Metal card)
• Crypto natives seeking seamless real-world spending
• Those wanting MetaMask Rewards points integration

Not Suitable For:

• Users needing multi-chain support (Linea only)
• Those requiring physical card immediately (Metal card limited)
• Users outside supported regions
• Those needing ATM-heavy usage with Virtual card
• Users preferring exchange-backed cards with broader token support

Pros

• True self-custody model—funds stay in your wallet until purchase
• No pre-loading or custodial accounts required
• Up to 3% mUSD cashback (Metal card)
• Zero conversion fees on stablecoins (local currency)
• Ultra-low gas fees on Linea (~$0.01-0.02)
• MetaMask Rewards points (1 point per $1)
• Apple Pay and Google Pay integration
• 150+ million merchant acceptance worldwide
• Premium metal card with chromatic Fox design
• Hardware wallet compatibility (Ledger, Trezor)
• Backed by Mastercard, Consensys, and Baanx
• Zero FX fees for Metal cardholders
• Interest-bearing aUSDC spending option

Cons

• Limited to Linea network only
• Requires bridging assets to Linea first
• Metal card has $199 annual fee
• US users limited to mUSD, USDC, aUSDC only
• Physical Metal card supply limited
• User reports suggest potential hidden ~1% fee on some transactions
• Virtual card cannot be used for ATM withdrawals
• Spending limits require gas fee to set/change
• Not available in New York or Vermont

Alternatives

• Gnosis Pay: Self-custodial Visa on Gnosis Chain with up to 5% GNO cashback
• Ready (Argent): Self-custody Mastercard with up to 10% STRK cashback on Starknet
• Holyheld: Non-custodial Mastercard supporting 20+ networks
• Crypto.com Card: Exchange-backed with up to 5% CRO cashback
• Coinbase Card: Direct spending from Coinbase balance with crypto rewards

Holyheld is a non-custodial Mastercard debit card that enables crypto users to spend their digital assets while maintaining full control in their own wallets. Launched in 2023 and headquartered in Vilnius, Lithuania, Holyheld targets crypto natives who trade on DEXs, contribute to DAOs, collect NFTs, or receive payments in cryptocurrency. The platform supports over 1,200 cryptocurrencies across 20+ blockchain networks and has processed more than $100 million in transaction volume.

Unlike custodial crypto cards that require depositing funds with a third party, Holyheld allows users to keep crypto in their self-custody wallet until the moment of conversion. The card integrates with Apple Pay and Google Pay, offers a personal IBAN for SEPA transfers, and provides up to 1% cashback paid in USDC.

Company Overview

Holyheld was founded in 2022 by Anton Mozgovoy (CEO) and Anton Zagorodnikov (CTO). The company operates from offices in Vilnius, Lithuania and Zug, Switzerland. UAB Holyheld Financial is authorized by Lithuania's Financial Crime Investigation Service (FNTT) as a Virtual Asset Service Provider.

Card services are provided through Unlimit, an Electronic Money Institution licensed and regulated by the Central Bank of Cyprus (license #115.1.3.7). The company has raised seed funding from notable investors including Toyota Ventures, Polygon, Zee Prime Capital, Tomahawk VC, Kosmos Ventures, and Moonlanding Ventures.

Holyheld's proprietary BRRR (Blockchain Reconciliation and Remittance Record) protocol connects public blockchain networks with traditional payment rails, enabling real-time crypto-to-fiat conversion.

Products & Services

Non-Custodial Mastercard

Holyheld offers a Mastercard debit card linked directly to users' self-custody wallets. Assets remain under user control until conversion, eliminating the security risks of depositing crypto with third parties.

Card Tiers:

Card Type	Price	Cashback
Classic Virtual	€29	0.5% in USDC
Limited Edition Virtual	€99	0.5% in USDC
Metal Physical	€199	1% in USDC

Key Features:

• Virtual card available immediately after KYC
• Physical metal card option
• Apple Pay and Google Pay support
• Spend anywhere Mastercard is accepted
• Zero gas fees for top-ups (subsidized by Holyheld)
• On-chain transaction protection up to $50,000

Personal IBAN

Holyheld provides a personal Euro IBAN for seamless integration with traditional banking:

• Receive salary payments and third-party deposits
• Send SEPA transfers to friends and family
• Convert between crypto and fiat seamlessly
• No fees for SEPA transfers within the EEA

Supported Networks

Holyheld is omnichain, supporting 20+ blockchain networks:

Currently Available:

• Ethereum, Arbitrum, Optimism, Base, Polygon, zkSync
• Avalanche, Gnosis, BNB Smart Chain, Blast, Mode
• Solana, Starknet, Berachain, Manta Pacific
• Polygon zkEVM, Aleph Zero EVM, Ink, Plume, Plasma

Coming Soon:

• Aptos, Loopring, Hyperliquid

Fees & Pricing

Account Fees

Fee Type	Amount
Account Opening	€0
Monthly Maintenance	€0
Top-up Fee	0%
Digital Statement	€0

Transaction Fees

Fee Type	Amount
Domestic Card Payment (first 100/month)	€0
Domestic Card Payment (after 100)	€0.50
International Card Payment	2.5% + €1
ATM Domestic	€1
ATM International	2.5% + €2
SEPA Express Transfer	€1

Dormancy Fees

Fee Type	Amount
Inactive Card (after 4 months)	€1/month
Dormant IBAN (after 5 months)	€1/month

Limits

Limit Type	Daily	Monthly	Annual
Card Spending	€10,000	€25,000	€250,000
ATM Withdrawal	€1,000	€5,000	€60,000
Single Transaction	€5,000	-	-

Geographic Availability

Currently Available (30 EEA Countries): Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

Planned Expansion:

• United States
• Latin American countries

Not Available: Users from sanctioned countries and certain nationalities are ineligible due to regulatory compliance requirements.

Security & Compliance

Regulatory Framework:

• UAB Holyheld Financial authorized by Lithuania's FNTT
• Card services via Unlimit (Cyprus EMI, license #115.1.3.7)
• KYC/AML verification required

Security Features:

• Non-custodial model—users control private keys
• Biometric authentication via Passkey
• On-chain transaction protection up to $50,000
• Audited smart contracts

Target Users

Ideal For:

• Crypto natives who trade on DEXs and hold assets in self-custody
• DAO contributors receiving payments in crypto
• NFT collectors and DeFi users
• Freelancers and remote workers paid in cryptocurrency
• European users seeking low-fee crypto spending
• Privacy-conscious users who want to avoid custodial services

Not Suitable For:

• Users outside the EEA (currently)
• Those requiring automatic point-of-sale conversion
• Users needing free ATM withdrawals
• High-frequency spenders (100+ transactions/month)

Pros

• True non-custodial model—maintain control of your private keys
• Zero gas fees for top-ups (subsidized by Holyheld)
• Up to 1% cashback paid in USDC
• Supports 1,200+ cryptocurrencies across 20+ networks
• Personal IBAN with SEPA integration
• No monthly or annual fees
• Apple Pay and Google Pay support
• Excellent customer service (9.2/10 rating)
• Low crypto-to-fiat conversion cost (~0.5%)
• Instant virtual card after KYC

Cons

• Upfront card issuance fee (€29-€199)
• Only available in 30 EEA countries
• International transactions have 2.5% + €1 fee
• No free ATM withdrawals
• Requires manual pre-conversion (no auto-convert at POS)
• Dormancy fees after 4-5 months of inactivity
• Limited to €10,000 daily spending

Alternatives

• Gnosis Pay: Self-custodial Visa with up to 5% cashback in GNO, integrated IBAN
• Bybit Card: Exchange-backed with broader crypto support and higher limits
• Crypto.com Card: Up to 8% cashback with CRO staking, wider availability
• Nexo Card: Credit line against crypto holdings, no need to sell
• 1inch Card: Non-custodial with multi-chain support

Company Overview

Exa Card is the flagship product of the Exa App, developed by Exa Labs SAS — the team behind Exactly Protocol, a decentralized, non-custodial lending protocol on Optimism. The company was founded in 2021 by Gabriel Gruber, an economist from the University of Buenos Aires who previously co-founded Properati (acquired by OLX Group in 2018) and worked at the Central Bank of Argentina.

Exa Labs is headquartered in Montevideo, Uruguay, with the team primarily based in Argentina. The company has raised $5 million in funding from notable investors including Kaszek, NXTP Ventures, Daedalus, Bodhi Ventures, Newtopia, and Uphold.

The Exa Card launched in March 2025 on iOS and Android app stores after a successful alpha testing phase with over 1,100 users and $1.1 million in processed transactions. As of late 2025, the platform has processed over $8.3 million in total volume across 130,000+ transactions.

The Exa Card is the world's first truly onchain credit card, enabling users to spend crypto at merchants globally while their collateral continues earning yield. The platform bridges DeFi and traditional payments through Exactly Protocol's fixed-rate lending markets.

Products & Services

Exa Card - Visa Signature

The Exa Card is a virtual Visa Signature card that functions as both a credit and debit card. Users can toggle between modes within the app.

Card Modes

Debit Mode (Pay Now)

• Direct spending from deposited balance
• Funds deducted instantly at purchase
• Assets continue earning yield until the moment of payment
• Choose which asset to spend first (USDC, ETH, etc.)

Credit Mode (Installment Plans)

• Use crypto as collateral without selling
• Fixed-rate loans via Exactly Protocol
• Pay in 1-6 installments (every 28 days)
• Interest rate determined at transaction time
• Collateral continues generating variable yield while borrowed

Key Features

• Visa Signature Benefits: Airport lounge access, travel assistance, car rental savings, concierge services
• Self-Custodial: 100% user control over funds via smart contracts
• Passkey Authentication: Biometric login (Face ID, fingerprint) — no seed phrases
• Gas Sponsorship: Users never pay transaction fees
• Instant Issuance: Virtual card created in minutes after KYC
• Mobile Wallet Integration: Apple Pay, Google Pay support
• NFC ATM Withdrawals: Tap smartphone at compatible ATMs worldwide
• Automatic Yield: Deposits earn variable APR via Exactly Protocol (~6-7% on USDC)

Coming Soon

• ACH, SEPA, and wire transfer support
• Bank deposits/withdrawals in local currency
• Debt refinancing and partial payments
• Cashback in USDC (with esEXA)
• Credit scoring
• Physical card

Supported Assets

Asset	Use Case
USDC	Spending, collateral, yield
ETH	Collateral, yield, spending
wstETH	Collateral, yield
WBTC	Collateral, yield, spending
OP	Collateral, yield

Deposits are automatically allocated to Exactly Protocol's variable lending markets, generating yield from borrower interest (not token incentives).

Fees & Pricing

Fee Type	Amount
Card Issuance	Free
Annual Fee	$0
Monthly Fee	$0
FX Fee (non-USD transactions)	1.5%
Loan Origination Fee	Included in interest rate
Gas Fees	$0 (sponsored by Exa)

Credit Mode Interest

• Fixed interest rate determined at transaction time
• Rate depends on Exactly Protocol utilization and liquidity
• Approximately 6-10% APR (variable based on market conditions)
• 28-day installment cycles (up to 6 installments)

Deposit Yield

• Variable APR on deposited assets
• ~6-7% APY on USDC (based on protocol demand)
• Yield continues while assets are used as collateral

Spending Limits

Limit Type	Amount
Spending Limit	Based on collateral value
Credit Limit	Determined by deposited assets
Per Transaction	No fixed limit (collateral-dependent)
Daily	No fixed limit

Spending limit = Amount of USDC equivalent available based on collateral. Exa Labs may set temporary or permanent limits on certain accounts.

Geographic Availability

Available

• 160+ countries globally (some sources cite 180+)
• Including: USA, Europe, Latin America, Africa, Asia
• Tested successfully in South Africa, Zimbabwe, Zambia, Botswana

Restrictions

• Access may be restricted in certain jurisdictions
• Subject to local regulatory requirements
• US users have specific terms via Third National (issuer)

Network & Blockchain

Specification	Details
Primary Network	Optimism (Ethereum L2)
Supported Chains	Ethereum, Polygon, Optimism, Arbitrum
Smart Contracts	Non-custodial, fully onchain
Protocol	Exactly Protocol

Security & Compliance

• Self-Custodial: Users control private keys; funds stored in smart contracts
• Passkey Security: Hardware-level biometric authentication
• No Seed Phrases: Eliminates most common security breach vector
• KYC Required: 3-minute identity verification process (Visa compliance)
• Third-Party Card Issuer: Exa Labs does not issue cards directly
• Smart Contract Audited: Exactly Protocol security audits available
• Zero Liability: Maximum $50 liability for unauthorized use (US)

Target Users

Ideal For

• DeFi users wanting real-world spending utility
• Crypto holders who don't want to sell assets to spend
• Users without traditional bank accounts or credit history
• Digital nomads and international travelers
• Latin American and emerging market users
• Anyone seeking fixed-rate crypto loans
• Users comfortable with self-custodial solutions
• Yield-seekers who want to earn while spending

Not Suitable For

• Users uncomfortable with DeFi protocols
• Those requiring physical card immediately
• Users needing high cashback rewards
• Those in heavily restricted jurisdictions
• Users who prefer custodial solutions

How to Apply

1. Download Exa App (iOS or Android)
2. Create account using passkey (biometric)
3. Complete 3-minute KYC verification
4. Deposit supported assets (USDC, ETH, WBTC, etc.)
5. Virtual Exa Card issued instantly
6. Add to Apple Pay or Google Pay
7. Configure Pay Mode (debit or installments)
8. Start spending anywhere Visa is accepted

Visa Signature Benefits

• Airport lounge access
• 24/7 travel assistance
• Emergency card replacement
• Car rental collision damage waiver
• Travel accident insurance
• Concierge services
• Purchase protection
• Extended warranty

Pros

• World's first truly onchain credit card
• Self-custodial — you control your funds
• No credit check or bank account required
• Available in 160+ countries from day one
• Fixed-rate loans provide predictability
• Earn yield on collateral while borrowing
• Zero gas fees (sponsored by platform)
• Instant virtual card issuance
• Passkey security eliminates seed phrases
• Apple Pay and Google Pay integration
• Visa Signature premium benefits
• Toggle between debit and credit modes
• Up to 6 installments for purchases
• Transparent onchain transactions
• Pay in local currency anywhere (1.5% FX fee)

Cons

• Virtual card only (physical card coming soon)
• 1.5% FX fee on non-USD transactions
• Interest rates depend on protocol utilization
• Requires understanding of DeFi concepts
• Limited to Optimism network assets
• No traditional cashback program (yet)
• Access may be restricted in some regions
• Loan origination fees apply
• Variable yield not guaranteed
• Requires maintaining collateral health

Alternatives

• Holyheld - Non-custodial Mastercard with 20+ networks
• MetaMask Card - Self-custody Mastercard on Linea
• Ready Card - Bitcoin yield and borrowing on Starknet
• Gnosis Pay - Self-custodial Visa on Gnosis Chain

Company Overview

Moonwell Card is the crypto spending product from Moonwell Finance, an open-source decentralized lending and borrowing protocol. Moonwell was founded by Luke Youngblood, a former Principal Engineer at Coinbase and Amazon Web Services (AWS) with over 20 years of technology experience. Youngblood also co-founded Lunar Labs, the development team behind Moonwell.

Moonwell Finance initially launched on Moonriver (Kusama's canary network) in 2021 as Moonwell Apollo, before expanding to Moonbeam (Polkadot), Base (Coinbase L2), and Optimism. The protocol raised $10 million in strategic funding at a $90 million valuation, co-led by Hypersphere Ventures and Arrington Capital, with participation from Haun Ventures, Coinbase Ventures, Lemniscap, Robot Ventures, and others.

The Moonwell Card launched in December 2024 in partnership with Cypher (CypherD Wallet Inc), enabling users to spend their crypto assets at any Visa merchant globally. The card integrates directly with Moonwell's DeFi protocol, allowing users to borrow USDC against supplied assets and load it onto their card — or set up automated reloads from their Moonwell USDC Vault.

Lunar Labs is headquartered in the United States, with Luke Youngblood based in Utah. The protocol is community-governed through the WELL and MFAM tokens.

Products & Services

Moonwell Card - Visa Debit

The Moonwell Card is a crypto debit card developed in partnership with Cypher, available as both digital and physical card options.

Card Types

Digital Card

• Instant issuance after KYC
• Apple Pay and Google Pay integration
• Online and contactless payments
• Available immediately

Physical Card

• Available since January 2025
• For in-store swipe and chip transactions
• Ships to supported countries

Key Features

• No Annual Fees: Free forever
• Auto Load: Automatically reload from Moonwell USDC Vault when balance drops below threshold
• Borrow to Load: Use supplied crypto (cbBTC, ETH, AERO, weETH) as collateral to borrow USDC for card loading
• 180+ Countries: Accepted wherever Visa is accepted (44+ million merchants)
• Apple Pay & Google Pay: Instant mobile wallet integration
• Real-Time Notifications: Transaction alerts via app and Telegram
• Security Controls: Instant freeze, spending limits, international purchase blocking
• Direct USDC Loading: Load directly from wallet

Integrated DeFi Features

The Moonwell Card connects directly to Moonwell's lending protocol:

• Supply Assets: Deposit cbBTC, ETH, AERO, weETH, USDC, and more
• Earn Yield: Supplied assets earn variable interest rates
• Borrow USDC: Take loans against collateral to fund card
• Flagship USDC Vault: Automated yield-earning vault with auto-load capability

Fees & Pricing

Fee Type	Amount
Card Issuance	Free
Annual Fee	$0
Monthly Fee	$0
Load Fee (USDC)	0.5%
USD Payments	Free
Non-USD Payments	1.5% FX fee
ATM Withdrawal	3% + ATM operator fees

Detailed fee schedule available at Cypher's pricing page

Spending & ATM Limits

Limit Type	Amount
Daily ATM Withdrawal	$2,000 (max 3 withdrawals)
Monthly ATM Withdrawal	$10,000 (max 30 withdrawals)
Daily Spending	Customizable
Monthly Spending	Customizable

Limits may vary by country, region, or ATM operator

Supported Assets (Moonwell Protocol)

The following assets can be supplied to Moonwell to borrow USDC for card loading:

Asset	Networks
USDC	Base, Optimism
cbBTC	Base
ETH/WETH	Base, Optimism, Moonbeam
AERO	Base
weETH	Base
wstETH	Base, Optimism
OP	Optimism
WELL	Base, Optimism, Moonbeam

Supported Networks

Network	Type
Base	Ethereum L2 (Coinbase)
Optimism	Ethereum L2
Moonbeam	Polkadot Parachain
Moonriver	Kusama Parachain

Geographic Availability

Available

• 180+ countries where Visa is accepted
• Full list available via Cypher's supported countries documentation
• International spending enabled (customizable)

Card Issuer

• Cypher (CypherD Wallet Inc)
• Partner bank: Reap (Hong Kong-based)
• Currency: USD (some vendors may default to HKD)

How Card Loading Works

Behind the Scenes

1. USDC is sent to Cypher
2. Cypher redeems USDC for USD through Circle Mint
3. Funds routed to Reap (Hong Kong partner bank)
4. Card loaded and ready within minutes
5. Spend anywhere Visa is accepted

Loading Options

Direct Load

• Load USDC directly from your wallet via Moonwell app

Borrow and Load

• Supply crypto assets (cbBTC, ETH, AERO, weETH)
• Borrow USDC against collateral
• Load borrowed USDC to card

Auto Load

• Set balance threshold and top-up amount
• Card automatically reloads from Moonwell Flagship USDC Vault
• Yield-earning assets fund spending automatically

Security & Compliance

• KYC Required: 5-minute verification through Cypher
• Regular Audits: Halborn Security, Certora, Code4rena
• Bug Bounty: Up to $250,000 via ImmuneFi
• Risk Management: Gauntlet and Warden services
• Multi-Signature: Critical protocol functions secured
• Instant Card Freeze: Security control via app or Telegram
• Transaction Monitoring: Real-time alerts
• International Controls: Block overseas transactions if needed

Governance

• WELL Token: Governance and staking on Base, Optimism, Moonbeam
• MFAM Token: Governance on Moonriver (Apollo)
• Safety Module: Stake tokens to earn rewards and provide protocol backstop
• MIPs: Moonwell Improvement Proposals voted by community

Virtual Accounts Feature

Moonwell also offers Virtual Accounts that allow:

• Receive fiat payments (ACH, SEPA, wire transfers)
• Automatic conversion to USDC
• Direct deposit to Moonwell USDC Vault
• Earn yield on incoming payments

Target Users

Ideal For

• DeFi users wanting real-world spending utility
• Coinbase ecosystem users (Base integration)
• cbBTC holders wanting to spend without selling
• Yield farmers seeking automated card funding
• Users wanting to borrow against crypto for spending
• Those seeking no-annual-fee crypto card
• International travelers (180+ countries)
• Users comfortable with Telegram bot management

Not Suitable For

• Users wanting high cashback rewards
• Those uncomfortable with DeFi lending concepts
• Users requiring instant crypto-to-fiat (funds must be USDC)
• Those in unsupported countries (check Cypher list)

How to Apply

1. Visit card.moonwell.fi or moonwell.fi
2. Click "Get your card"
3. Complete KYC verification (~5 minutes) through Cypher
4. Receive instant digital card access
5. Add to Apple Pay or Google Pay
6. Supply assets to Moonwell (optional for borrowing)
7. Load USDC directly or borrow against collateral
8. Enable Auto Load for automated funding (optional)
9. Order physical card for chip/swipe payments

Moonwell Protocol Stats

Metric	Value
Networks	4 (Base, Optimism, Moonbeam, Moonriver)
Funding Raised	$10 million
Valuation	$90 million
Bug Bounty	Up to $250,000

Pros

• No annual fees — free forever
• Auto Load feature from USDC Vault
• Borrow against crypto to fund card (without selling)
• Accepted at 44+ million Visa merchants worldwide
• Apple Pay and Google Pay integration
• Available in 180+ countries
• Instant digital card issuance
• Physical card available
• Real-time transaction notifications
• Telegram bot for card management
• Integrates with major DeFi protocol
• Earn yield on supplied assets
• Security audited by multiple firms
• Community-governed protocol
• USD payments are free
• Customizable spending limits
• Instant card freeze capability

Cons

• 0.5% load fee on USDC
• 1.5% FX fee on non-USD transactions
• 3% ATM withdrawal fee
• Requires understanding of DeFi concepts
• KYC required (not fully permissionless)
• Some vendors default to HKD (Hong Kong issuer)
• Cannot convert loaded funds back to crypto
• Limited to USDC for card loading
• No cashback or rewards program
• Daily ATM limit of $2,000
• Recent oracle malfunction caused ~$3M bad debt (Nov 2024)

Alternatives

• Exa Card - Onchain credit card with installment payments
• Gnosis Pay - Self-custodial Visa on Gnosis Chain
• Holyheld - Non-custodial Mastercard with USDC cashback
• Crypto.com Card - Tiered rewards with CRO staking
• Coinbase Card - Integrated with Coinbase exchange