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ether.fi is a decentralized liquid restaking protocol and crypto-native financial platform that enables users to save, grow, and spend their crypto assets. As the largest liquid restaking protocol on Ethereum with over $3 billion in total value locked (TVL), ether.fi provides staking rewards while maintaining liquidity through its eETH and weETH tokens. The platform has evolved into a comprehensive "DeFi bank" offering staking, automated investment vaults, and a Visa credit card—all built on non-custodial principles.

Company Overview

ether.fi was founded in December 2022 by Mike Silagadze (CEO) and Rok Kopp in George Town, Cayman Islands. Silagadze is a serial entrepreneur who previously founded Top Hat, a student engagement software company he grew to 500 employees and $60 million in annual revenue before selling in 2021. He purchased his first Bitcoin in 2011 and transitioned to full-time crypto in 2021 after witnessing DeFi's development.

The company raised $32.3 million across multiple funding rounds:

• Series A (February 2024): $23M led by Bullish Capital and CoinFund
• SAFE Round (Late 2023): $4M
• Seed Round (February 2023): Undisclosed

Key Investors:

• CoinFund
• Bullish Capital
• OKX Ventures
• Foresight Ventures
• Consensys
• Amber Group
• Draper Associates
• Bankless Ventures
• North Island Ventures
• Version One Ventures
• Chapter One
• Node Capital

ether.fi reported $26 million in revenue in 2024 with approximately $2 million profit. The company projects $45-90 million in revenue for 2025, depending on ETH price.

Products & Services

Stake

ether.fi's core product is liquid restaking, enabling users to stake ETH, BTC, or stablecoins while receiving liquid tokens for DeFi use.

Liquid Restaking Tokens:

• eETH: Rebasing ERC-20 liquid staking token (1:1 with ETH)
• weETH: Wrapped eETH for DeFi compatibility (non-rebasing, value-accruing)
• eBTC: Liquid restaking for Bitcoin
• eUSD: Stablecoin staking with rewards

How It Works:

1. Deposit ETH, BTC, or stablecoins
2. Receive liquid tokens (eETH/weETH/eBTC/eUSD)
3. Earn staking rewards + EigenLayer restaking rewards
4. Use liquid tokens across 400+ DeFi integrations

Key Features:

• Non-custodial: Users maintain control of validator keys
• Native restaking via EigenLayer
• No lockup periods (instant liquidity via pool)
• 20,000+ Node Operators globally
• Distributed Validator Technology (DVT) for resilience

Liquid (Strategy Vaults)

Automated DeFi strategy vaults that put assets to work:

• Auto-rebalancing across protocols
• Auto-compounding rewards
• Multiple vault strategies for ETH, BTC, and stablecoins
• Optional Nexus Mutual coverage available
• Deposit and withdraw anytime

DeFi Integrations:

• Aave ($5B+ TVL)
• Pendle ($10M+ TVL)
• Gearbox ($2M+ TVL)
• And 400+ more protocols

Cash (Visa Credit Card)

A DeFi-native Visa credit card launched on the Scroll L2 network in partnership with Rain infrastructure:

Card Features:

• Up to 15% cashback on purchases
• Non-custodial: Card connects directly to your wallet
• Borrow USDC against crypto collateral
• No need to sell crypto to spend
• Apple Pay and Google Pay compatible
• Accepted at 100M+ Visa locations worldwide
• Physical and virtual cards available (free)
• Contactless payment supported
• 1% FX fee on foreign transactions
• 2% ATM withdrawal fee

Supported Assets:

• USDC (yield-bearing stablecoins)

Cashback Tiers:

Tier	Cashback	Monthly Cap
Core	2%	$1,000
Luxe	2.5%	$1,000
Pinnacle	3%	$2,500
VIP	3%	Higher limits

Cashback is paid in SCR tokens (Scroll's native token).

The Club (Membership Program)

A loyalty and rewards program offering:

• Reward boosts for members
• Crypto event tickets and lounge access
• Airport companion lounge access
• Luxury hotel discounts (up to 65% off)
• IBAN/SWIFT integration (coming soon)
• Concierge services
• Crypto concierge (coming soon)
• Priority support (24/7 live chat and email)
• Price protection up to $2K
• Purchase protection up to $10K
• Extended warranty up to $10K
• Auto rental insurance
• Family member cards with controls (coming soon)

Referral Rewards:

• 1% cashback on referral purchases
• 10% points on their deposits

Loyalty Points:

• Spending: 3,000 points per $1,000 spent
• Staking: 3 points/day per $1,000 staked
• Liquid Vaults: 9 points/day per $1,000 staked
• sETHFI holding: 20 points/day per 1,000 sETHFI

Institutional Staking

White-glove staking services for institutions:

• Custom custody integrations (Fireblocks, BitGo, etc.)
• Dedicated account management
• ether.fi Fund for fiat-based ETH investment
• Compliance-ready infrastructure
• Transparent reporting

Corporate Cards

Business-focused card programs with:

• Multi-user card management
• Expense tracking
• Treasury optimization
• Crypto-to-fiat spending

ETHFI Token

ETHFI is ether.fi's governance token launched in March 2024:

Token Details:

• Total Supply: 1 billion ETHFI
• Initial Circulating: 115.2 million (11.52%)

Token Distribution:

• Airdrop (Users): 13.3% (Season 1: 7.5%, Season 2: 5.8%)
• Investors & Advisors: 32.5% (2-year vesting)
• Core Contributors: 23.26% (3-year vesting)
• Treasury: Remaining allocation
• Binance Launchpad: 2%

Token Utility:

• Protocol governance voting
• Treasury management decisions
• Protocol fee decisions
• StakeRank status improvement
• Future value accrual mechanisms

sETHFI: Staked ETHFI for enhanced loyalty point earning

Security & Audits

Audit Partners:

• Certik
• Certora
• Hats Finance
• Nethermind
• Omniscia
• Solidified
• Zellic

Security Features:

• Open-source smart contracts on GitHub
• Bug bounty program on Immunefi
• SOC2-compliant infrastructure
• Decentralized validator network
• Distributed Validator Technology (DVT)
• Non-custodial design

Insurance:

• Optional Nexus Mutual coverage for Liquid vaults

Supported Assets & Networks

Staking Assets:

• ETH and ETH LSTs (stETH, rETH, cbETH, wstETH, sfrxETH)
• BTC (wrapped)
• USDC, USDT, and other stablecoins

Supported Networks:

• Ethereum Mainnet
• Scroll (L2 for Cash card)
• Multiple L2s for weETH deployment

Target Users

Ideal For:

• ETH holders seeking maximum staking yields
• DeFi users wanting liquidity while staking
• Crypto natives needing real-world spending utility
• Institutions requiring compliant staking solutions
• Users seeking non-custodial financial services
• Those wanting to earn while spending

Not Suitable For:

• Users in sanctioned jurisdictions
• Those seeking traditional fiat banking services
• Users uncomfortable with smart contract risk

Geographic Availability

• Headquarters: George Town, Cayman Islands
• Staking: Global (except sanctioned jurisdictions)
• Cash Card: Currently available in the US
• Token Claims: US and sanctioned jurisdictions excluded from some features

Pricing & Fees

Staking:

• No deposit fees
• Protocol takes portion of staking rewards (exact % via governance)
• No withdrawal fees (subject to liquidity)

Cash Card:

• Annual fee: Free
• FX fee: 1%
• ATM fee: 2%
• No staking requirement for basic card access

Pros

• Largest liquid restaking protocol by TVL ($3B+)
• Non-custodial: Full control of assets and keys
• Triple rewards: Staking + restaking + DeFi yields
• 400+ DeFi integrations for weETH
• Credit card without selling crypto
• Up to 15% cashback
• Free annual fee and physical cards
• Successful airdrop history (generous distributions)
• Profitable protocol ($26M revenue, $2M profit in 2024)
• Institutional-grade security with multiple audits
• Open-source and transparent
• Comprehensive protection benefits (price, purchase, warranty)

Cons

• Complex for crypto beginners
• US users excluded from token claims and some features
• EigenLayer dependency introduces additional risk
• Cashback paid in SCR tokens (not stablecoins)
• Higher tier card benefits require ETHFI staking
• Smart contract risk inherent in DeFi
• Credit card not directly issued by ether.fi protocol
• Restaking may slightly reduce pure ETH staking yields
• 1% FX fee and 2% ATM fee

Alternatives

• Crypto.com Card (CeFi crypto card with CRO staking)
• RedotPay (crypto card for spending)
• Karta (stablecoin-backed business cards)

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

What is Phantom Cash?

Phantom Cash is a fiat on/off-ramp experience built into the Phantom wallet, a popular non-custodial crypto wallet known for its support of Solana, as well as Ethereum and Polygon. Within the Phantom app and browser extension, Phantom Cash gives users a way to convert between fiat and crypto, and move funds in or out of their self-custodied wallet using regulated third-party providers. In practical terms, Phantom Cash helps you buy supported tokens with a bank card or bank transfer, sell back to fiat, and send or receive funds on-chain.

Phantom itself is a software wallet provider and is not a bank, broker, exchange, or custodian. The company does not hold user private keys or funds, and it does not provide money transmission services. Fiat rails (such as card payments or bank transfers) are handled by independent payment and on/off-ramp partners that are licensed in their respective jurisdictions. Any required identity verification (KYC), compliance checks, and transaction processing for fiat are performed by those partners within their own terms and regulatory frameworks.

Geographic availability for Phantom Cash depends on your location and the specific provider selected in-app. Supported countries, payment methods, and token availability can vary, and some regions may face limitations or may not be supported at all. Users should check availability directly in the Phantom app or extension to see live options for their country, preferred currency, and network. As a non-custodial wallet feature, Phantom Cash is designed for individuals comfortable managing their own keys while using partner services to bridge between fiat and crypto.

Phantom Cash Key Features & Services

Integrated buy crypto (fiat-to-crypto on-ramp)

Phantom Cash lets you purchase supported tokens directly from within the wallet using third-party on-ramp providers. You can typically pay with a bank card or bank transfer, depending on local availability. Before confirming, you’ll see a quote from the provider, including fees and the estimated amount of crypto you will receive. Settlement times and limits vary by provider and payment method; card purchases often complete faster, while bank transfers can take longer but may offer different fee structures.

Because Phantom is non-custodial, the crypto you buy is delivered straight to your Phantom address on the selected network (for example, Solana, Ethereum, or Polygon). Any identity verification required for fiat purchases is handled by the provider in its own flow. This design keeps your private keys under your control while still giving you access to a familiar payment experience when entering the crypto ecosystem.

Cash out to bank (crypto-to-fiat off-ramp)

Phantom Cash also supports selling selected assets back to fiat through off-ramp providers. You initiate the sell flow in Phantom, choose the asset and network, select a provider, and review the quote and any fees before proceeding. After you send the crypto to the provider’s address, the partner converts it to fiat and sends funds to your chosen payout method (for example, bank transfer). Completion times depend on the specific asset, network confirmation times, compliance checks, and the receiving bank’s processing schedule.

Off-ramp support is not universal for every asset or region. Generally, high-liquidity tokens and major currencies have the broadest coverage. Phantom’s interface surfaces what’s available to you in real time so you can compare options without leaving the wallet.

Multi-chain coverage for major networks

Phantom Cash operates within Phantom’s multi-chain wallet, currently supporting Solana, Ethereum, and Polygon. That means a single app can hold SOL, ETH, MATIC, stablecoins like USDC (where supported), and other tokens across these networks. When using on/off-ramp partners, the set of compatible assets and payment methods differs by network and by partner. The multi-chain approach helps users consolidate activity into one interface, even if the underlying fiat service providers differ per chain or region.

For users active on Solana, Phantom remains one of the most widely used wallets for DeFi, NFTs, and on-chain transfers. With Phantom Cash, those on-chain activities can be paired with a convenient path to add or remove fiat when needed, without switching apps.

Self-custody, privacy, and security controls

Phantom is a non-custodial wallet: your private keys are generated and stored locally on your device. Features like biometric unlock, password protection, and hardware wallet connectivity (where supported) help safeguard access to your funds. Phantom does not take possession of your crypto, and it does not custody your fiat. Instead, you connect to vetted providers that present their own terms, rates, and KYC requirements.

This separation preserves the core self-custody model while allowing you to access fiat rails when needed. Your transaction approvals stay in your control, and you can review the network fees, provider quotes, and final amounts before signing any transaction.

Fast on-chain transfers and simple receiving options

Beyond buying and selling, Phantom Cash lives inside a wallet designed for everyday transfers. You can send funds to an address or scan a QR code, and you can receive on-chain payments just by sharing your wallet address or QR. On networks like Solana, transfers typically confirm in seconds with low network fees, making it practical to move funds between your own accounts or to other users quickly. The wallet UI provides transaction history and status so you can track what was sent, when, and on which chain.

Together, these features make Phantom Cash a practical bridge between traditional payment methods and on-chain activity. You buy with fiat when needed, transact on-chain as usual, and cash out to a bank account when it’s time to realize fiat proceeds—while keeping self-custodial control at the center.

Phantom Cash Pricing & Fees

Pricing for Phantom Cash consists of blockchain network fees and the charges set by the third-party providers that facilitate fiat payments. Phantom does not publish its own additional fees for using the wallet to initiate these flows. Because service providers vary by region, payment method, and asset, you should expect fees and spreads to differ case by case. The final fees and exchange rate are typically shown in the provider’s checkout before you confirm.

Below is a high-level view of what to expect. Exact amounts are not publicly standardized and will be shown in-app by the chosen provider.

Fee type	Who sets it	Notes
Wallet/app fee	Phantom	Phantom does not list additional fees for using the wallet interface.
Network (gas) fee	Blockchain network	Variable; depends on chain congestion and transaction size.
On-ramp service fee	Third-party provider	Varies by provider, country, payment method (card vs. bank), and asset.
Off-ramp service fee	Third-party provider	Varies by provider, payout method, region, and asset liquidity.
FX/spread	Third-party provider	Embedded in the quote; displayed before you confirm.
Chargeback/processing policies	Third-party provider	Terms vary; card payments may have different policies than bank transfers.

If you need firm pricing, open Phantom, select Buy or Sell, and compare the live quotes available for your location and asset. You can back out before committing if the rate or fee doesn’t meet your expectations.

Pros and Cons

Pros

• Non-custodial by design, so you retain control of private keys while accessing fiat rails through partners.
• Integrated buy/sell flows mean you don’t need to move funds to a separate exchange to enter or exit positions.
• Multi-chain coverage (Solana, Ethereum, Polygon) allows consolidation of on-chain activity in one wallet.
• On-chain transfers, especially on Solana, are fast with typically low network fees for everyday use.
• Provider quotes and fees are shown before confirmation, helping you compare options without leaving the app.
• Works across mobile and browser extension, making it convenient to convert and transact from anywhere.

Cons

• Availability depends on your country and the specific partner; some regions and payment methods may not be supported.
• Fees and spreads vary by provider and can be higher for card payments versus bank transfers.
• Asset coverage for buy/sell is limited to what each partner supports; niche tokens may not be on-rampable.
• Using fiat services may require KYC with the partner, which some self-custody users prefer to avoid.
• Phantom is not a bank or exchange; there is no deposit insurance or custodial recourse from Phantom.
• Off-ramp settlement times can vary due to compliance checks, network confirmations, and bank processing.

Who Is Phantom Cash Best For?

Phantom Cash is a good fit for individuals who want a simple path between fiat and self-custodied crypto across Solana, Ethereum, and Polygon. If you regularly transact on Solana—trading NFTs, using DeFi protocols, or sending peer-to-peer payments—and want the ability to top up with a card or bank transfer when needed, Phantom Cash keeps that workflow inside a single wallet. It also suits users who value holding their own keys while still having convenient buy/sell options presented by regulated providers.

It can work well for:

• Everyday crypto users who prefer self-custody but still need occasional fiat on-ramps and off-ramps.
• Solana-focused users who want fast, low-cost on-chain transfers alongside quick top-ups.
• Multi-chain holders who split activity across Solana, Ethereum, and Polygon and want one wallet interface.
• Individuals moving modest amounts who prioritize convenience over advanced trading tools.

Phantom Cash is likely not ideal for:

• Users in unsupported countries or regions where partner on/off-ramp services are unavailable.
• Traders who need advanced order types, order books, or deep liquidity that centralized exchanges provide.
• Businesses seeking merchant payment processing, invoicing, or team controls; Phantom Cash targets individual wallet users.
• Anyone unwilling to complete KYC with a third-party provider when using fiat rails.

Company Overview

The CL Card (Crypto Life Card) is a crypto debit card provided by Baanx and designed specifically for Ledger users. It allows users to spend their cryptocurrency holdings at over 90 million merchants worldwide while earning cashback rewards. The card integrates seamlessly with the Ledger ecosystem, enabling secure fund transfers between Ledger hardware wallets and the CL Card through the Ledger Live app.

About Ledger:

Ledger is the world leader in digital asset security for consumers and enterprises. Founded in 2014 in Paris, France by Eric Larchevêque, Nicolas Bacca, David Balland, Joel Pobeda, and Thomas France, the company has grown to become a global platform specializing in hardware cryptocurrency wallets and Web3 security solutions.

Key company facts:

• Founded: 2014
• Headquarters: Paris, France (with offices in Vierzon, London, New York, Singapore, Portland)
• Employees: 700+ professionals
• Devices Sold: 6+ million across 200+ countries
• Market Position: Secures approximately 20% of the world's crypto assets
• Total Funding: $575-613M across 7 funding rounds
• Valuation: $1.3-1.5 billion (Series C, 2023)
• Key Investors: 10T Holdings, Samsung, Morgan Creek Capital Management, True Global Ventures, Cathay Innovation, DFG, VaynerFund
• CEO: Pascal Gauthier (since 2017)

About Baanx:

Baanx is a leading crypto payments platform and B2B2C digital asset services provider headquartered in the UK. The company is one of the first to receive approval from the UK Financial Conduct Authority (FCA) and operates with Electronic Money Institution (EMI) licenses in both UK and EU/EEA. Baanx's portfolio includes major crypto card programs including the MetaMask Card, CL Card Compatible with Ledger, 1inch Card, and Exodus Spend Card.

The CL Card launched in the UK and EEA, with US availability rolling out in June 2025.

Products & Services

CL Card Features

The CL Card is a crypto-powered debit card (Visa in US, Mastercard in EU/UK) that enables instant conversion of crypto to fiat at the time of purchase.

Card Specifications:

• Network: Visa (US), Mastercard (EU/UK)
• Card Type: Prepaid Debit Card
• Format: Virtual (free) and Physical (€6 shipping fee)
• Issuers:
  • EU: UAB Monavate (Lithuania, legal entity 305628001)
  • UK: Monavate Ltd (England, FCA registered 901097)
  • US: Cross River Bank (Member FDIC)
• Provider: Baanx
• Integration: Ledger Live app, Ledger hardware wallets

How It Works:

1. Create a CL Card account through Ledger Live app
2. Fund card with crypto (BTC, ETH, SOL, stablecoins)
3. Card converts crypto to fiat at time of purchase
4. Shop anywhere Visa/Mastercard is accepted
5. Earn cashback on every transaction

Key Benefits:

• No need to pre-convert crypto—auto-converts at purchase time
• Secure top-up directly from Ledger hardware wallet
• 1-2% cashback on all purchases
• ATM withdrawals worldwide
• Apple Pay and Google Pay compatible
• No staking required for rewards
• Direct paycheck deposits to card account (US)

Credit Features: Cryptodraft & Stableloan

Users can also use their crypto as collateral to access instant credit lines:

• Cryptodraft: Use crypto as collateral for spending without selling
• Stableloan: Access credit lines starting from 0% interest rate (varies by region)

This allows users to unlock liquidity while maintaining their crypto holdings.

Supported Assets for Funding

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Stablecoins (USDC, USDT, EURT)
• Additional cryptocurrencies supported in Ledger Live
• Up to 5 connected crypto wallets

Ledger Hardware Wallet Integration

The CL Card works with all Ledger devices:

• Ledger Stax (premium touchscreen)
• Ledger Flex (touchscreen)
• Ledger Nano Gen5
• Ledger Nano X (Bluetooth)
• Ledger Nano S Plus

Users don't need a Ledger device to use the CL Card, but integration provides enhanced security for fund transfers.

Fees & Pricing

Card Fees

Fee Type	EU/EEA	UK	US
Virtual Card Issuance	Free	Free	Free
Physical Card	€6 (shipping)	£6 (shipping)	TBD
Monthly Fee	€0	£0	$0
Annual Fee	€0	£0	$0

Transaction Fees

Fee Type	EU/EEA	UK
Crypto-to-Fiat Conversion	1.75-2%	1.75-2%
Domestic ATM Withdrawal	€3 + 1.5%	£2.50 + 1.5%
International ATM Withdrawal	€3 + 1.5% + FX fees	£2.50 + 1.5% + FX fees
FX Fee	~1.5%	~1.5%
ATM Balance Inquiry	€0.35	£0.35

Note: Effective crypto-to-fiat cost is approximately 2.25-2.67% when including all fees, which is above the industry average of ~1.7%.

Cashback Rewards

Reward Currency	Cashback Rate
BTC (Bitcoin)	1%
USDC	1% (US only)
USDT	1% (non-US)
BXX (Baanx Token)	2%

• No staking required to earn rewards
• Rewards calculated based on monthly transactions
• Paid out at end of each month
• Can be claimed within days of transactions

Spending & Withdrawal Limits

Limit Type	Amount
Daily Spending	€15,000 / £15,000
Daily ATM Withdrawal	€2,000 / £2,000
Maximum Connected Wallets	5

Limits vary based on verification level and may be increased.

Geographic Availability

Currently Available:

• Europe (EEA): Most EU countries (excludes Croatia, Iceland, Ireland, Romania, Liechtenstein)
• United Kingdom
• Switzerland
• United States: Available June 30, 2025 (excludes New York, Vermont)
• Canada
• Latin America: Colombia, Mexico, Brazil

Planned Expansion:

• Additional Latin American countries
• More North American coverage

Security & Compliance

Regulatory Framework:

• UK: FCA approved, Monavate Ltd (FCA registered 901097)
• EU/EEA: EMI licensed, UAB Monavate (Lithuania)
• US: Cross River Bank partnership (Member FDIC)

Security Features:

• Integration with Ledger hardware wallets (industry-leading security)
• Secure Element chip protection when using Ledger devices
• Ledger Live app management
• Apple Pay and Google Pay tokenization
• Self-custody of funds until top-up

Compliance Partners:

• Mastercard (EU/UK)
• Visa (US)
• Circle (USDC)
• Monavate (card issuance)
• Kudelski Security

KYC Requirements:

• Identity verification required
• Multiple verification levels for higher limits

Target Users

Ideal For:

• Ledger hardware wallet owners seeking spending utility
• Crypto holders wanting to spend without selling on exchanges
• Users in supported regions (EEA, UK, US, Canada, LatAm)
• Those seeking hardware wallet-level security for card funding
• Crypto enthusiasts who want cashback rewards
• Users needing credit lines against crypto (Cryptodraft/Stableloan)
• Those who prefer auto-conversion at purchase time
• Digital asset holders wanting ATM cash access

Not Suitable For:

• Users seeking lowest conversion fees (2.25%+ vs competitors at ~0.5%)
• Those needing free ATM withdrawals (no free allowance)
• Users outside supported regions
• Those wanting highest cashback rates (1-2% vs competitors at 4%+)
• Users who prefer pre-loaded cards with fixed fiat balances
• Those uncomfortable with Baanx account management (separate from Ledger support)

Pros

• Seamless integration with Ledger hardware wallets and Ledger Live app
• No need to pre-convert crypto—auto-converts at time of purchase
• Free virtual card issuance
• 1-2% cashback on all purchases (no staking required)
• Available in multiple regions: EEA, UK, US, Canada, Switzerland, LatAm
• Apple Pay and Google Pay support
• ATM withdrawals worldwide for cash access
• Credit lines available through Cryptodraft and Stableloan (0% starting rates)
• Strong brand authority (Ledger + Baanx partnership)
• FCA and EMI regulated in UK/EU
• FDIC member bank partnership in US (Cross River Bank)
• Direct paycheck deposits available (US)
• 90+ million merchant acceptance worldwide
• High daily ATM withdrawal limit (€2,000)
• Good customer service rating (8.8/10)
• No annual or monthly fees

Cons

• Higher crypto-to-fiat conversion fees (~2.25%) vs competitors (~1.7% average)
• No free ATM withdrawals (40% of competitors offer ~€200 free/month)
• Lower cashback rates (1-2%) compared to competitors (4% average)
• Physical card has shipping fee (€6)
• Daily spending capped at €15,000 (competitors average €25,000)
• Complex fee structure can be confusing
• Card management through Baanx app (separate from main Ledger support)
• Not available in all US states (NY, Vermont excluded)
• Not available in some EEA countries (Croatia, Iceland, Ireland, Romania, Liechtenstein)
• Account reviews can freeze funds for up to 60+ days
• International ATM withdrawals expensive (~9.7% of withdrawal amount)
• Cannot use Euro/GBP deposits directly for purchases (must convert to crypto first)
• Requires Ledger device for enhanced security (not included)

Alternatives

• Crypto.com Card: Up to 8% CRO rewards, Spotify/Netflix rebates, airport lounges, global availability
• MetaMask Card: Also powered by Baanx, non-custodial, 1-3% cashback, DeFi integration
• Nexo Card: Dual debit/credit modes, up to 2% cashback, borrow against crypto, no selling required
• Holyheld Card: Non-custodial Mastercard, 20+ chains, lower conversion fees (~0.5%)
• Gnosis Pay Card: DeFi-native, Safe wallet integration, up to 5% rewards
• Bybit Card: Up to 10% advertised cashback, competitive fees