Cypher

What is Cypher?

Cypher is a Y Combinator-backed Web3 banking platform that combines a multi-chain non-custodial wallet with a crypto-to-fiat Visa prepaid card. Launched in 2022, Cypher enables users to spend cryptocurrency at over 40 million merchants worldwide while maintaining full custody of their assets until the moment of transaction. The platform supports 500+ cryptocurrencies across 25+ blockchains including Ethereum, Solana, Cosmos, Tron, and all major EVM-compatible chains—making it one of the most versatile non-custodial crypto card solutions available.

Company Overview

Cypher was founded in 2021 by Kuberan Marimuthu (CEO), Muthukrishnan Ramabadran, and Dheeban Srinivasan Govindarajan. Marimuthu is a serial entrepreneur who previously managed payment solutions at Coinbase and helped Amazon build and scale its branded American Express card for enterprise customers. He also built spoturtrain.com, scaling it to 2 million active monthly users.

The company graduated from Y Combinator's Winter 2022 batch and raised $4.3 million in seed funding in June 2022.

Key Investors:

• Y Combinator
• Samsung Next
• Coinbase Ventures
• Tribe Capital
• Goodwater Capital
• Orange DAO
• Rebel Fund
• Picus Capital

Angel Investors:

• Balaji Srinivasan (former CTO of Coinbase)
• Prasanna Sankar (former CTO of Rippling)
• MetaKovan
• Aarthi Ramamurthy

Cypher operates from dual headquarters in Palo Alto, California and Bellevue, Washington, with services available in 160+ countries including the United States.

Products & Services

Non-Custodial Crypto Card

Cypher's flagship product is a Visa prepaid card that enables spending cryptocurrency while maintaining self-custody until the moment of conversion.

Card Options:

• Virtual Card: Instant issuance upon KYC completion
• Physical Card (Plastic): Available with shipping fee
• Physical Card (Metal): Free worldwide shipping (Premium plan)

Key Features:

• Accepted at 40+ million merchants worldwide
• Apple Pay and Google Pay compatible
• Load with 500+ tokens across 25+ chains
• Non-custodial: Funds stay in your wallet until spent
• Real-time crypto-to-USD conversion
• Fraud protection (Premium plan)
• Family spending features
• Superior card controls
• Concierge services

How It Works:

1. Connect your self-custody wallet or use Cypher's built-in wallet
2. Select tokens to convert to USD
3. Conversion happens instantly at point of transaction
4. Spend anywhere Visa is accepted

Multi-Chain Wallet

A comprehensive non-custodial wallet supporting assets across multiple blockchain ecosystems:

Supported Networks (25+):

• Ethereum (ERC-20)
• Solana
• Cosmos ecosystem
• Tron (TRC-20)
• Base
• Optimism
• Arbitrum
• Polygon
• BNB Chain (BEP-20)
• Avalanche
• Hyperliquid
• And 15+ additional EVM chains

Wallet Features:

• 500+ supported cryptocurrencies
• Built-in swap functionality
• Cross-chain bridging (25+ chains)
• Staking capabilities
• 12 or 24-word seed phrase backup
• Biometric authentication

Platforms:

• iOS App
• Android App
• Web App
• Chrome Extension
• DApp Interface

$CYPR Token

Launched in October 2025 on Base Chain, $CYPR powers Cypher's decentralized rewards protocol—a blockchain-native alternative to traditional credit card points and airline miles.

Token Details:

• Total Supply: 1 billion CYPR
• Circulating Supply: ~95 million CYPR
• Blockchain: Base Chain
• All-Time High: $0.27 (October 6, 2025)

How It Works:

1. Spend with Cypher Card to earn CYPR rewards
2. Lock CYPR (up to 2 years) to receive veCYPR
3. Vote for favorite merchants every 2 weeks
4. Earn bribes from merchants competing for votes
5. Get boosted rewards on future spending

Token Utility:

• Spending rewards on card purchases
• Governance voting via veCYPR
• Merchant emission allocation
• Boosted referral rewards
• Protocol fee sharing

Cypher Business

Built for Web3 teams and DAOs, Cypher Business provides enterprise-grade expense management:

Features:

• Multi-card issuance for team members
• Gnosis Safe integration
• Ledger wallet support
• Centralized expense dashboard
• QuickBooks and Xero sync
• Wire transfers (SWIFT, ACH, NEFT)
• USDC to USD conversion for payroll
• Vendor and contractor payments

Fees & Pricing

Standard Plan (Free)

Fee Type	Amount
Card Issuance (Virtual)	Free
Card Issuance (Physical)	Shipping fee applies
Top-up Fee (USDC)	0.5%
Top-up Fee (Other tokens)	1%
Forex Markup	1.75%
ATM Withdrawal	3%
Monthly Fee	$0

Limits (Standard):

• Daily Spend: $50,000
• Monthly Spend: $150,000
• Daily ATM: $500

Premium Plan ($199/year)

Fee Type	Amount
Annual Fee	$199
Card Issuance	Free metal card + free worldwide shipping
Top-up Fee (USDC)	0%
Top-up Fee (Other tokens)	0.5%
Forex Markup	0.75%
ATM Withdrawal	2%
ATM Limit	$2,000/day
Priority Support	Included
Fraud Protection	Included

Limits (Premium):

• Daily Spend: $200,000
• Monthly Spend: $500,000
• Daily ATM: Higher limits

Cashback & Rewards

Cypher offers up to 5% cashback through its $CYPR token rewards system:

• Earn CYPR tokens on every card purchase
• Lock tokens for boosted rewards
• No staking requirement for basic card access

Supported Assets

Token Coverage:

• 500+ cryptocurrencies supported
• 25+ blockchain networks

Major Supported Tokens:

• Stablecoins: USDC, USDT, DAI, FRAX
• Layer 1: ETH, SOL, ATOM, TRX, AVAX, BNB
• Layer 2: Tokens on Base, Optimism, Arbitrum, Polygon
• Wrapped: wBTC, wETH
• Cosmos: ATOM, OSMO, and ecosystem tokens
• Plus 400+ additional tokens

Security & Compliance

Non-Custodial Architecture:

• Users control private keys at all times
• Standard 12/24-word seed phrase
• No centralized custody of crypto assets
• Funds only leave wallet at moment of conversion

Authentication:

• Biometric security (fingerprint, face ID)
• PIN protection
• Seed phrase backup

KYC Requirements:

• ID verification required for card issuance
• Liveness check
• Available in 160+ countries

Card Security:

• Fraud protection (Premium plan)
• Real-time transaction monitoring
• Card freeze/unfreeze capability
• 24/7 customer support

Geographic Availability

• Headquarters: Palo Alto, CA & Bellevue, WA, USA
• Supported Countries: Global (160+ countries)
• United States: Fully supported
• Europe: Supported
• APAC: Supported
• LATAM: Supported
• Middle East & Africa: Supported

Pros

• True non-custodial model—retain control until spending
• Broadest multi-chain support (25+ chains, 500+ tokens)
• Y Combinator and top-tier investor backing
• Apple Pay and Google Pay integration
• Available in USA and 160+ countries globally
• Up to 5% cashback through $CYPR token rewards
• Business solutions for Web3 teams (Gnosis Safe, Ledger)
• Low crypto-to-fiat conversion costs
• 24/7 customer support
• No monthly fees on Standard plan
• Metal card available on Premium plan
• Private spending and concierge services
• Family spending features
• Superior card controls
• No staking requirement

Cons

• Premium plan costs $199/year for best rates
• Token rewards instead of traditional cashback
• Daily ATM limit only $500 on Standard plan
• Physical card requires shipping fee on Standard plan
• Pre-loading required (convert crypto to USD before spending)
• $CYPR token volatility risk
• No IBAN or traditional banking features
• Signup bonus: Waitlist (no immediate bonus)
• Relatively new token (October 2025 launch)

Who Is Cypher Card Best For?

Ideal For:

• Crypto holders wanting to spend without centralized exchanges
• Digital nomads and international travelers
• Web3 teams and DAOs needing expense management
• DeFi users preferring non-custodial solutions
• Multi-chain users with assets across ecosystems
• Privacy-conscious users wanting self-custody
• Crypto earners (freelancers, contractors) spending income
• Users seeking luxury card experience with concierge services

Not Suitable For:

• Users seeking immediate signup bonus (currently waitlist)
• Those needing high ATM withdrawal limits on free plan
• Users uncomfortable with crypto-to-fiat pre-conversion
• Those wanting traditional banking features (IBAN, direct deposit)
• Users who don't want to pay annual fee for best benefits

Key Features

• Private Spending
• Luxury
• Concierge
• Instant off ramp from crypto to fiat
• Both physical and virtual card
• Superior card controls
• Load with any non-custodial wallet
• Family spending
• Fraud protection

Cypher Card Alternatives

• RedotPay — Higher limits ($1M daily spend, $10K ATM), consumer-focused
• ether.fi Cash — DeFi staking + credit card combo, 3% cashback
• Gnosis Pay — EU-focused with IBAN integration
• Holyheld — European users, lower fees
• MetaMask Card — Direct wallet integration
• Bybit Card — Exchange-backed with broader features