If neobanks are the new banks, hackers are the new robbers As more of our real money moves online, the threat changes too A robber used to need a gun to take your money. Now, sometimes all they need is a vulnerability. That makes security, custody and the ability to make users whole more important than cashback, rewards or fancy cards. So we looked at the major crypto cards and asked a simple question: If something goes seriously wrong, who actually has the strength to protect your money? Here’s our first Crypto Card Safety Tier List

🚨 Another crypto neobank reportedly hacked, just like i said. More than $600K has reportedly been drained from user accounts at @avici, a Solana-based neobank. And this is exactly why I keep saying: Don’t choose a crypto card just because an influencer is promoting it. The crypto card/neobank market is moving insanely fast. New cards launch Influencers promote them Users deposit money Everyone talks about cashback, rewards, FX rates and perks But the most important question is often the one nobody asks: How safe is my money? Who actually holds the funds? What security infrastructure is being used? Has the company been battle-tested? What happens if the platform gets hacked? Is there insurance or any protection? Who is ultimately responsible when something goes wrong? A 5% cashback rate means nothing if you lose 100% of your funds. As more people start using stablecoins as everyday money, security, custody and trust need to become first-class metrics when comparing crypto cards and neobanks. Don’t blindly trust the hype. Do your own research before putting serious money into a new platform.

The most underrated crypto card right now might be @BitgetWallet A few numbers caught my attention (latest on-chain data, 7-day average): • ~$165,500 in daily card volume • ~3,900 daily active card users • ~$35 average daily spend per active user #5 among named crypto cards by daily active users RedotPay leads with ~17,600 DAU. What’s interesting is the usage pattern. This isn't just a card with users signing up for rewards. There is recurring retail spending happening every day Bitget Wallet also has 100M+ users. If even 1% of that user base eventually used the card, that's 1M card users. That would put it in a completely different league. The product itself is also interesting: • Up to 3% cashback • Cashback can be paid in BTC or Gold • Tokenized stocks like NVIDIA (NVDA) and Tesla (TSLA) • Built into the Bitget Wallet ecosystem That cashback structure is still pretty unusual among crypto cards. My take: Safety: 5/5 Risk of closure: 1/5 The interesting part isn't where Bitget Wallet Card is today, It's the distribution behind it. 100M+ wallet users + a card with real daily usage is a pretty powerful combination if they can convert even a small percentage of that base. One of the crypto card ecosystems I'm watching closely over the next few years

Reviewing $NEXO #1 Neobank #80 cryptocurrency by market cap ~$820M market cap As I said in the article, the Neobank Super Cycle is coming Recently, NEXO was listed on both Upbit and Bithumb, huge exchanges to expand into the South Korean market. Nexo also recently launched in Australia with Credit Lines The token is up 15% since last week, because of BTC But I'm going deeper into reviewing neobank tokens for this supercycle I am sure few of them will explode Covering $NEXO in a review soon: Tokenomics Utility Buybacks Exchange listings Price performance And most importantly: What do you think NEXO actually undervalued? Full review incoming

90% of crypto cards & neobanks will die Recently, @0xVishnya posted a list of ~250 crypto cards. My bet: over the next 2–3 years, 90% of them will either: A. Die, shut down or disappear B. Get hacked or suffer a serious data/KYC breach C. Change their terms, fees or rewards dramatically And honestly, you don't want to treat your bank like a crypto app You shouldn't move your money to a new card just because it offers 1% more cashback when you don't even know how the company handles your funds Stick with the OGs A few I personally keep an eye on: @ether_fi — One of the strongest crypto-native cards, especially for users who want to borrow and spend. @Nexo — 8+ years in the market. Established, mature and high quality. You could call it the AMEX of crypto. @KASTxyz — Strong retail-focused crypto card @BitgetWallet — Massive user base and significant transaction volume. One of the more established names in the space. @wirexapp — One of the oldest players in crypto cards, with competitive rates and a long operating history. And I'll say this again: Don't chase 1% extra cashback from a company you don't trust with your money. When it comes to financial products, trust > cashback. Keep your money where the company makes you feel safe.

If you're holding my money, I don't want to see hype I want transparency @ether_fi has an amazing product & IMO is one of the best crypto cards in the market But I still see some misleading marketing and overly aggressive bullish posts that feel more like typical crypto token marketing I hope that changes as the product grows Crypto cards are no longer just crypto products They are becoming financial products And if we want 10s of mil of people to trust crypto neobanks with their everyday money, we need less hype & more transparency Ultimately, the winners will be the companies that are: • Transparent • Safe • Secure • Reliable • Great at customer relationships The next generation of financial companies won't win because they have the loudest marketing They'll win because people trust them with their money Same way how we think of banks

One of the worst ways to get cashback: Getting paid in the token of the company that looks like this If plasma:native keeps going down, your “cashback” is literally losing value 45% of the user in @plasma are not selling it to usdt, this is the only use case of plasma:native Honestly, getting cashback in USDT is still better than this But the best model is asset-back cashback Get cash back in BTC, SPX or GLD Your cashback stays in an asset that actually goes up This is one thing I think @Bitget is doing this right

Crypto cards may finally be finding their real use case Bitget Wallet’s crypto card @BitgetWallet is quietly becoming the “everyday spend” card of crypto June 2026 on-chain data: • $7.5M monthly spend, ATH • 477K transactions, ATH • 35,473 active users, more than EtherFi • #3 among crypto cards • A year ago: $35K spend from 510 users That’s 214x YoY But here’s what’s really interesting: The average transaction is just $15.67. KAST/EtherFi users average $3K-$4K/month. Bitget users are making small purchases, roughly 13 times a month. That’s not whales parking capital That’s people actually using crypto like a debit card. And that could be the most important signal in the crypto card market @BitgetWallet have 100+ million users, what happens if all use bitget card?

🚨 BREAKING: Binance & RedotPay just went from partners to a $470M lawsuit. Just a few months ago, Binance Pay ended its partnership with RedotPay. Today, Binance has filed a $470M lawsuit, alleging RedotPay improperly diverted users acquired through the partnership. RedotPay has denied the allegations & says it will defend itself. At the same time, Binance has been expanding its own card program into new markets This isn't just another crypto lawsuit It's a sign that crypto cards have become one of the most competitive sectors in crypto The battle is no longer just about building products It's about distribution, users, & owning the payment layer

Most people are using crypto cards wrong After tracking 100,000+ whale wallets, one pattern stands out Whales rarely sell their BTC or ETH when they need cash They borrow against it instead This is why you see a lot of whales using "Borrow against crypto" on @ether_fi Every time you sell, you give up the upside If BTC doubles next year, you already sold it Borrowing unlocks liquidity without giving up your position, you keep your coins, keep the upside, & repay when it suits you Atm i am using @Nexo to borrow against my crypto Paying around 1.9% APR IMO, this is the biggest use case of crypto cards Which platform do you use to borrow against your crypto?

To the Neobank & Crypto Card community: I see a lot of people promoting hundreds of crypto cards, almost like collecting Pokémon cards The reality is that 90% of them probably won't exist in the next 2 years We all have seen what have happened to @Cypher_HQ_ @KulipaXYZ @ready_co A lot of them will either shut down or will close services, or maybe get hacked, or will have KYC data leaked If we're onboarding people into crypto, we have a responsibility to recommend products we genuinely trust If you're moving serious money, not just paying for a coffee or an AI subscription, here's what I look for 1. Be in the top 5-10 by users and volume Volume can be faked. Users can't 2. Strong backing Ideally backed by hundreds of millions in funding with enough runway to survive 3. Time in the market. I rarely trust brand new companies with my money 4. Proven founders and team - A strong track record matters Few of my fav and safest ones Borrow Against Crypto • @ether_fi • @nexo Crypto Cards • @RedotPay • @wirexapp • @BitgetWallet

Crypto cards just did their first $1.1B traced month That's the highest monthly volume we've tracked so far Next goal $10B/month To add the next $8.9B in monthly volume, I think the industry needs to focus on a few things: • Let users use crypto, stocks, and gold as collateral while spending • Make it possible to pay bills directly through mini apps built into the card experience • Clearly show where the card works, country by country, inside the app and on the website • Give people more reasons to keep their money inside the card instead of constantly moving it back to a bank - Very important - APY The winners won't be the cards with the most features They'll be the ones that become the default place where people store, spend, and manage their wealth

How many of you have heard of the NEXO crypto card? @Nexo It's been live since 2022 And it quietly does more volume than most of the crypto cards people talk about daily Their last disclosed number was $50M+ per quarter back in 2023, and they've grown ~200%/yr since. That implies ~$400–500M a year More than Gnosis Pay, Tria, and Plasma combined This was the biggest issue I faced building @OpenRatelive We index crypto cards on-chain. Every EtherFi swipe, every KAST load, settles on a public ledger where I can count it. ~$12B/yr, updated daily But cards like Nexo produce zero on-chain footprint Custodial ledger → Mastercard rails No settlement contract, no deposit hubs, nothing to index. So the honest answer to "what's the total crypto card market?" is: $12B/yr that we can prove, plus an unknowable amount running dark

Crypto card & neobank tokens are dead Yet 100s more are already raising money With platforms like @MetaDAO & the return of internet-native crowdfunding, launching a crypto card will become faster & cheaper than ever Sadly, so will failing 99% of them will end up in the crypto card graveyard

How many people on X have even heard of Flex? @FlexSuperApp Yet the company is already doing • ~$200M ARR • ~$10B annualized payment volume • 10,000+ businesses • AI-powered banking, credit, bill pay & global payments This is what the next generation of neobanks looks like Not another card A financial operating system built for businesses

If you are trying to start a crypto card business, this might be too late Herfindahl-Hirschman Index (HHI): 3,39 ) which suggests the market is highly concentrated • RedotPay alone controls 52.4% • Top 3 control 86.3% • Top 5 control 92.3% Instead of becoming the next crypto card, build something every crypto card company needs In a gold rush, sell the shovels Source : @OpenRatelive

Etherfi vs KAST are fighting on X...... while both cards + the whole category keep hitting weekly transaction ATHs KAST just hit $199M money loaded (ATH) with +50% 6-month growth Etherfi has 80% returning users & a $3.1B protocol TVL behind it. The giants are going to war to claim the exploding market This is the beginning of dominance Acquisitions incoming Redotpay is just watching from the sidelines Crypto card wars are officially on Who wins long term? 👀