Author: Nancy, PANews

As the regulation of stablecoins becomes clearer, the crypto infrastructure matures, and the advantages of DeFi yields become more pronounced, the narrative of crypto neobanks is gaining momentum. Compared to the inefficiencies and high costs of traditional banks, neobanks are attracting global users to accelerate their shift towards digital financial services with greater flexibility, lower costs, and a more convenient user experience. Meanwhile, traditional financial giants like PayPal and Visa are also increasing their investments in the crypto market, intensifying competition and attention in this sector.

This article by PANews reviews 12 popular neobank concept projects that provide users with a one-stop crypto financial experience—from storage, payment, and consumption to investment—through stablecoin payments, on-chain yields, non-custodial wallets, and compliant financial services, accelerating the integration of TradFi and crypto finance.

Plasma One

Plasma One is a stablecoin-native financial application launched by Plasma. Plasma is an L1 blockchain supported by Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel, among others.

As a neobank and payment card that natively supports stablecoins, Plasma One aims to address the pain points of global users in storing, paying, earning, and transferring dollars, allowing everyone to easily use dollars anywhere without relying on traditional banks. Users can pay directly with their stablecoin balance while enjoying yields of over 10%, and can earn up to 4% cash back on purchases made with the Plasma One card. This card is issued in partnership with Signify Holdings and licensed by Visa, covering over 150 countries and 150 million merchants, and supports in-app zero-fee USDT transfers for instant free remittances. Additionally, the account opening process is extremely convenient, allowing registration and verification to be completed in minutes, along with access to a virtual payment card. Plasma One particularly focuses on markets with high demand for dollars, such as Istanbul, Buenos Aires, and Dubai, meeting the actual needs of users in different regions through localized design.

Currently, Plasma One is in the early access phase, and users can apply to join the waiting list.

GalaxyOne

GalaxyOne, launched by Galaxy Digital, provides cryptocurrency and stock trading services for KYC-compliant U.S. users. The platform allows qualified investors to earn an 8% APY through Galaxy Premium Yield, while all investors can earn a 4% APY on cash collateral and automatically reinvest the interest earned into Bitcoin or other supported cryptocurrencies.

GalaxyOne has launched mobile applications (iOS and Android) and a web version in the U.S., featuring four core products: Galaxy Premium Yield for qualified investors with a minimum investment of $25,000; GalaxyOne Cash, which offers FDIC-insured high-yield collateral; GalaxyOne Crypto for trading digital assets including Bitcoin, Ethereum, and Solana; and GalaxyOne Brokerage, which provides commission-free trading of U.S. stocks and ETFs.

ether.fi Cash

The re-staking protocol Ether.fi announced in April this year the addition of banking services, transforming it into a DeFi neobank. The platform's application will integrate traditional banking services with crypto functionalities, allowing users to perform daily financial operations such as bill payments and payroll through fiat currency.

In fact, as early as September last year, Ether.fi partnered with Visa to launch its own crypto-native credit card, the ether.fi Cash Card, aimed at enabling users to spend easily without selling their crypto assets. It is settled on the Layer 2 network Scroll, offering fast transactions at low costs, usable at over 100 million merchants worldwide, and supports Apple Pay and Google Pay.

The card features a non-custodial design, giving users full control of their private keys to ensure asset security; at the same time, through ether.fi's Liquid Vaults (supporting protocols like Aave V3, Fulid, Eclipse, and Swell), users can earn yields in USDC, ETH, or BTC while spending. The ether.fi Cash card supports borrowing against crypto assets for spending without needing to convert cryptocurrencies into fiat, offering up to 3-5% cash back (until the end of 2025), along with seasonal ETHFI rewards. The card is integrated with the ether.fi Club membership system, divided into different tiers such as Core, Luxe, Pinnacle, and VIP, providing various benefits from multiple physical and virtual cards to airport lounge access and luxury hotel discounts. In short, ether.fi Cash's unique advantages lie in non-custodial security, yield integration, collateralized spending, and strong cash back.

Tria Card

Tria is a consumer-centric chain abstraction platform that has launched the Tria Card, a digital debit card that seamlessly integrates cryptocurrency functionalities with traditional banking services.

Tria Card offers both physical and virtual card options to meet diverse needs for offline swiping, online payments, and contactless payments. It integrates three core functional modules: Spend, Earn, and Trade, forming a closed loop of consumption, earning, and trading. Tria Spend supports over 1,000 cryptocurrencies (such as USDC, ETH) and can be used for spending in over 150 countries and more than 130 million merchants, supporting Apple Pay and Google Pay, with real-time conversion to local currency for settlement; Tria Earn provides optimized on-chain yield strategies (supporting protocols like Aave, Compound, etc.), allowing users to earn a transparent 10-20% APY with a single click to stake, with all earnings directly credited to their self-custodial wallet.

The core technology of Tria transactions relies on the BestPath AVS system on Arbitrum, an AI-optimized exchange and cross-chain bridging tool that selects the fastest and cheapest routes from multiple paths, supporting mainstream chains like EVM, SVM, Move-VM, Cosmos, and Bitcoin, automatically handling cross-chain transactions without requiring users to pay gas fees or manually bridge. Additionally, Tria Card enhances user experience through a multi-reward mechanism, allowing cardholders to earn cash back on spending, event rewards, weekly airdrops, and reward multipliers.

Tria's CEO is former Polygon Labs accelerator head Vijit Katta, and co-founder Parth Bhalla was involved in the development of India's largest DID chain. In October this year, Tria announced it had secured $12 million in a pre-seed funding round, with participating institutions including P2 Ventures, Aptos, Elliptic founder James Smith, and Polygon co-founder Sandeep Nailwal.

MetaMask Card

The MetaMask Card is a crypto debit card launched by MetaMask in 2024, allowing users to spend cryptocurrencies directly from their self-managed MetaMask wallets, applicable at all 150 million merchants that accept Mastercard, and offering 1% to 3% cash back rewards on spending. The card comes in two forms: a virtual card that can be used immediately, supporting addition to Apple Wallet or Google Wallet for mobile NFC payments; and a metal physical card with an annual fee of $199, available in limited quantities and requiring joining a waiting list.

Recently, MetaMask announced it will launch a rewards program called MetaMask Rewards, allowing users to earn points through spending with the MetaMask Card, which can be redeemed for LINEA token airdrops in the future.

Bunq

Bunq, the second-largest digital bank in Europe, announced in April this year a partnership with crypto exchange Kraken to provide cryptocurrency trading services to its banking app users, officially launching in the Netherlands, France, Spain, Ireland, Italy, and Belgium, with plans to expand to the entire European Economic Area, the UK, and the US market in the future.

This service, named "Bunq Crypto," has received compliance certification under the EU's Markets in Crypto-Assets Regulation (MiCA) and registration as a Virtual Asset Service Provider (VASP). Users can verify their identity using Face ID or fingerprint, trading over 350 cryptocurrencies including Bitcoin, Ethereum, and Solana, with transaction fees up to 1.99%. Additionally, the service allows users to earn extra yields by holding cryptocurrencies, with staking rewards of up to 8.25%, although the platform charges a 25% commission on the earnings.

UR Neobank

UR is an innovative financial product launched by Mantle Network, positioned as a fusion of "crypto wallet + bank account," aimed at providing global users with a one-stop solution for managing digital assets and fiat currencies. This product has been launched in over 45 countries, supporting stablecoins like USDT, USDC, USDe, as well as various fiat currencies such as USD, EUR, and CHF, allowing users to easily manage multiple assets in one account.

UR's core features include zero withdrawal fees, low-rate currency exchange, global transfers, and UR Mastercard debit card payment functionality, supporting mainstream payment methods like Apple Pay, Google Pay, WeChat Pay, and Alipay. Through UR, users can instantly convert digital assets into fiat from any wallet or supported blockchain, with almost zero fees, while all transactions are recorded on the Mantle network, ensuring transparency, security, and verifiability.

UR's Pro membership offers higher-level services, including monthly transaction limits of up to 100,000 Swiss francs, zero-fee transfers, and exclusive Pro card designs, providing more convenience for high-frequency trading and global consumption. Additionally, users holding USDe with Ethena can enjoy up to 5% APY, with rewards automatically distributed weekly, without the need to stake or bridge assets. Furthermore, UR has launched a referral reward program, where users can invite friends to register, complete KYC, and make specified amounts of spending, allowing both the inviter and invitee to receive rewards, with no limits.

Karma

Karma is set to launch fundraising on MetaDAO as part of the Believe ecosystem project. Karma Pay is a new on-chain bank designed to make cryptocurrencies and stablecoins everyday payment tools while bridging traditional finance and DeFi, covering over 220 countries/regions worldwide. Through Karma, users' Phantom wallets can transform into non-custodial bank accounts aimed at the real world, allowing every transaction to generate value and impact. The product features real bank account information (using real IBAN and Routing Number for fund transfers), cards and payments (using stablecoins for spending, card payments, and global transfers), instant settlement, cross-border capabilities, and self-custody, with KYC verification handled by Bridge. However, the virtual and physical cards have not yet been officially opened.

Karma's token economics are designed based on real economic activities, where each transaction triggers on-chain smart contracts, and the protocol automatically collects fees, with part used for repurchasing and burning $KARMA, community rewards, and charitable donations, thereby creating a sustainable financial ecosystem.

Gnosis Pay

Gnosis Pay is based on Gnosis Chain (formerly xDai Chain) and claims to be the first on-chain self-custodial checking account, designed to allow users to directly use crypto assets for real-world payments without the need to transfer funds to centralized institutions.

Its flagship product, the Gnosis Pay Card, is a Visa-certified self-custodial debit card that connects users' cryptocurrency wallets directly to traditional banking payment systems. The card supports EUR, GBP, and various stablecoins (such as EURe, GBPe, USDC, etc.), and can be used for purchases in over 100 countries and more than 80 million merchants, while also supporting Apple Pay and Google Pay.

Additionally, Gnosis Pay offers a cash back program based on the GNO token, with a return rate of 1%–4%. Users holding OG NFTs can receive an additional 1% cash back and exclusive product experiences. The cash back rewards are automatically airdropped to users' Gnosis Pay accounts weekly.

Gnosis co-founder Martin Köppelmann has over 20 years of software engineering experience and previously launched the Circles v2 protocol; co-founder Stefan George founded the Bitcoin startup Fairlay and worked at ConsenSys. Gnosis has also developed products including Gnosis Safe (multi-signature and programmable accounts), Gnosis Protocol (CowSwap), Conditional Tokens (prediction markets), and Gnosis Auction.

Sanafi Onchain

Sanafi Onchain is a DeFi platform built on Solana, aimed at providing ethically-driven on-chain banking services through AI and stablecoin technology.

The debit card service is one of the core products that Sanafi Onchain will soon launch, which only supports transactions at verified ethical merchants, ensuring that funds are not used to support industries such as alcohol and gambling. Users can earn $SANA token rewards or discounts during usage, incentivizing ethical consumption and user loyalty, and can track rewards through a mobile interface to redeem them for services or charitable donations.

Sanafi Onchain is a self-funded team, with founder Fitoy Wicaksana having over 10 years of experience in Islamic fintech, previously serving as Chief Product Officer at ALAMI, the largest Islamic P2P lending platform, and at Southeast Asia's digital asset platform Fasset. Core contributor Jume is a former product manager at DeFi protocol Kyber Network and stablecoin issuer StraitsX.

VPay

VPay is built on the Base chain and launched through the Genesis platform of Virtuals Protocol. As an AI-driven Web3 OmniBank, VPay is dedicated to combining digital asset functionalities with real-world consumption, providing users with decentralized and intelligent financial services.

The platform allows users to open offshore dollar accounts on the Base chain, supporting USDC deposits for seamless payments between cryptocurrencies and fiat currencies, as well as global Visa network consumption. Users can generate virtual debit cards (vCards) for online payments, with physical cards set to launch soon. Additionally, VPay's core AI agent can monitor risks in real-time, optimize spending, and provide personalized financial advice, supporting token swaps and DeFi yield farming to help users easily manage and grow their financial assets.

VPay's native token, $VPAY, can be used to purchase virtual or physical debit cards, for in-app token swaps, platform governance, and to unlock premium features such as multi-card customization and priority access to physical cards.

From the team background, VPay is backed by Dubai-based fintech company Biptap, which focuses on providing privacy-first offshore banking solutions and announced a $2 million Pre-Seed funding round in 2024.

Avici

Avici is a decentralized internet banking platform based on Solana, aimed at enabling people to truly manage their funds on-chain without relying on traditional banks. Its vision is to reshape the global financial landscape through DeFi, Futarchy governance, and credit scoring systems, offering unsecured loans, payroll accounts, Visa payment cards, and future on-chain mortgages. The Avici team includes members from Liverpool Football Club (LFC) and the DePIN project Mercle.

Currently, Avici has launched core products and features including the Avici Visa payment card (supporting USD/EUR deposits for global consumption, with $1.2 million in tips already realized), smart payroll accounts, a trust scoring system, and plans for future on-chain mortgages. It offers credit cards in partnership with Visa for everyday payments and online/offline consumption. Users can obtain corresponding credit limits through crypto assets without needing to convert cryptocurrencies into fiat. At the same time, the platform allows users to self-custody, supports physical card mailing, can be linked with Apple Pay and Google Pay, and provides travel rewards, insurance, and global consumption services through the Visa network. The platform's revenue sources include transaction fees, card sales, and deposit fees.

Avici will launch its ICO on October 14 through the ICM launch platform MetaDAO, with a minimum fundraising amount of $2 million. The team adopts a zero-token distribution model, with all funds allocated for the global expansion of Visa cards, the launch of the trust scoring system, and the introduction of unsecured loan products.

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