Crypto neobanking is moving from card distribution to account ownership.

The card economics are limited: interchange is often ~2% and the broader merchant-fee pool gets split across the payment stack. Margins are thin after rewards, chargebacks, and processing costs.

Rain processed $2.42B in card volume without owning the consumer front end. It controls issuance through Visa's principal member program, captures a bulk of interchange, and powers other companies' cards from the backend.

The other side is the account layer. Exchanges like Coinbase already hold user balances, custody, and trading activity. Exchange-backed cards keep users from cashing out and moving back to a bank. This can be a retention strategy that keeps activity within the ecosystem.

Plasma One treats the account as the product and the card as one feature inside it. It layers transfers, local on/off-ramps, and global card spend around the balance.

Specialization wins when it owns a corridor. Felix Pago has processed over $5B across Latin American remittance flows because legacy rails are too expensive, slow, or inaccessible.

The business underneath the card determines who survives.

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