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.(Delphi Digital)