Over 50% of Crypto Neobanks Rely on Just Two Card Issuers: Rain and Wirex
- —18 of 25 crypto cards rely on Rain or Wirex
- —Rain supplies cards for over 130 crypto neobanks
- —Rain and Wirex combined monthly volume is near $1 billion
- —Switching card providers could take 6 to 18 months
Why it matters: The concentration creates a single point of failure: a Rain or Wirex disruption would hit prepaid card balances and undermine trust in stablecoin payments.
Source: BitcoinKE