Pavel Paramonov argues crypto cards have no long-term future, saying they rely on banks, add fees, lack privacy, and contradict crypto’s permissionless ethos. He claims most will die out, with only models like EtherFi aligning with real crypto values.

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"Well, the problem is: selling your crypto is a taxable event, sometimes even more taxable than daily purchases. And with most cards, each of your operations is taxed, so you have to pay more to the government (again, using a crypto card doesn’t mean going bankless). EtherFi kind of fixes this because you don’t really sell your crypto; you just get a loan against it. Just because of this reason alone (on top of no FX fees in USD, cashback, and different perks), it makes EtherFi the best example of the DeFi × TradFi intersection. "

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Pavel Paramonov argues crypto cards have no long-term future, saying they rely on banks, add fees, lack privacy, and contradict crypto’s permissionless ethos. He claims most will die out, with only models like EtherFi aligning with real crypto values.

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Pavel Paramonov argues crypto cards have no long-term future, saying they rely on banks, add fees, lack privacy, and contradict crypto’s permissionless ethos. He claims most will die out, with only models like EtherFi aligning with real crypto values.

More coverage

Explore the topic

More on Crypto Payment Card

Crypto cards often lose money on every swipe by design, using rewards as customer acquisition while profits come from FX, spreads, float, and stablecoin balances

Analysis of 514,915 crypto card wallets suggests float—not cashback—is the industry's biggest moat, with user balances revealing where trust truly resides

Crypto card payments have surged to $1.5B monthly, but Tiger Research argues the sector remains a niche financial tool rather than true infrastructure due to weak account ownership

X Money beta debit cards thrill early users with premium design by lead Benji Taylor, feature contactless chips, peer-to-peer transfers, up to 6% APY on balances, and cashback rewards.

From $100M to $1.5B monthly: crypto card spending is booming, but can neobanks become your primary bank?

Crypto neobanks are facing a consolidation wave as stablecoin accounts and card issuance become commoditized, leaving distribution, licensing and payment rails as the industry's only durable moat

Crypto cards often lose money on every swipe by design, using rewards as customer acquisition while profits come from FX, spreads, float, and stablecoin balances

Analysis of 514,915 crypto card wallets suggests float—not cashback—is the industry's biggest moat, with user balances revealing where trust truly resides

Crypto card payments have surged to $1.5B monthly, but Tiger Research argues the sector remains a niche financial tool rather than true infrastructure due to weak account ownership

X Money beta debit cards thrill early users with premium design by lead Benji Taylor, feature contactless chips, peer-to-peer transfers, up to 6% APY on balances, and cashback rewards.

From $100M to $1.5B monthly: crypto card spending is booming, but can neobanks become your primary bank?

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