90% of neobanks will die
Many crypto cards will too
After my last post, a lot of people debated profitability
But revenue per employee might be the most underrated metric in the industry
Anything surprise you?
90% of the Neobanks will die, same with Crypto cards
Below is an approx profitability of crypto cards
Industry fees - 1.5% per tx
Only @redotpay is profitable, everyone else is underwater
Just like @0xVishnya & @Octop3s said, most cards will go extinct
One data point surprised me
51% of users are still experimenting with crypto cards
The cashback war hasn't even started
The winners won't be the companies that acquire the most users
They'll be the ones that give users a reason to stay
Must read
https://t.co/aejpjhWPon
Most people are not ready for what's coming
Stablecoin spending reached its peak $22.3B vol in May
with MOM growth at 9%
+$2B in a single month
+9% MoM growth
If you're working in stablecoins, cheers to you
This will change how the world works
I tracked 134,000 wallets & card users on chain movement
Interesting facts
9% (whales & businesses) drive 68% of volume
27% are everyday spenders, mostly $50/day on coffee & food
You can check it on OpenRate
Adding more interesting data soon
1/ Over the last few months,
I've been building OpenRate @OpenRatelive
A platform that tracks how stablecoins move through P2P markets, cards, neobanks, & other real-world payment rails.
I couldn't find the data I was looking for, so I built it
Link below, go check it out
Spent a lot of time to do a deep research on @Plasma
Can Plasma One survive its own rewards?
Cashback gets attention
XPL locks create retention
But if users farm rewards and dump $XPL, the whole thing becomes an expensive marketing campaign
Real business or launch hype?
Ready @ready_co just showed the real risk in crypto cards
Reportedly, cards outside the Eurozone were disabled within hours after a change in their card-issuing provider
That is the point:
Your wallet can be self-custodial
Your spending access still isn’t