By Karym Abdelrakhman, CEO of Simplify Labs
Most crypto projects think about revenue in one dimension: trading fees. And for exchanges and OTC desks, that logic has held for years. But there is a second revenue layer that most platforms are leaving entirely on the table — one that activates every time a user spends, not just when they trade.
Crypto cards are that layer. And the numbers from 2025 make the opportunity hard to ignore.
According to Dune Analytics, total net spend across six crypto cards issued by blockchain projects in partnership with Visa climbed from $14.6 million in January 2025 to $91.3 million by December — a 525% increase in a single year. These are not fintech companies or neobanks. These are DeFi protocols and crypto-native platforms that built card programs as a product extension. By early 2026, the broader crypto card market had reached $600 million per month in volume, with Visa processing 90% of on-chain card transactions.
The market is moving. The question is whether your platform moves with it.
What the revenue model actually looks like
A crypto card program generates income across several streams simultaneously. Interchange fees — the percentage taken on every card transaction — are the most direct. EtherFi’s Cash product generates revenue through interchange, FX margins, in-app swaps, and lending spreads — a diversified income stack built entirely on top of an existing user base. Since launching in September 2024, EtherFi Cash has processed more than $265 million in card spend, positioning it as one of the largest non-custodial crypto card programs currently in operation.
This works with crypto balances and active users. An exchange whose users hold stablecoins or major assets is sitting on spending liquidity. A card program converts idle balances into a transaction surface — and every swipe generates revenue for the platform, not just the payment network.
Why this matters for exchanges, Web3 projects, and NFT platforms
For exchanges, the retention argument is as strong as the revenue argument. A user who spends directly from their exchange wallet has no reason to move funds elsewhere. The card becomes a lock-in mechanism that compounds fees and reduces churn.
For Web3 and NFT projects, the dynamic is different but equally compelling. These platforms typically accumulate active users with token balances and no spending infrastructure. A card program gives those balances real-world utility. Users spend project tokens — or stablecoins held in project wallets — anywhere Visa is accepted. The platform earns interchange on every transaction. The token gains functional demand beyond speculation.
For OTC desks, the card is a natural extension of existing fiat conversion infrastructure, with interchange revenue layered on top of conversion margins.
The infrastructure barrier is lower than before
Launching a card program historically required coordinating custody, card issuing, KYC, fiat rails, and transaction monitoring across multiple vendors — with timelines of six to twelve months. That constraint has dropped.
At Simplify Labs, deployment takes up to 72 hours from contract to working product. Card issuance happens in under a minute. The solution supports Apple Pay and Google Pay, integrates Visa worldwide coverage, and includes fraud detection, 2FA, and blockchain monitoring — with no spending limits and unlimited card issuance. Platforms set their own interchange percentage, creating a revenue stream that scales directly with user activity.
Crypto card spending is already happening at scale, and most users won’t care which platform powers it — they’ll use the one that fits naturally into their daily habits. While many exchanges spent 2025 squeezing more out of trading fees, card spending grew 525%, quietly opening a much larger opportunity. The platforms moving early aren’t just adding another revenue stream; they’re becoming part of how users actually spend and manage money. That kind of loyalty is much harder to replicate than fees or incentives.
