REALITY CHECK | Over 50% of the Crypto Neobank Industry Runs on Just These 2 Card Issuers - BitKE

A report from BitKE highlights a striking concentration risk in the crypto neobank sector: more than half of the industry relies on just two card issuers. This means many of the crypto debit and credit cards consumers use — often branded by different apps and platforms — may ultimately depend on the same small group of infrastructure providers.

For users, the practical implication is that outages, policy changes, or compliance decisions at either issuer could ripple across multiple platforms at once. For the broader market, it underscores how much of the crypto payments stack is built on a thin foundation of regulated card networks and banking partners, even as the number of consumer-facing brands continues to grow.

What to watch: whether new issuers emerge to reduce this dependency, how regulators treat this concentration, and whether platforms begin disclosing their card-issuing partners more transparently. Until then, the diversity of crypto card branding may overstate the diversity of the underlying infrastructure.