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

A review of the crypto neobank sector points to a striking concentration: more than half of the industry relies on just two card issuers, according to BitKE. Rather than a broad field of independent providers, much of the market appears to sit atop a narrow issuing base that most platforms depend on to deliver their card products.

For users, the practical implication is that many apps offering crypto-linked cards may share the same underlying infrastructure. Different branding and interfaces can mask common dependencies. That matters because operational problems, policy shifts, or compliance decisions at the issuing level could ripple across numerous platforms at once, rather than affecting a single service in isolation.

The key thing to watch is whether this concentration eases or deepens. New entrants, expanded in-house issuing arrangements, or partnerships with additional providers would broaden the base and reduce shared exposure. Until then, the sector’s apparent diversity should be weighed against its concentrated plumbing — a structural feature worth tracking as the industry matures.