Quartzpay

Quartz offers a cryptocurrency bank account that combines the control of self-custody with the convenience of traditional banking. Customers can manage transfers, spend crypto with a debit card, and earn yield on their assets, all while maintaining custody of their cryptocurrency.

Updated 2 months ago

Funding

Funding not disclosed

Funding rounds are not available yet.

Founders

Founder details are not available yet.

Product

Problem

Traditional cryptocurrency cards often require users to sell their crypto assets to make purchases, resulting in potential capital gains taxes and missed opportunities for yield and price appreciation. This creates a barrier for crypto holders who want to utilize their assets for everyday spending without liquidating their investments.

Solution

Pyra provides a Visa credit card that allows users to spend their crypto without selling it. By using crypto assets as collateral for a DeFi loan, users can spend credit anywhere Visa is accepted while continuing to earn yield and benefit from potential price increases. Pyra leverages a smart contract on Solana to provide yield on assets and DeFi loans, using Drift protocol to aggregate user funds into lending pools. The platform automatically swaps collateral through Jupiter to avoid liquidation fees if prices fall, ensuring users maintain control of their crypto.

Target Audience

Pyra targets cryptocurrency investors who want to utilize their digital assets for everyday spending without incurring capital gains taxes or missing out on potential investment gains.

Features

Crypto-backed Visa credit card usable at over 42 million merchants worldwide
DeFi loans secured by user's crypto assets, eliminating the need to sell
Integration with Drift protocol for yield generation and lending pools on Solana
Automatic collateral swapping via Jupiter to prevent liquidation
Support for Apple Pay and Google Pay
No spend, top-up, sign-up, maintenance, or liquidation fees
KYC via Sumsub