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.
- Blockchain & Cryptocurrency
- Financial Technology
- Software Only
Funding
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