Pyra Card
Pyra · Visa
Pyra Card is a self-custody Visa card built on Solana: instead of selling crypto, the user posts it as collateral for an over-collateralized line of credit settled on-chain via DeFi loans on the Drift protocol. Pyra describes itself as a technology company (not a bank) and has no access to the balance until a transaction is authorized. Spending credit rather than liquidating assets avoids realizing taxable capital gains; the stated borrowing rate is around 4% annualized. Card issuance is free, there is no cashback (0%), and a fee of up to 2% applies on non-USD transactions; collateral swaps and bank transfers carry a 0.5% fee. Both virtual and physical cards are available, accepted at over 42M Visa merchants. KYC is required (Pyra accepts documents from 75+ countries). ATM fee and ATM limit are not documented by official sources, so they are listed as 0/unknown.
Data & conditions
§ Amounts in USD/GBP are shown in the service's native currency.
| Network | Visa |
|---|---|
| Fund custody | Self-custody (funds in your control) |
| Issuance fee | Free |
| Annual fee | Free |
| ATM withdrawal | Free |
| FX markup | 2% |
| Cashback | — |
| Chains | Solana |
| On-chain settlement | Yes |
| Contactless | Yes |
| Virtual card | Yes |
| KYC | Full |
| Privacy | 5/10 |
| Supported countries | US, UK, EEA, LATAM, APAC |
| Funding / solidity | Pyra è una società tecnologica con sede a Panama City, Panama, che gestisce una carta Visa self-custody su Solana basata su prestiti DeFi sul protocollo Drift; non è una banca e l'offerta è incentrata sul mercato statunitense. |
| Estimated net annual cost | €0/year |
| Segment | B2C |
| Funding / solidity | Pyra is a technology company based in Panama City, Panama, operating a self-custody Visa card on Solana built on DeFi loans on the Drift protocol; it is not a bank and its offering is focused on the U.S. market. |
| MiCA / License status | Nessuna licenza bancaria: Pyra si dichiara società tecnologica, non una banca Pyra describes itself as a technology company, not a bank, and holds no banking or e-money license; it operates via on-chain over-collateralized DeFi loans. |
Strengths
- True self-custody: Pyra cannot access your balance until you authorize a transaction
- Spend without selling: crypto-backed credit, no realized capital gains
- Free issuance, virtual and physical card on the Visa network
- Self-custody: funds stay in your wallet — the platform cannot touch them.
Weaknesses
- Solana-only chain; no cashback (0%)
- Over-collateralized loan model with a ~4% rate and collateral-liquidation risk
- Up to 2% FX markup and mandatory KYC
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (Pyra describes itself as a technology company, not a bank, and holds no banking or e-money license; it operates via on-chain over-collateralized DeFi loans.): reporting to authorities and freezes on order.
Verdict
Pyra is neither a bank nor a regulated institution and offers no banking protections: the model is an over-collateralized DeFi loan on Solana, with collateral-liquidation risk and no deposit-guarantee scheme. Protection hinges on smart-contract security and the user's own risk management.
A strength from a cypherpunk standpoint: assets stay in self-custody within a smart contract and Pyra cannot access them until you authorize a transaction, avoiding crypto liquidation. Sovereignty is weakened by mandatory KYC and reliance on a single protocol (Drift) on one chain (Solana).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is Pyra Card custodial?
No. Pyra is a self-custody card on Solana: assets stay under the user's control in a smart contract and Pyra cannot access them until a transaction is authorized.
How can you pay without selling your crypto?
The Visa card draws on an over-collateralized line of credit settled on-chain via DeFi loans on the Drift protocol; you spend credit (~4% annualized rate) instead of liquidating assets, avoiding taxable capital gains.
Sources
- Official service page Azienda · Carta Visa self-custody · Descrizione · Regolamentazione (technology company not a bank) · +3 Data verified on Jun 23, 2026
- coininterestrate.com Contactless (Apple Pay/Google Pay) · Token collaterale SOL/USDC/USDT Data verified on Jun 23, 2026
- docs.pyra.fi Self-custody · Chain Solana · Drift · Tasso prestito · +1 Data verified on Jun 22, 2026
- todey.xyz Custodial · Payment network · Kyc · Regioni · +5 Data verified on Jun 22, 2026