Pyra Card
Pyra · Visa
SERVICE WINDING DOWN. On 16 June 2026 Pyra announced it was ceasing operations: all existing Pyra cards have been cancelled, new sign-ups are suspended, and users can withdraw funds and export their private key through the web portal until 15 September 2026. The decision followed the Drift protocol exploit (~$285M, 1 April 2026), on which the credit model relied. Historically, Pyra Card was a self-custody Visa card built on Solana: instead of selling crypto, the user posted it as collateral for an over-collateralized line of credit settled on-chain via DeFi loans on the Drift protocol. Pyra described itself as a technology company (not a bank) and had no access to the balance until a transaction was authorized. Spending credit rather than liquidating assets avoided realizing taxable capital gains; the stated borrowing rate was around 4% annualized. Card issuance was free, there was no cashback (0%), and a fee of up to 2% applied on non-USD transactions; collateral swaps and bank transfers carried a 0.5% fee. Both virtual and physical cards were available, accepted at over 42M Visa merchants. KYC was required. ATM fee and ATM limit were not documented by official sources.
Data & conditions
§ Amounts in USD/GBP are shown in the service's native currency.
| Network | Visa |
|---|---|
| Fund custody | Self-custody (funds in your control) |
| Issuance fee | Free |
| Annual fee | Free |
| ATM withdrawal | not declared |
| FX markup | 2% |
| Cashback | Not disclosed |
| Chains | Solana |
| On-chain settlement | Yes |
| Contactless | Yes |
| Virtual card | Yes |
| KYC | Full |
| Privacy | 5/10 |
| Supported countries | US, UK, EEA, LATAM, APAC |
| Funding / solidity | Pyra era una società tecnologica con sede a Panama City, Panama, che gestiva una carta Visa self-custody su Solana basata su prestiti DeFi sul protocollo Drift; non era una banca. Il 16/06/2026 ha annunciato la cessazione delle attività a seguito dell'exploit di Drift (~285M$, aprile 2026): carte cancellate, iscrizioni sospese, prelievi ed export della chiave privata dal portale web fino al 15/09/2026, con successiva distribuzione degli eventuali token di recupero Drift. |
| Estimated net annual cost | €0/year |
| Segment | B2C |
| Funding / solidity | Pyra was 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 was not a bank. On 16/06/2026 it announced it was ceasing operations following the Drift exploit (~$285M, April 2026): cards cancelled, sign-ups suspended, withdrawals and private-key export via the web portal until 15/09/2026, with later distribution of any Drift recovery tokens. |
| 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
- Service winding down (announced 16/06/2026): cards cancelled, sign-ups suspended, withdrawals possible only until 15/09/2026 after the Drift protocol exploit
- Over-collateralized loan model with a ~4% rate and collateral-liquidation risk; no cashback (0%)
- 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
Service winding down: after the Drift protocol exploit (~$285M, April 2026) Pyra announced its shutdown, cards are cancelled and funds must be withdrawn by 15/09/2026. Even originally, Pyra was neither a bank nor a regulated institution and offered no banking protections: the model was an over-collateralized DeFi loan on Solana, with collateral-liquidation risk and no deposit-guarantee scheme. That very smart-contract risk materialized in the event that led to the shutdown.
The service is winding down, but the self-custody design still lets users export their private key and withdraw funds via the portal (until 15/09/2026): assets stayed in a smart contract under the user's control. The original sovereignty limits remain (mandatory KYC, reliance on a single protocol, Drift, on one chain, Solana), whose fragility ultimately led operations to cease.
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, but the service is winding down: Pyra announced its shutdown on 16/06/2026 and cards have been cancelled (withdrawals and private-key export via the portal until 15/09/2026). The model was self-custody on Solana: assets stayed under the user's control in a smart contract and Pyra could not access them until a transaction was 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 · Descrizione · Azienda info Data verified on Jul 11, 2026
- crypto.news Data verified on Jul 11, 2026
- cryptotimes.io Data verified on Jul 11, 2026
- coininterestrate.com Data verified on Jun 23, 2026
Show 2 more sources
- docs.pyra.fi Drift Data verified on Jun 22, 2026
- todey.xyz Custodial · Payment network · Kyc · Regioni · +5 Data verified on Jun 22, 2026