Codego Group, the Malta-based Banking-as-a-Service provider behind 59 live white-label card programmes and over $1.1 billion in processed volume, has officially launched Banqa — a Visa card product designed for crypto-native users who refuse to hand over custody of their assets.
The premise is deceptively simple: hold USDC in a smart-contract wallet you own, and spend it anywhere Visa is accepted — more than 150 million merchant locations worldwide. No manual conversion, no asset lock-up, no counterparty risk. The card draws against your on-chain collateral in real time.
Self-Custody as a Feature, Not a Compromise
The crypto payments space is crowded with card products that require users to deposit funds into a centralised account — effectively recreating the custodial model that blockchain was designed to eliminate. Banqa takes a fundamentally different approach.
Users maintain their private keys to smart-contract wallets deployed on Base, Arbitrum, or Ethereum. Banqa never holds funds and never accesses private keys. Balances are on-chain auditable at all times, meaning users can independently verify their collateral without relying on Banqa's reporting.
"Built mobile-first for a generation that holds value on-chain and wants to spend it in the real world — in self-custody."
Three Tiers: From Free to Metal
Banqa launches with three card tiers designed to serve different user profiles:
- Standard (Free) — A virtual Visa card with self-custody wallet, card freeze controls, and per-transaction spending limits. Zero cost to get started.
- Premium ($99/year) — A physical Visa Signature card with higher transaction limits, Apple Pay and Google Pay integration, and priority support.
- Private ($499/year) — A metal Visa Signature card with concierge service, airport lounge access, and a dedicated account manager.
All tiers share the same core architecture: USDC collateral in a non-custodial wallet, zero deposit fees (only network gas on Layer 2), and 3-D Secure fraud protection with anti-screenshot safeguards.
Why It Matters
The launch comes as demand for crypto-to-fiat spending solutions continues to grow. According to Visa's own data, crypto-linked card transactions surged 30% year-over-year in 2025. But the vast majority of existing solutions require users to pre-fund a custodial account — introducing the very counterparty risk that drove many users to crypto in the first place.
Banqa's self-custody model sidesteps this tension entirely. By keeping assets in user-controlled smart contracts and settling against that collateral at the point of sale, the product bridges the gap between DeFi wallets and everyday spending without forcing users to choose between convenience and sovereignty.
The Codego Advantage
Banqa is not a startup experimenting with card issuance. It is built on Codego Group's production-grade infrastructure — the same stack that powers 366,000+ activated cards across 59 white-label programmes for fintechs and banks in 12 countries.
Codego holds PCI DSS certification, manages 15 active BIN programmes through Visa and Mastercard, and can spin up new card programmes in under 15 days. Cards are issued by a Visa Principal Member pursuant to a licence from Visa.
This institutional-grade backend means Banqa users benefit from enterprise-level compliance, fraud monitoring, and network reach — without the enterprise-level friction.
Referral Programme
Banqa is also launching with a built-in referral engine. Users who refer friends earn 0.15% of everything their referrals spend — for life, plus a $10 USDC bonus when each referral reaches $500 in card spending. Commissions are paid monthly in USDC directly to the referrer's wallet.
Availability
Banqa is live now at banqa.io. The Standard virtual card is available immediately at no cost. Premium and Private tiers can be ordered through the platform.
Banqa is owned and operated by Codego Group. Banqa is not a bank and is not a banking substitute. Cards are issued by a Visa Principal Member pursuant to a licence from Visa.