Nium Buys Cypher for Non-Custodial Crypto Card Tech

Singapore-based payments firm Nium has acquired Cypher, a non-custodial crypto wallet and Visa card issuer, in a deal that adds a ready-built stack for spending stablecoins and other digital assets from self-custodied wallets.

Financial terms were not disclosed. Cypher built a wallet where users hold their own private keys rather than handing them to a third party. Its Visa cards work across more than 25 EVM and Cosmos blockchain networks. The platform also supports zero-fee USDC loading, removing a common friction point for crypto-to-fiat spending.

Nium launched its own stablecoin-backed card issuance platform on March 30, 2026. That platform supports Visa and Mastercard and lets businesses issue cards through a single API. Cypher's architecture slots directly into that system, Nium said.

The acquisition is Nium's third in the card space. It bought Ixaris in September 2021 and Socash in April 2022. Both earlier deals expanded card and cash distribution capabilities in specific markets. The Cypher purchase adds a crypto-native layer on top.

For Nium, the deal shortens the path to offering self-custody crypto cards. Most crypto card programs today rely on custodial wallets where the issuer holds the private keys. Cypher's model gives users direct control. That could appeal to security-conscious customers and to businesses that want to pay freelancers or suppliers in USDC and let them spend directly from their own wallet.

The crypto spending card market has grown as more companies build products for spending digital assets. AlphaScala tracks these developments in its crypto market analysis. Nium's single-API card issuance model allows fintechs, neobanks, and corporate expense platforms to add crypto spending features without building their own wallet infrastructure. That reduces time to market for clients.

Cypher's non-custodial design may let Nium differentiate from competitors such as Stripe and Coinbase, which offer custodial card solutions. Zero-fee USDC loading could also be a competitive edge. Many crypto card issuers charge fees for loading stablecoins, which can eat into margins for merchants using the cards for payouts.

Stablecoin usage for payments has increased. Companies like Circle, Visa, and Mastercard have launched initiatives to integrate USDC into merchant settlement. Nium's acquisition ties into that trend, giving it a consumer-facing card product that works with USDC.

Regulators in several jurisdictions are examining crypto card programs. Europe's MiCA rules and US state-level money transmitter licenses may apply. Nium's experience with cross-border compliance across more than 100 countries may help. The non-custodial model adds its own regulatory complexity.

Execution risk remains. Nium has not disclosed integration timelines or which regulatory approvals it will seek. The company did not say when the deal will close or which regulators have signed off.