BasedApp Card

BasedApp Visa Debit Card: Seamless Crypto-to-Fiat Spending Solution

Basic Information

BasedApp is a Singapore-based platform that bridges the gap between cryptocurrency and everyday spending through its Visa debit card. The card allows users to seamlessly spend their digital assets at any merchant accepting Visa without first needing to off-ramp crypto to a bank account. The platform combines wallet functionality, trading capabilities (via Hyperliquid integration), and spending features in one comprehensive app.

Virtual cards are issued instantly upon KYC approval, allowing immediate use through Google Pay, while physical cards are delivered internationally within 1-2 weeks. The card is designed to provide a frictionless experience for crypto users who want to utilize their digital assets for real-world purchases.

Rewards and Benefits

Points System

BasedApp uses a points-based loyalty system called "BasedApp Points" rather than direct cashback:

• Standard Card: 4 points per USD spent (8 points per USD on subscriptions)
• Gold Card: 6 points per USD spent (12 points per USD on subscriptions) - 1.5× the standard rate

Points can be redeemed at tiered levels with increasing value:

• 5,000 points = 5 XSGD (0.3% effective cashback)
• 15,000 points = 25 XSGD (0.5% effective cashback)
• 30,000 points = 100 XSGD (1% effective cashback)

Gold members can achieve up to approximately 1.5% effective cashback at the highest redemption tier due to their accelerated points earning rate.

Unlike many competitors, BasedApp does not require staking of any native token to access card benefits or higher tiers.

Premium Benefits

The Gold Card (BasedGold Premium) offers several exclusive benefits:

• Priority Pass Membership: 8 complimentary airport lounge visits per year (maximum 2 per quarter)
• Subscription Rebates: Up to $20 USD monthly rebate on eligible entertainment subscriptions (Netflix, Spotify, YouTube Premium, etc.)
• Conference Rebate: Up to $200 USD annual rebate on one crypto conference ticket
• Zero FX Fees: 0% foreign transaction fees (pure Visa exchange rates)
• Currency Choice: Option to select either USD or SGD as base currency
• Higher Limits: Significantly increased daily spending limit of up to $30,000 USD

BasedApp also runs periodic referral campaigns offering bonuses (e.g., 10,000 points for both referrer and referee when a new user completes KYC and spends S$500).

Fees and Limits

Additional Fee Information:

• No per-transaction fees for card purchases
• No top-up fees when depositing crypto to BasedApp
• Withdrawals not currently supported (feature planned for future)
• Smart Convert feature automatically converts available crypto to cover transactions with a 1% fee

The fee structure is notably competitive compared to many crypto cards, with BasedApp covering blockchain transaction fees for deposits and charging no top-up fees. The Gold Card's 0% foreign transaction fee is particularly valuable for frequent international travelers.

Card Tiers and Options

The Standard Card is positioned as an accessible entry point for residents of supported countries, while the Gold Card targets high-net-worth individuals and frequent travelers with premium benefits and global availability. The virtual card option is available for both tiers and is issued instantly upon KYC approval, allowing immediate use through Google Pay.

Top-Up Methods

Users must pre-load the BasedApp card by depositing supported stablecoins—USDC (on Hyperliquid Core, Solana, Arbitrum, Polygon) or XSGD (on Polygon PoS)—via the BasedApp mobile or web app. Deposited crypto is instantly converted 1:1 to the card's base fiat currency (USD or SGD) with a 1% crypto-to-fiat conversion fee and no deposit or gas fees (these are covered by BasedApp). This process requires transferring funds from the user's self-custody wallet to BasedApp's custodial wallet, meaning users relinquish custody to the card provider upon top-up. There is no waiting period—funds become available instantly, but only stablecoins are accepted; other cryptocurrencies must be swapped before deposit. Minimum and maximum top-up amounts are not explicitly stated, but spending is limited by daily card caps (S$3,000 for Standard, up to $30,000 USD for Gold), and withdrawals back to crypto or bank accounts are not currently supported.

Self-Custody Custodial

BasedApp's crypto card uses a fully custodial model, meaning all user funds are held and managed by the platform rather than directly by the user. When users deposit crypto to top up their card, these assets are instantly converted and secured by BasedApp's institutional-grade custody partner, Fireblocks, but users do not control the private keys at any stage. This setup allows for seamless spending and added conveniences like gasless deposits, but it also means users are dependent on BasedApp for access to their funds. If the provider were to cease operations, users would not be able to independently recover their assets. While this model offers strong security measures, regulatory compliance, and insurance on the custody infrastructure, it sacrifices the self-sovereign control that some crypto users may value. The approach is well-suited to those prioritizing ease of use and integration with traditional payment systems over direct asset control.

Supported Currencies and Conversion

Supported Cryptocurrencies

BasedApp focuses primarily on stablecoins for card top-ups:

• USDC on multiple networks:
  • Hyperliquid Core
  • Solana
  • Arbitrum
  • Polygon
• XSGD (Singapore Dollar stablecoin) on Polygon PoS
• SOL (Solana's native token) on Solana network

Other cryptocurrencies must be swapped to these supported assets before depositing.

Supported Fiat Currencies

• Singapore Dollar (SGD) - available for both Standard and Gold cards
• US Dollar (USD) - available for Gold Card only

Conversion Process

BasedApp offers several conversion options:

1. Manual Deposits: Users deposit supported crypto which is instantly converted to fiat balance at a 1% conversion fee
2. Smart Convert: Automatically converts available crypto assets when card balance is insufficient (also with 1% fee)
3. Currency Conversion:
   • 1:1 conversion between stablecoins and corresponding fiat (USDC to USD, XSGD to SGD)
   • Foreign currency transactions converted at Visa exchange rates plus markup (1.5% for Standard, 0% for Gold)

All conversions happen in real-time at the point of deposit or transaction, with no delay in settlement to the card balance.

Geographic Availability

Standard Card Availability

The Standard Card is currently limited to residents of:

• Singapore
• Hong Kong
• Malaysia

Gold Card Availability

The Gold Card (BasedGold Premium) is available in 100+ countries worldwide, including:

• Most of Europe (UK, Germany, France, Italy, Spain, etc.)
• Canada
• Australia and New Zealand
• Japan, South Korea, Taiwan
• UAE and many Middle Eastern countries
• Brazil and most of South America
• Most of Southeast Asia

Restricted Jurisdictions

Both card tiers are unavailable in approximately 80 restricted jurisdictions, including:

• United States
• Mainland China
• Sanctioned countries: Afghanistan, Belarus, Cuba, Iran, Iraq, North Korea, Russia, Syria
• High-risk jurisdictions: Albania, Algeria, Bangladesh, and others

Restrictions are primarily due to regulatory and compliance requirements, with BasedApp adhering to international sanctions and local regulations regarding cryptocurrency usage.

Regional Variations

• Standard Card is denominated in SGD for Singapore/Malaysia users
• Gold Card is available in either USD or SGD at the user's choice
• Singapore residents get the annual fee waived for the Standard Card

Compliance and Security

Regulatory Framework

BasedApp operates under a Monetary Authority of Singapore (MAS) exemption, with cards issued in partnership with Fazz Financial Group (formerly Xfers), a licensed Visa issuer in Singapore. The platform complies with Singapore's payment services regulations and excludes certain jurisdictions to maintain compliance with international sanctions.

KYC Requirements

All users must complete mandatory KYC verification before card issuance:

• Global users: Identity verification through Sumsub (passport/ID, selfie, proof of address)
• Singapore residents: Option to verify via SingPass (government digital ID)
• Verification typically completed within hours to one day

Custody Model

BasedApp uses a fully custodial model (transitioned from non-custodial in early 2025):

• User funds secured through Fireblocks, a leading institutional digital asset custody platform
• Utilizes MPC (multi-party computation) technology for secure key management
• Stablecoins used (USDC, XSGD) are backed 1:1 by reserves held by their issuers

Security Features

• Card freeze/unfreeze functionality in app
• Transaction notifications
• EMV chip for secure transactions
• 3-D Secure for online payments
• Visa Zero Liability protection for unauthorized transactions

Compliance Partnerships

• Chainalysis for blockchain transaction monitoring
• Sumsub for KYC verification
• Fireblocks for institutional-grade custody

While funds are protected through Fireblocks' security infrastructure and insurance, it's important to note that there is no government deposit insurance as this is not a bank deposit.

Technical Details

Platform Architecture

BasedApp leverages several key technologies to deliver its service:

1. Account Abstraction: The platform uses Safe Core account abstraction technology to simplify the user experience, enabling features like social logins and gasless transactions.

2. Gasless Transactions: Through integration with Gelato's relay service, BasedApp covers gas costs for users when they deposit crypto, eliminating one of the common friction points in crypto spending.

3. Smart Convert: This feature automatically converts available crypto assets to cover transactions when the card balance is insufficient, providing a seamless spending experience.

4. Trading Integration: The platform integrates with Hyperliquid for trading functionality, allowing users to trade and then directly spend profits via the card.

Settlement Process

• Deposits are settled instantly into card balance
• Card transactions settle according to standard Visa processing times
• Points are credited after transactions settle (typically within 1-2 days)

Payment Priority

• Card draws from pre-loaded balance first
• If insufficient, Smart Convert can pull from other assets in BasedApp wallet (with 1% fee)
• User can manually top up card before transactions

Upcoming Technical Features

• Apple Pay integration (expected by end of 2025)
• Withdrawal functionality to move funds from card back to crypto or bank
• Direct bank deposit feature
• Multi-currency accounts in development

User Experience

Mobile Application

• Native Android app available on Google Play Store
• iOS app in development (expected by end of 2025)
• Web app accessible via mobile browsers
• Features include:
  • Card management (freeze/unfreeze, transaction history)
  • Crypto deposits
  • Trading via Hyperliquid integration
  • Points redemption
  • Account settings and KYC management

Support Channels

• In-app live chat support (Intercom)
• Email support ([email protected])
• Extensive help center with documentation
• Active community engagement on social media
• Highly rated support (9/10 in independent reviews) with response times typically under an hour

Common User Feedback

Positive feedback:

• Seamless spending experience
• Low fees compared to competitors
• Responsive customer support
• Gasless deposits removing friction

Negative feedback:

• Lack of Apple Pay support
• No withdrawal function currently available
• High Gold Card entry cost
• Limited availability of Standard Card
• No ATM withdrawal functionality

Language Support

English is the primary supported language, with possible Chinese support for Singapore/Malaysia users.

Best Suited For

• Stablecoin holders who want a frictionless way to spend their digital assets in everyday life without converting back to traditional banking
• Frequent international travelers who can benefit from the Gold card's 0% foreign transaction fees and Priority Pass lounge access
• Singapore residents who get the Standard Card's annual fee waived, making it an extremely cost-effective crypto spending solution
• Active Hyperliquid traders who want to easily spend their trading profits without multiple platform transfers
• High-volume spenders who can maximize the value of the Gold tier's premium benefits and higher spending limits

Pros and Cons

Pros

• No staking requirements for card access, unlike many competitors that require native token staking
• Gasless deposits eliminate blockchain transaction fees for users
• Gold Card offers premium benefits like 0% foreign transaction fees and Priority Pass access
• Integration with Hyperliquid trading creates a seamless ecosystem for trading and spending
• Points system offers up to 1-1.5% effective cashback at highest redemption tiers

Cons

• Standard Card limited to only three countries (Singapore, Hong Kong, Malaysia)
• Gold Card's high entry cost ($1,499 initial fee) presents a significant barrier
• No ATM withdrawal functionality on any tier
• Currently unable to withdraw funds back to crypto or bank accounts
• Limited cryptocurrency support focused primarily on stablecoins

Conclusion

BasedApp has established itself as an innovative crypto card solution that effectively bridges the gap between cryptocurrency holdings and real-world spending. The platform stands out for its user-friendly approach to crypto spending, offering gasless deposits, no top-up fees, and competitive conversion rates that make it cost-effective compared to many alternatives.

The two-tier system caters to different user needs: the Standard Card provides an accessible entry point with reasonable fees and rewards, while the Gold Card delivers premium benefits for those willing to invest in the higher membership cost. The card's most significant strengths include its seamless integration with the broader BasedApp ecosystem (including Hyperliquid trading), the absence of many nickel-and-dime fees found on competing products, and the straightforward points system that can yield up to 1-1.5% effective cashback.

However, the platform does have notable limitations. The Standard Card's limited geographic availability restricts access for many potential users, while the Gold Card's high entry cost presents a significant barrier. The current inability to withdraw funds back to crypto or bank accounts is a functional constraint that BasedApp plans to address in future updates.

BasedApp is ideally suited for crypto-savvy individuals who regularly hold stablecoins and want a frictionless way to spend them in everyday life. The Gold tier particularly appeals to frequent travelers and high-volume spenders who can maximize the value of its premium benefits like lounge access, subscription rebates, and 0% foreign transaction fees. For residents of supported regions who prioritize low fees and seamless crypto spending over maximum rewards, BasedApp represents one of the most efficient bridges between the crypto economy and daily financial life.