COCA Card

COCA Visa Prepaid Card: Shared-Custody Crypto Spending with High Rewards

Basic Information

COCA Card operates as a white-labeled solution through Wirex, leveraging their regulatory framework and payment infrastructure while COCA focuses on their wallet technology and rewards ecosystem. The card is accepted at any merchant that takes Visa or Mastercard payments globally, making it widely usable for everyday transactions.

The physical card features a standard Wirex-branded plastic design without custom COCA branding. All cards include EMV chip technology, contactless payment capability, and PIN protection for in-store purchases, along with 3D Secure (3DS) for online transaction security.

Rewards and Benefits

Cashback Structure

COCA Card offers one of the most competitive cashback programs in the crypto card market, with a tiered structure based on COCA token staking:

• Starter tier (0 COCA staked): 1% cashback with no monthly limit
• Standard tier (300 COCA staked): 3% cashback on first $1,000/month, then 1%
• Premium tier (3,000 COCA staked): 5% cashback on first $2,500/month, then 1%
• Elite tier (30,000 COCA staked): 8% cashback on first $10,000/month, then 1%

Cashback is paid in stablecoins directly to the user's COCA wallet and is distributed by the 10th of each month for the previous month's transactions.

Additionally, users earn passive income on their card balances:

• 6% APY on balances up to tier-specific caps
• 2% APY on amounts exceeding the cap

Subscription Rebates

In addition to the standard cashback, COCA Card provides substantial rebates on popular subscription services based on tier level:

• Standard tier: 50% cashback on Netflix
• Premium tier: 50% cashback on Netflix and ChatGPT Plus
• Elite tier: 50% cashback on Netflix, Spotify, ChatGPT Plus, and Amazon Prime

Subscription rebates are subject to a monthly cap of $10 and availability may vary by region.

Additional Benefits

• Referral Program: $10 for both referrer and referee (up to 100 referrals allowed)
• Upcoming Travel Portal: Up to 50% off hotel bookings through COCA Travel
• Monthly "Lucky Drop": Token airdrops for active users
• Promotional Campaigns: Additional rewards (e.g., $10M Airdrop Campaign in Feb 2025)
• Governance Rights: Staked tokens grant veCOCA for platform governance
• Early Adopter Offer: Free Standard Tier until February 28, 2026, for users holding at least 1 COCA token on September 1, 2025, and 50% discount on Premium and Elite Tiers for users who complete at least one COCA card transaction in August 2025

Fees and Limits

COCA Card stands out for its minimal fee structure, with no charges for most common activities. Users should be aware that while there's no explicit fee for crypto-to-fiat conversion, there is typically a spread of around 0.5% built into the exchange rate. Additionally, blockchain network fees (gas) apply when transferring crypto to the COCA wallet, which vary by network and congestion levels.

The €30,000 daily spending limit is notably high compared to many competing crypto cards, making COCA suitable for larger purchases and business expenses. There are also limits on transaction frequency and cumulative spending over longer periods to comply with regulatory requirements.

Card Tiers and Options

All COCA Card tiers share the same physical card design and core functionality, with differences primarily in cashback rates, subscription rebates, and passive income limits. The virtual card is available instantly after KYC approval, while the physical card is shipped free to supported countries (typically arriving in 1-3 weeks depending on location).

Unlike many competing crypto cards, COCA doesn't differentiate tiers by card material or design - all tiers receive the same standard plastic card. Instead, the value proposition focuses on higher rewards and earlier access to new features for higher tiers.

Tier upgrades take effect almost immediately upon staking the required COCA tokens. Users can downgrade their tier at any time, but a 30-day cooldown period applies before they can upgrade again, and staked tokens are only returned after this period ends.

Top-Up Methods

Users must pre-load the COCA Card by manually converting supported stablecoins (USDT, USDC, EURC, EURS) from their self-custodial COCA Wallet into EUR using the COCA app before spending. This process moves funds from the user's self-custody wallet to the card provider's custodial EUR balance, transferring custody at the point of conversion. Conversion is instant within the app with no explicit fees, but there is a ~0.5% market spread and users pay standard blockchain network (gas) fees for the crypto transfer. There are no card loading fees, and converted funds are available immediately for card use, but on-demand spending from crypto is not supported—pre-loading is required. The card supports only stablecoins for top-up, and the base card currency is EUR; all spending occurs from the pre-loaded EUR balance.

Self-Custody Hybrid Custody

COCA Card uses a shared-custody MPC model in which the private key is split between the user’s device and COCA’s servers. This setup means COCA cannot move funds without the user, but the user also cannot spend or move crypto without COCA’s server share. Crypto remains in this MPC wallet until the user converts it to EUR for card spending. Once converted, the fiat balance is held custodially by the regulated card issuer (Wirex) for Visa/Mastercard transactions. In practice, users retain access to their crypto only as long as COCA’s systems remain operational, and cannot restore the wallet independently if COCA goes offline. Fiat held on the card follows e-money safeguarding rules but is not directly recoverable by the user. The model provides strong in-platform security against certain attack vectors but does not deliver uninterrupted, vendor-independent self-custody at any stage of the process.

Supported Currencies and Conversion

Supported Cryptocurrencies

COCA Card focuses exclusively on stablecoins, supporting:

• USDT (Tether) on Ethereum, BNB Smart Chain, Avalanche C-Chain, Polygon, Arbitrum
• USDC (USD Coin) on Ethereum, BNB Smart Chain, Avalanche C-Chain, Polygon, Arbitrum, Stellar, Base
• EURC (Euro Coin by Circle) on Ethereum
• EURS (STASIS Euro) on Ethereum and Polygon

Supported Fiat Currencies

• Euro (EUR) as the base card currency
• Card can be used to spend in any local currency worldwide with no FX fees

Conversion Process

The COCA Card requires manual conversion before spending:

1. User initiates conversion in the app
2. Selects amount of supported stablecoin to convert to EUR
3. Conversion occurs instantly with approximately 0.5% market spread
4. No additional explicit fees for conversion
5. Converted funds are immediately available on the card
6. When spending in non-EUR currencies, the card automatically converts at point of sale with no markup

The card operates with a single EUR balance rather than supporting multiple currency balances. This simplifies the spending process but requires users to actively manage their card balance before making purchases.

Geographic Availability

COCA Card is available in 53 countries across three major regions:

Europe (36 countries)

Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom

Asia-Pacific (10 countries)

Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, Vietnam

Latin America (7 countries)

Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru

Notable Exclusions

• North America (United States and Canada)
• Most of Asia (China, India, Japan, South Korea)
• Middle East and Africa regions
• Sanctioned jurisdictions (North Korea, Iran, Syria, Cuba, Afghanistan, Yemen, Sudan)

Card issuance requires proof of residency in a supported country, and users must comply with local regulations regarding crypto usage. Service availability is subject to change based on regulatory developments, and COCA cannot guarantee service continuity in regions facing regulatory changes.

All supported regions have access to the same core features, though some subscription cashback services may vary by region based on local availability.

Compliance and Security

Identity Verification Requirements

COCA Card requires full KYC verification before card issuance:

• Government-issued ID (passport, driver's license)
• Proof of address (utility bill, bank statement)
• Selfie/biometric verification
• Must be 18+ years old

Regulatory Framework

• Card issued through Wirex, an FCA-authorized Electronic Money Institution (FRN 902025)
• Complies with Electronic Money Regulations and Payment Services Directive (PSD2)
• Adherence to local AML/CFT regulations in supported jurisdictions
• Potential oversight by Dubai's Virtual Asset Regulatory Authority (VARA) for COCA entity

While crypto assets in the COCA Wallet do not have explicit insurance coverage (being user-controlled), fiat funds are safeguarded under E-Money regulations with segregated client funds as required by law.

Technical Details

Wallet Architecture

COCA Card integrates with the COCA Wallet, which features:

• Support for 14 different blockchains
• Multi-Party Computation (MPC) security instead of traditional private keys
• No seed phrase required for wallet recovery
• Biometric authentication for transactions and recovery
• Cross-chain functionality for seamless asset management

Integration Capabilities

• Mobile App: Available on iOS and Android
• Telegram Mini-App: Integrated functionality within Telegram
• Curve Integration: Enables Apple Pay, Google Pay, and Samsung Pay
• DeFi Connectivity: Access to yield products through the "Earn" feature
• Cross-Chain Bridges: Facilitates movement between supported networks

Technical Limitations

• Manual conversion required before spending (no automatic conversion)
• Limited to stablecoin support only (no native crypto spending)
• Requires Curve workaround for mobile wallet integration
• No direct bank account linking or fiat on-ramp within the app

Upcoming Technical Features

• Universal Gas Token (UGT): For gasless transactions
• Enhanced governance features through veCOCA
• Potential direct Apple/Google Pay integration (without Curve)
• Possible expansion of supported cryptocurrencies

COCA Wallet Architecture

MPC Signing Model

• Two-party security model:
  • One key share is stored on your device
  • One key share is stored on COCA's servers
  • Both shares must participate in every transaction
  • The full key is never assembled in normal use

Account Structure

• All wallets/addresses in the app are tied to a single "Recovery Phrase"
• This Recovery Phrase is not a standard BIP39 seed phrase
• Extensive derivation path scanning confirms it cannot directly generate the wallet's addresses in standard wallets
• Account is tied to your email login and requires a one-time code at sign-in

The "Recovery Phrase" — Not a Standard Seed

• Importing the Recovery Phrase into MetaMask, Rabby, or standard BIP39 derivation tools does not produce any of your COCA wallet addresses, even after trying multiple common paths
• This phrase is not a standard BIP39 seed. Instead, it appears to be an MPC recovery key that COCA uses internally to recreate your device share if you lose it
• The Recovery Phrase alone cannot rebuild your wallet keys outside of COCA's system — you still need COCA's server share to spend funds
• Important note: This interpretation is not officially confirmed by COCA and represents assumptions by testers. It's possible that the actual wallets are hidden under a higher derivation path that hasn't been checked

Recovery Options

• Visible in app: The only way to recover is by entering the Recovery Phrase inside the COCA app. No 3FA recovery option (as described in marketing) was visible or testable in the current app version
• Login dependency: Since recovery requires email authentication, your account identity is always part of the process
• Vendor lock-in risk: If COCA's servers are offline or the company shuts down, your Recovery Phrase alone will not let you restore and spend funds in another wallet

MPC Security Benefits and Trade-offs

• Day-to-day security benefits:
  • A hacked phone can't spend funds without COCA's server share
  • A COCA server breach can't spend funds without your device share
  • COCA can enforce policies like spending limits, biometrics, and transaction approvals
• Trade-off: While you are protected from some theft scenarios, you also cannot transact without COCA being online and cooperating

Wallet Recovery and Portability

Recovery Phrase Limitations

• Functions only within COCA's MPC system to reissue your device share
• Cannot be used in other wallets to derive keys or spend funds independently
• Without COCA's servers, this phrase alone cannot restore access to your funds

Private Key Export Option

• COCA provides an option to export the full private key for a wallet
• Once exported, that wallet must be deleted from COCA and cannot be used in the app again
• This is the only way to gain permanent, vendor-independent control over a wallet

No Visible 3FA Recovery

• While marketing mentions 3FA recovery (email + biometrics + recovery file), it is not present in the tested app version
• Current recovery relies primarily on the Recovery Phrase within COCA's ecosystem

Security Model Implications

Not Fully Non-Custodial

• Day-to-day, you cannot transact without COCA's servers co-signing
• The Recovery Phrase does not give independent access to your funds
• True self-custody is only possible after private key export

Shared Custody Model

• COCA cannot spend without you, but you also cannot spend without them — unless you export your key
• This creates a mutual dependency that offers security benefits but introduces vendor risk

Vendor Dependency Risk

• If COCA shuts down, any wallet whose private key hasn't been exported will likely be inaccessible
• Fiat loaded on the card is held by Wirex under e-money safeguarding rules and is not directly recoverable without the issuer

Security Strengths

• MPC setup protects against:
  • Single-device theft or malware
  • Single-server compromise at COCA
  • Certain phishing attempts (server can enforce policies, limits, MFA)
• Private key export provides an ultimate fallback — but only if performed before COCA becomes unavailable

User Experience

Mobile App Functionality

The COCA mobile app serves as the control center for the card experience:

• Available on iOS and Android
• Telegram mini-app integration
• Multi-chain wallet supporting 14 blockchains
• In-app crypto swaps with MEV protection
• Card management (ordering, loading, freezing)
• DeFi yield products ("Earn" feature)
• Cashback tracking and rewards dashboard
• Referral program management

Recent reviews from 2025 indicate many users are experiencing bugs in both the mobile app and Telegram mini-app, suggesting ongoing development challenges.

User Feedback Highlights

Positive Aspects:

• High cashback rates and subscription rebates
• Clean interface design and intuitive navigation
• Ease of conversion and spending

Common Complaints:

• Non-straightforward signup process
• Many one star ratings in google app store starting from late 2024
• Limited cryptocurrency support (stablecoins only)
• Requirement to pre-load card before spending
• Initial lack of physical card (now resolved)
• Workaround required for Apple/Google Pay (via Curve)
• Non accessible discord channel

Support Channels

• In-app help center
• Discord community support
• Email/ticket system
• Social media (Twitter/X, Telegram)

The app primarily supports English, with limited multi-language support. While its interface is often praised for clarity, users should be aware that reviews since late 2024 frequently cite app bugs and stability issues, leading to a mixed user experience.

Best Suited For

• Crypto-Native Users who prioritize self-custody while wanting convenient spending options
• Stablecoin Holders who want to utilize their digital assets for everyday purchases
• International Travelers who benefit from the zero FX fees and high daily limits
• Reward Maximizers who want to earn substantial cashback on their regular spending
• Privacy-Conscious Individuals who prefer the separation from traditional banking systems

Pros and Cons

Pros

• Industry-leading cashback rates (up to 8% for Elite tier)
• Zero fees for most common transactions (issuance, annual, FX)
• 50% rebates on popular subscription services
• High daily spending limit (€30,000) across all tiers
• Passive income on card balances (6% APY up to tier-specific caps)
• Multi-chain support across 14 blockchains
• MPC security protects against single-device theft or malware
• Private key export option provides ultimate fallback for self-custody

Cons

• Limited geographic availability (no North America, most of Asia/Africa)
• Supports only stablecoins, not other cryptocurrencies
• Requires manual conversion before spending
• Requires Curve workaround for mobile wallet integration
• Relatively new platform with limited track record
• MPC wallet design creates vendor dependency (cannot access funds without COCA)
• Recovery Phrase cannot be used outside COCA's ecosystem
• Mobile app and Telegram mini-app reported to have bugs in recent reviews

Conclusion

On the positive side, COCA Card presents a compelling case with its unique combination of exceptional rewards and minimal fees. Users can benefit from up to 8% cashback on purchases (depending on tier) and 50% rebates on popular subscriptions, making it one of the most rewarding payment cards on the market. This value is enhanced by zero fees on most common transactions, high daily spending limits, and the absence of FX fees, making it particularly attractive for travelers and those making large purchases in supported regions.

However, on the negative side, these advantages come with significant trade-offs and risks. The card is not fully non-custodial as advertised; its MPC wallet design creates a critical vendor lock-in. The proprietary "Recovery Phrase" cannot be imported into other wallets, meaning users would lose access to their funds if the COCA platform were to disappear. The only path to true self-sovereignty is exporting the private key and moving funds to an independent wallet, after which the wallet can no longer be used with COCA. Adding to these concerns, users have reported that the mobile app has numerous bugs and that the sign-up process is not straightforward. Further limitations include its restricted geographic availability, support for stablecoins only, and the requirement for manual conversion before spending.

Ultimately, while the COCA Card offers many attractive benefits, they do not come for free. The generous rewards are coupled with a significant platform dependency that contradicts the spirit of true self-custody. The card is best suited for crypto users who are willing to accept these risks—including vendor lock-in and potential software bugs—in exchange for high returns. Potential users must weigh the value of the rewards against the considerable trust required in a relatively new platform with a critical single point of failure for fund access.

Additional Information

Token Utility and Economics

The COCA token serves multiple functions within the ecosystem:

• Reward currency for cashback and referrals
• Staking asset to unlock higher tier benefits
• Governance token (veCOCA) for platform decisions
• Potential fee reduction token for certain services

The token's value is supported by its utility within the platform, with demand potentially driven by users seeking higher tier benefits. However, as with any crypto token, its market value can fluctuate based on broader market conditions, platform adoption, and token distribution schedules. Users should understand that while cashback rewards are generous, their ultimate value depends on the COCA token's market performance.

Card Usage Best Practices

To maximize the COCA Card experience:

• Pre-load sufficient funds before major purchases
• Use lower-fee networks (Polygon, BSC) for stablecoin transfers
• Set up Curve integration for contactless payments
• Keep ATM withdrawals under $200 monthly to avoid fees
• Monitor cashback rewards monthly to ensure proper crediting
• Maintain awareness that fiat loaded on the card is held by Wirex under e-money regulations

Loyalty Program Terms and Conditions

Tier Management

Users can upgrade tiers by staking the required COCA tokens. Tier upgrades take effect almost immediately upon successful staking. Users can cancel their tier at any time, but a 30-day cooldown period applies before they can upgrade again. During this period, users retain their current tier benefits, and staked COCA tokens are automatically returned after the cooldown ends.

Ineligible Transactions

Certain transaction types do not qualify for cashback, including:

• Cash-related transactions (ATM withdrawals, cash advances)
• Cryptocurrency purchases
• Gambling and betting transactions
• Government or judicial payments
• Refunded or canceled transactions
• Professional services and timeshares
• Transactions with specific excluded Merchant Category Codes (MCCs)

Early Adopter Offer

Valid through September 30, 2025:

• Free Standard Tier until February 28, 2026, for users holding at least 1 COCA token on September 1, 2025
• 50% discount on Premium and Elite Tiers until February 28, 2026, for users who complete at least one COCA card transaction in August 2025

For complete details on the Loyalty Program, including all terms, conditions, and limitations, users should refer to the official COCA documentation.