Kolo Card

Kolo Mastercard Prepaid Debit Card: Crypto-to-Fiat Spending Solution

Basic Information

Kolo Card bridges the gap between digital assets and everyday spending, allowing users to spend cryptocurrencies directly at merchants accepting Visa worldwide. The platform combines a crypto wallet with a global payment card, creating an all-in-one solution for buying, selling, and spending crypto in daily life with real-time conversion at the point of sale.

Rewards and Benefits

Promotional Programs

Kolo currently offers promotional rewards rather than a structured tiered cashback system:

• Limited-Time Promotion: "Apply within 7 days & get 100% cashback on a random transaction"
• Referral System: Multi-level referral program allowing users to invite others via Telegram bot or link
• Early Adopter Benefits: Early users eligible for KOLO token airdrops at Token Generation Event (TGE)
• Co-branded Cards: Special editions for crypto communities
• Unique "Memepay" Feature: Allows direct spending of memecoins like PEPE without manual conversion

Note: Kolo does not currently publish a structured tiered cashback system (Standard/Gold/Platinum) on their official materials. Any such information found elsewhere should be treated as unverified.

Fees and Limits

Important Notes:

• Kolo may update, add, or change fees with 30 days' notice via account notification, updated terms, or website
• Dynamic spending limits can be modified at any time, including temporary increases/decreases
• Authorizations at merchants where final amounts are unknown may place higher/lower holds until charges clear
• Cash advances and balance transfers are not available

Card Tiers and Options

Kolo currently offers two main card variants rather than traditional tiered plans:

Both card options include the fundamental features of crypto-to-fiat spending, mobile wallet integration, and access to the Kolo platform's core functionality. The primary difference is the availability of physical cards with the KOLO Debit Card option.

Top-Up Methods

Kolo Card does not require traditional pre-loading or manual top-ups; instead, users can spend supported cryptocurrencies (BTC, ETH, USDT, USDC, PEPE, and many more) directly from their Kolo wallet, with automatic real-time conversion to local fiat currency at the point of sale. Funds are drawn from the user's wallet within the Kolo app or Telegram mini-app, and the platform's "Swap by Kolo" engine ensures the best exchange rate, applying a conversion fee of up to 1% (reduced or zero for higher tiers). There are no top-up/deposit fees, no minimum or maximum top-up amounts, and no waiting periods, as settlement occurs instantly when making a purchase. This process requires assets to be held in Kolo's custodial wallet prior to spending, meaning users must transfer funds from their self-custody or external wallets to Kolo before use. Top-up and spending are managed via the Kolo app, web portal, or Telegram bot, with new mobile apps planned for Q4 2025.

Self-Custody Hybrid Custody

Kolo Card uses a hybrid custody model where users can choose between custodial and (in the future) self-custodial wallet options, but current card spending relies on transferring crypto to a platform-controlled wallet for conversion and settlement. Users maintain full control over their assets until they fund their card, at which point the selected crypto is converted to fiat and held by Kolo for spending. This arrangement allows for easy, real-time crypto-to-fiat transactions at any Mastercard merchant, but means that once funds are loaded onto the card, users no longer hold the private keys for those assets. If Kolo were to cease operations, any assets held in the platform wallet or as fiat balances could be at risk, as users would not have independent access to those funds. The model offers convenience and broad crypto support, but users should be aware of the tradeoff between ease of use and retaining full, independent control over their assets. Future plans for non-custodial card spending may shift this balance, but for now, some custody transfer is required for card usage.

Supported Currencies and Conversion

Cryptocurrency Support

Kolo explicitly supports the following cryptocurrencies:

• Major Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)
• Stablecoins: Tether (USDT), USD Coin (USDC), Euro Coin (EURC)
• Popular Altcoins: Dogecoin (DOGE), Arbitrum (ARB), TRON (TRX)
• Memecoins: Pepe (PEPE)

Supported Blockchain Networks (as defined in official terms):

• Ethereum
• Polygon
• Optimism
• Arbitrum
• Additional networks may be added at issuer's discretion

The platform also states support for "any crypto you hold" and allows users to "refill with favourite memecoins & stablecoins," indicating broader support beyond the explicitly named cryptocurrencies.

Fiat Currency Support

Kolo supports the following fiat currencies for top-ups and spending:

• EUR (Euro)
• USD (US Dollar)

Foreign Exchange Conversion: For foreign-currency transactions, Visa converts to USD using its processing-date rate (wholesale-market rate range or government rate). The rate may differ from transaction/posting date, and merchants may perform their own conversion (Dynamic Currency Conversion).

Geographic Availability

Kolo Card is available in 170+ countries worldwide. The complete list is maintained on their dynamic Countries page at kolo.xyz/countries.

Permanently Restricted Countries: Crimea, Cuba, Donetsk, Iran, Luhansk, North Korea, Russia, Syria, plus any jurisdiction where Kolo may have restricted use due to regulatory requirements.

Important Eligibility Requirements:

• Users must not be United States citizens
• Card is intended for those outside the U.S.
• Users must complete KYC verification and reside in one of the supported countries

Kolo continues to expand availability globally within the 170+ country framework.

Compliance and Security

KYC Requirements

• Mandatory Verification: All users must complete KYC verification to activate cards and enable swaps/off-ramps
• Documentation: Government-issued ID and live selfie required
• Process: Streamlined 1-minute verification via Sumsub
• Regulatory Structure: Multi-entity operation with Hardline Holding Ltd (Kazakhstan) and Cryppo UAB (Lithuania)

Security Features

• Encryption: Strong encryption protocols for data protection
• Two-Factor Authentication (2FA): Additional layer of account security
• Fraud Shield: Real-time AML/risk checks on all transactions
• Biometric Locks: Support for fingerprint/facial recognition
• AML Screening: All transactions are AML-screened for compliance
• Transaction Controls: Issuer may deny transactions for risk, fraud, or policy reasons

Regulatory Framework

• Primary License: Hardline Holding Limited is registered at the Astana International Financial Centre (AIFC) with FinTech Lab Participant status pending approval (ID AFSA-G-LA-2024-0011)
• Testing Regime: Services operate within a "testing regulatory regime" with AFSA waiver acknowledgement
• Card Issuance: Partnership with Third National as the official card issuer
• Compliance Standards: MiCA-ready and Travel Rule aligned
• Multi-jurisdictional Approach: Structured to ensure regulatory compliance across various jurisdictions

Transaction Restrictions: Cash-like transactions may be limited or blocked, including:

• Purchasing cryptocurrency
• Foreign currency purchases
• Money orders and wire transfers
• Lottery and gaming transactions
• Peer-to-peer account funding
• Certain third-party bill payments

Technical Details

Conversion Mechanics

• Real-time Conversion: Automatic conversion of crypto to fiat at point of sale
• Rate Aggregation: "Swap by Kolo" aggregates rates from multiple sources:
  • Centralized exchanges (CEXs)
  • Decentralized exchanges (DEXs)
  • Various liquidity providers
• Optimization Technology: AI-based routing system to secure the best price
• Settlement: Real-time conversion and settlement without delays
• Fee Transparency: 1% base fee plus network/banking costs shown at checkout
• Stablecoin Benefits: 0% mark-ups on USDT, USDC, EURC conversions
• FX Processing: Visa network handles foreign currency conversion using processing-date rates

Platform Infrastructure

• Mobile Apps: Native iOS and Android apps available via Apple App Store and Google Play
• Telegram Integration: Telegram mini-app for additional access
• Web Access: Account management via my.kolo.in portal and kolo.xyz
• Security Infrastructure: Robust cryptographic security with multi-signature technology
• Blockchain Support: Hybrid wallet supporting Ethereum, Polygon, Optimism, Arbitrum, and additional networks

Custody Model

• User Ownership: Title to digital assets remains with the client
• Private Keys: Kolo does not keep or control users' private keys
• Non-Custodial Stance: Users maintain control over their wallet keys
• Asset Protection: User funds segregated from operational capital
• Security Measures: Multi-signature technology and industry-standard encryption

User Experience

Kolo's user interface is designed to be intuitive and accessible, even for those new to crypto:

• Access Methods: Native mobile apps, Telegram mini-app, and web portal
• Interface Design: Simple, straightforward design focused on essential functions
• Core Functions: Quick in-app swaps, straightforward card management, and real-time conversion
• Banking Integration: Send to Revolut, Wise, N26, or any SEPA bank from crypto
• Support Options: Telegram support chat and standard contact methods
• KYC Process: Streamlined 1-minute KYC via Sumsub

Transaction Experience:

• Pre-authorization holds may be placed at merchants where final amounts are unknown
• Dynamic spending limits provide flexibility but can be adjusted without notice
• Real-time conversion ensures seamless point-of-sale transactions

User feedback has generally been positive regarding ease of use, transparent fee structure, and competitive exchange rates. The platform's integration with familiar payment systems like Apple Pay and Google Pay enhances the user experience by allowing seamless mobile payments.

Best Suited For

• Non-U.S. Citizens seeking simple, KYC'd, Apple/Google Pay-ready way to spend crypto globally
• Mobile-First Users who value tap-to-pay convenience and real-time conversion
• International Users in 170+ supported countries who benefit from global Visa acceptance
• Memecoin Investors who want to derive practical utility from typically speculative assets
• Privacy-Conscious Individuals who prefer non-custodial crypto solutions
• Users Abroad making US payments while living internationally
• Regular Spenders who can avoid the $1 monthly maintenance fee through consistent card usage

Pros and Cons

Pros

• Transparent fee structure with published rates for all major fees
• Low monthly maintenance fee ($0 with monthly use, only $1 if unused for 2 months)
• Real-time crypto-to-fiat conversion at point of sale
• Unique support for memecoins through the "Memepay" feature
• 0% mark-ups on major stablecoins (USDT, USDC, EURC)
• Broad geographic coverage (170+ countries)
• Non-custodial approach (users retain private keys and asset ownership)
• MiCA-ready and Travel Rule aligned compliance
• 0% APR and 0% interest on purchases
• No cross-border fees

Cons

• Operating under testing regulatory regime with pending license approval
• Not available to United States citizens
• Dynamic spending limits that can be reduced to $0 without notice
• Cash-like transactions restricted (crypto purchases, money orders, P2P funding)
• No structured ongoing cashback program (only promotional offers)
• ATM withdrawal fees (1.2% + $0.50) higher than some competitors
• Limited fiat currency support (EUR and USD only)
• Card issuance fee of $10

Conclusion

Kolo Card represents a comprehensive crypto-to-fiat solution that successfully bridges the crypto world with everyday spending convenience. Its transparent fee structure, published in official card terms, provides clarity that was previously missing from the crypto card market. The low maintenance fee structure ($0 with monthly use) and 0% APR make it financially attractive for regular users.

What truly distinguishes Kolo is its non-custodial approach, broad geographic coverage (170+ countries), and support for memecoins, addressing previously underserved segments of the crypto market. The platform's emphasis on mobile-first user experience with Apple Pay and Google Pay integration, combined with MiCA-ready compliance, positions it well for mainstream adoption.

While Kolo operates under a testing regulatory regime and has some restrictions (no U.S. citizens, dynamic limits, cash-like transaction restrictions), it offers a compelling solution for eligible users who want simple, tap-to-pay convenience for spending crypto globally. The official fee disclosure and clear terms provide the transparency that crypto users have long sought in payment solutions.

For non-U.S. citizens in available regions who want to leverage their crypto holdings in daily life without hassle, Kolo offers a compelling solution that effectively legitimizes cryptocurrencies, including memecoins, in everyday commerce while maintaining user control over their assets. The combination of transparent fees, broad acceptance, and innovative features makes it a strong contender in the evolving crypto payment landscape.

Additional Information

Company Background

Kolo operates through a multi-entity structure to ensure regulatory compliance across various jurisdictions:

• Hardline Holding Limited: Kazakhstan-based entity registered at the Astana International Financial Centre (AIFC) with FinTech Lab Participant status
• Cryppo UAB: Lithuania-based entity providing wallet, ramps, and swap services
• Third National: Official card issuer for the Visa program
• Card Partners: Collaboration with Raincards Ltd (UK) and Quicko sp. z o.o. for additional card infrastructure

The platform has secured backing from Binance Labs and operates under a testing regulatory regime, indicating both industry support and regulatory engagement. The AFSA public register shows the FinTech Lab status as pending approval, reflecting the evolving nature of crypto-financial services regulation.

Upcoming Features

While Kolo has delivered core functionality including native mobile apps and real-time conversion, the platform continues to evolve:

• Enhanced Banking Features: Expanded SEPA integration and additional fiat currency support
• Regulatory Progression: Moving from testing regime to full regulatory approval
• Network Expansion: Additional blockchain network support beyond the current confirmed networks
• Geographic Expansion: Continued rollout to additional countries within the 170+ target
• Fee Structure Evolution: Kolo reserves the right to introduce interest rates and modify fees with 30 days' notice

These developments indicate Kolo's commitment to evolving into a comprehensive crypto-banking alternative while maintaining the benefits of crypto-native solutions and user asset control.