THORWallet MasterCard Debit Card: Non-Custodial Crypto Spending with Swiss Banking

Basic Information

THORWallet Card represents a bridge between decentralized finance and traditional banking, combining a Swiss-based IBAN bank account with a globally accepted MasterCard. The card's primary distinction is its non-custodial approach, allowing users to maintain control of their crypto assets until the moment of conversion for spending.

The card operates through a partnership with Fiat24, a FINMA-licensed Swiss fintech providing the underlying banking infrastructure. This enables users to spend their digital assets in everyday transactions while benefiting from the security and reliability of the Swiss banking system.

Rewards and Benefits

Cashback Structure

The $TITN token (launched May 23, 2025) functions as a Cashback Application Token (CBAT). The current rewards program includes:

• USDC cashback on DeFi swaps within the app (funded from 50% of protocol fees)
• Card-spend cashback scheduled to launch in Q3 2025
• Tiered cashback multipliers based on card level (Standard, Gold, Platinum)

Welcome Bonuses

New users receive:

• $10 worth of $TITN tokens upon completing KYC verification
• Additional $15 in $TITN after first card top-up of at least €50
• Total welcome rewards: $25 in $TITN tokens

Additional Benefits

• Referral Program: 20% commission on card-related fees for Gold and Platinum users
• Staking Benefits: Optional $TITN staking provides USDC yield rewards and swap fee rebates
• Banking Features: Free Swiss IBAN account with multi-currency support (CHF, EUR, USD, CNY)
• Fee Advantages: Higher tier users receive significantly lower conversion fees (Gold: 0.5%, Platinum: 0.25% vs. Standard: 1%)

Fees and Limits

Spending and Transfer Limits

Note: Users in certain higher-risk countries are limited to $1,000 per month on the Standard tier.

Card Tiers and Options

All tiers include access to a Swiss IBAN account with multi-currency support (CHF, EUR, USD, CNY) and no monthly maintenance fees. The virtual MasterCard can be added to mobile wallets for contactless payments and online purchases.

Top-Up Methods

Users must pre-load the THORWallet Card by manually converting supported cryptocurrencies—USDC, USDT, or ETH (on Arbitrum)—to fiat (CHF, EUR, USD, or CNY) within the THORWallet app before spending. This process moves funds from the user's self-custody crypto wallet to the platform's custodial fiat account, with custody of funds transferred to the card provider once converted. Crypto is converted to fiat at market rates with a conversion fee of 1% (Standard), 0.5% (Gold), or 0.25% (Platinum), plus a typical ~0.75% market spread, and funds are available instantly after conversion. Pre-loading is required—on-demand spending from crypto is not supported, and usage is limited by daily and monthly caps based on card tier (e.g., $10,000/day and $20,000/month for Standard). Top-ups are completed through the mobile app, with no physical card or ATM withdrawals currently available, and users must ensure sufficient fiat balance in the relevant currency before making purchases.

Self-Custody Hybrid Custody

The THORWallet Card uses a hybrid custody model where users keep full control of their crypto assets and private keys until they choose to convert funds for card spending. When ready to spend, users manually convert supported cryptocurrencies (like USDC, USDT, or ETH) into a fiat balance, which is then held by the Swiss-based card issuer under strict banking regulations. This means your crypto remains non-custodial until you decide to top up, but once converted, the fiat is custodial and managed by the provider. If the card provider ceased operations, unconverted crypto would remain fully accessible to you, while any fiat balance could be subject to banking processes or claims. This approach offers strong self-custody up to the point of spending, but users should be aware that fiat funds are no longer under their independent control after conversion. The model balances flexibility and security, but requires planning ahead for large purchases and exposes fiat balances to traditional banking risks.

Supported Currencies and Conversion

Cryptocurrencies

THORWallet Card directly supports three cryptocurrencies for top-ups:

• USDC (on Arbitrum)
• USDT (on Arbitrum)
• ETH (on Arbitrum)

Other cryptocurrencies can be swapped within the app to these supported assets before topping up the card.

Fiat Currencies

The account supports four fiat currencies:

• Swiss Franc (CHF)
• Euro (EUR)
• US Dollar (USD)
• Chinese Yuan (CNY/Renminbi)

Conversion Process

• Manual conversion required before spending (no auto-conversion at point of sale)
• Instant settlement once confirmed with funds immediately available
• Card automatically uses the relevant currency balance for transactions
• Market rates applied with tier-based conversion fees (Standard: 1%, Gold: 0.5%, Platinum: 0.25%)

Geographic Availability

THORWallet Card is available in over 100 countries worldwide, with varying levels of access:

Standard Availability (Higher Limits)

Available across most of Europe, Asia-Pacific, and select other regions including:

Australia, Austria, Belgium, Brazil, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan, Republic of Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Réunion, Romania, Singapore, Slovakia, Slovenia, Spain, Svalbard & Jan Mayen, Sweden, Switzerland, Taiwan, United Kingdom, Åland Islands.

Restricted Availability (Lower Limits)

Users in these countries are limited to $1,000 monthly cap on the Standard tier:

Andorra, Argentina, Armenia, Costa Rica, Dominica, Dominican Republic, Malaysia, Mexico, North Macedonia, Turkey, Uruguay, Bangladesh, Chile, Colombia, Georgia, India, Indonesia, Peru, San Marino, Thailand.

Excluded Regions

The card is not available in:

• United States
• Russia
• Belarus
• Iran
• North Korea
• Other sanctioned jurisdictions

Compliance and Security

Regulatory Framework

• Operates under Swiss FINMA FinTech license held by Fiat24
• Complies with Swiss and international AML laws
• Full KYC required, including government-issued ID and proof of address

Custody Model

THORWallet employs a hybrid custody approach:

• Non-custodial for crypto: Users retain private keys until conversion
• Custodial for fiat: Funds held at Swiss National Bank as 100% reserve

Security Features

• Two-factor authentication
• Biometric locks
• Instant card freeze/unfreeze
• 3-D Secure for online purchases
• AML monitoring and transaction screening

Security Audits

• Completed Code4rena public audit (February 20-26, 2025)
• All high-impact issues patched and verified by March 2025
• Multisig/TSS components audited by Kudelski Security
• Audit reports publicly published in April 2025

Technical Details

Conversion Mechanics

THORWallet Card requires manual conversion of crypto to fiat before spending:

1. User initiates conversion from supported crypto (USDC, USDT, ETH) to fiat
2. Conversion executes at market rate plus applicable fee (0.25%-1% based on tier)
3. Converted funds are instantly available in the user's fiat balance
4. Card transactions draw from the appropriate currency balance automatically
5. For cross-currency transactions, additional FX fees apply if the transaction currency differs from available balances

Security Implementation

THORWallet employs a multi-layered security approach:

• Smart Contract Security: Code4rena public audit identified and resolved all high-impact vulnerabilities
• Key Management: Multisignature and threshold signature scheme (TSS) components leverage audited open-source libraries
• Fiat Protection: User fiat funds held directly at the Swiss National Bank
• Transaction Security: Standard MasterCard protections including 3D Secure and fraud monitoring
• Access Controls: Two-factor authentication, biometric verification, and session timeouts

User Experience

Mobile App

• Available on iOS and Android with high user ratings (~4.7/5)
• Integrated DeFi wallet, exchange, and banking features
• Primarily English interface with some German language support

Support Channels

• Discord server
• Telegram group
• Email support
• Twitter/X

User Feedback

• Positive: App design, customer service, non-custodial philosophy
• Critical: Lack of physical cards, absence of immediate card-spend cashback
• Technical Reliability: Good reliability with no significant reports of downtime or transaction failures

Onboarding Process

• KYC verification generally quick and straightforward
• Most users receive approval within minutes to hours
• Card issuance is instant after KYC approval (Standard) or fee payment (Gold/Platinum)

Best Suited For

• DeFi Power Users who actively participate in decentralized finance and value self-custody of their crypto assets
• International Travelers who need multi-currency support and global spending capabilities without excessive FX fees
• High-Volume Crypto Spenders who can benefit from the lower conversion fees of premium tiers and high transaction limits
• Privacy-Conscious Users who prefer the Swiss banking system's stronger protections and regulatory framework
• Crypto Enthusiasts seeking an all-in-one solution that bridges their digital assets with real-world spending

Pros and Cons

Pros

• Non-custodial approach preserves crypto self-custody until conversion
• Swiss banking infrastructure provides exceptional security and reliability
• No monthly or annual maintenance fees across all tiers
• High spending and transfer limits, especially for premium tiers
• Competitive conversion fees for Gold (0.5%) and Platinum (0.25%) tiers

Cons

• Currently virtual card only with no physical card option
• Card-spend cashback not launching until Q3 2025
• Significant upfront costs for Gold (1.5 ETH) and Platinum (15 ETH) tiers
• Limited to three cryptocurrencies for direct top-up
• Not available in the United States and several other jurisdictions

Conclusion

The THORWallet Card represents a significant innovation in the crypto-banking space, offering a unique blend of decentralized finance principles with traditional banking infrastructure. Its standout features include the non-custodial approach to crypto management, the Swiss IBAN account with multi-currency support, and the high transaction limits available to premium tier users.

The card differentiates itself through its commitment to user control over crypto assets while providing seamless integration with traditional payment systems. The integration with THORWallet's comprehensive DeFi platform creates a cohesive experience for users looking to manage both their crypto investments and everyday spending in one application.

However, the current absence of physical cards and delayed implementation of card-spend cashback are notable limitations. Additionally, the significant upfront costs for Gold and Platinum tiers may be prohibitive for many users, though these can potentially be offset by the lower conversion fees for high-volume users.

From a fee perspective, while the Standard tier's conversion costs are competitive but not exceptional, the Gold and Platinum rates are among the lowest in the industry. When the promised cashback program fully launches in Q3 2025, these fees could be effectively offset by rewards, potentially making THORWallet Card one of the more cost-effective options for crypto spending.

Overall, THORWallet Card is best suited for crypto enthusiasts who prioritize self-custody, appreciate Swiss banking security, and actively use DeFi applications. As the platform continues to develop and implement planned features like card-spend cashback, its value proposition is likely to strengthen further.

Additional Information

Upcoming Features

THORWallet has announced several planned enhancements to their card offering:

• Card-Spend Cashback: Launch of card-spend cashback rewards in Q3 2025, with tier-based multipliers
• Physical Cards: Potential introduction of physical cards (no confirmed timeline)
• Enhanced Rewards: Further development of the $TITN token ecosystem with additional benefits for cardholders

Card Usage Workarounds

Users can optimize their THORWallet Card experience with these strategies:

• Pre-Loading Strategy: Convert crypto to fiat in advance of planned large purchases
• Currency Management: Hold balances in multiple currencies to avoid FX fees when traveling
• Mobile Payment Backup: Have a secondary payment method available for merchants that don't accept mobile payments
• Declined Transaction Solutions: Ensure sufficient balance in the specific currency of purchase; contact support via Discord for immediate assistance

TITN Token Ecosystem

The recently launched $TITN token (May 23, 2025) serves as the cornerstone of THORWallet's reward system:

• Current Implementation: TITN holders receive USDC cashback on DeFi swaps within the wallet, funded by 50% of protocol fees
• Upcoming Card Integration: When card-spend cashback launches in Q3 2025, TITN will function as a Cashback Application Token (CBAT)
• Ecosystem Benefits: Beyond cashback, TITN staking provides additional benefits including USDC yield rewards and reduced swap fees
• Token Utility: Creates a loyalty mechanism that incentivizes continued platform usage while potentially offsetting conversion fees through rewards