Mantle, one of the top players in the crypto industry, has launched UR, a neobank that runs entirely on the blockchain.
The new bank will enable customers to spend, save, and invest across the traditional markets and in crypto assets.
It also offers a Swiss-backed multi-currency account and a debit card, allowing users to hold both fiat and stablecoins simultaneously.
Multi-currency accounts have become highly popular in the past few years, with the most popular one being offered by Wise, a London-based fintech giant. Other firms offering these services are Revolut, Payoneer, and Airwallex. UR’s supported currencies will be EUR, USD, CHF, and RMB.
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UR users will be able to spend money globally due to its partnership with Mastercard, the second-largest payment processor globally after Visa. In a statement, Timothy Chen, the Global Head of Strategy at Mantle, said:
“UR is a foundational step toward closing the gap between on-chain capital and everyday financial utility. By integrating identity, custody, and multi-asset spending into a single system, we’re not just building a crypto neobank but prototyping what the next generation of financial institutions should look like: accessible, programmable, and composable by design.”
UR supports Ethereum and Arbitrum, the second-biggest layer-2 network in the crypto industry. It will then expand to Base and Mantle networks in the coming months.
UR enters a highly competitive industry, where the number of neobanks has increased significantly in recent years. Nubank, the biggest neobank globally, has a market cap of over $59 billion.
Revolut has a valuation of $45 billion, while Chime, which recently launched its initial public offering (IPO), is valued at over $12 billion. Most of these neobanks are working to incorporate blockchain technology into their operations.
Mantle, formerly known as BitDAO, is a popular name in the crypto industry with a total value locked (TVL) of over $305 million and a bridged TVL of $1.25 billion. It also has a stablecoin market capitalization of over $500 million.
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