Crypto Wallets Challenge Neobanks, Redefining Modern Banking
Messari: Crypto wallets are positioning to compete directly with neobanks
New research from Messari argues that the next phase of “crypto neobanks” will look less like traditional fintech apps with blockchain features, and more like an attempt to rebuild core banking functions directly onchain.
Rather than relying on established payment rails and simply offering a familiar interface, Messari says these products are moving toward onchain spending and borrowing as foundational services. In that model, the wallet is not just a place to store assets, but the primary access point for everyday financial activity.
The shift matters because it reframes what a crypto wallet is meant to be. If spending and credit can be delivered onchain, the wallet becomes closer to a bank account in function, potentially reducing dependence on intermediaries that sit between users and their funds.
Messari’s framing aligns with a broader industry push to merge custody, payments, and account-like features into a single product experience. The research suggests the goal is not to recreate banking on top of crypto, but to replicate key banking utilities within crypto-native infrastructure.
One example cited is Trustee Plus, described as a licensed European platform that combines secure storage with neobanking-style functions. The approach reflects the idea that, by 2026, the distinction between a bank account and a crypto wallet could narrow significantly as these products converge in capabilities.
