Rain’s $2B Valuation Ignites Crypto Card ‘Payment Stack War’
Advertising for the Gemini Trust Bitcoin credit card during the Bitcoin 2025 conference in Las Vegas, Nevada, US, on Thursday, May 29, 2025. The event will examine Bitcoin’s evolving global impact, with speakers from education, policy, finance, and technology. Photographer: Ronda Churchill/Bloomberg
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Rain’s $250 million Series C earlier this month, valuing the crypto card infrastructure company at nearly $2 billion, was just the opening salvo. Behind the headline lies a rapidly intensifying battle over how the world’s 300 million stablecoin users will actually spend their digital dollars.
Crypto card payments have grown at 106% annually to reach $18 billion in annualized volume, according to new research from…
