Crypto Neobank:- In a first of its kind, the Ethereum Layer-2 network Mantle has debuted the first crypto Neobank on Wednesday. Named as UR, the Mantle-backed Neobank “runs entirely on blockchain.”
A crypto neobank combines the service set of a traditional neobank with the on‑ and off‑chain rails of crypto and decentralized finance (DeFi). In practice, it allows users to have a one unified Fiat + Crypto Accounts where they can hold, send, and receive fiat currencies alongside crypto assets. Thus, Mantle is calling its neobank UR as the significant step in bridging Defi and TradeFi.
Introducing UR.
A neobank that runs entirely on the blockchain. The first of its kind to help users spend, save and invest across fiat and crypto finances in one unified account.
Swiss-backed multi-currency account + @Mastercard debit card — crypto for real life is here. pic.twitter.com/UDXqyUJ46t
— UR (@URNeobank) June 18, 2025
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Mantle’s Crypto NeoBank – UR
Though there are several crypto‑friendly neobanks and banking apps today, fully on‑chain “neobanks” are still emerging. Mantle’s UR, pronounced as “You Are”, comes as a strong pioneer in the industry.
Mantle’s UR allows users to open Swiss IVAN accounts to begin spending or saving in their Crypto or fiat finances. The currencies it supports include EUR, CHF, USD, and RMB, backed 1:1 by tokenized deposits under a Swiss banking license. It currently makes fund transfers using SWIFT, SEPA, and Ethereum, however, in near future, it aims to shift to Base and Mantle NeTwork.
Besides providing spending or saving services, there are other expected services to be rolled out too. By 2025, UR will include foreign exchange, fiat-to-crypto on ramps, yielding and lending tools as well.
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From L2 Protocol to Banking Chain
Mantle’s UR is a blockchain‑native bank which implies that every account, card transaction, and future lending or yield strategy will live on the Mantle Layer‑2. According to the official announcement, it will soon evolve into a full‑fledged banking chain.
Thus, as a banking chain, Mantle will turn into a purpose‑built blockchain whose core protocol and modules are designed to handle traditional banking functions directly on‑chain, rather than as bolt‑on applications. Its current launch is open only to early contributors’ access, with full public access scheduled for Q3 2025.
Crypto NeoBanks Have a Huge Rate of Success
Crypto‑friendly neobanks and banking apps today have crypto services just as “add-ons” and are not specifically built for them. For example, Revolut, a digital‑only challenger bank with integrated crypto trading. This is same for the European neobank N26 which has added a first‑party “Crypto” tab.
While “pure” on‑chain neobanks such as Mantle’s UR are just arriving, roughly 10 % of existing neobank customers actively use crypto features today. Leading player Revolut have added 15 million new customers in 2024 alone to reach 52.5 M total. According to Revolut’s full‑year 2024 results, nearly 9 million of them are trading or holding crypto balances.
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The existing neobank market is somewhere vailued at $100 billion valuation with year‑over‑year user growth of 50 %.
Thus, if fully on‑chain neobanks can capture even a fraction of the next 15 million annual user additions, they can soon turn into mainstream financial services.
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Sneha Agrawal 
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