Y Combinator and Coinbase Venture Backed Cypher Protocol Unlocks On-Chain Payments and Rewards to the Mainstream

Cypher
SAN FRANCISCO, Oct. 08, 2025 (GLOBE NEWSWIRE) -- Cypher, founded in 2022, the on-chain payment and loyalty platform, officially launched its protocol's native token on October 5, 2025 at 9:00 UTC. The token immediately secured listings across major centralized and decentralized exchanges, including Binance Alpha, KuCoin, and Aerodrome Finance (Base’s leading DEX). The token started trending #1 on Dexscreener shortly after its launch on the Base network. These high-profile listings are intended to provide immediate liquidity and global accessibility for users, with more exchange partnerships anticipated in the coming weeks.

“Cypher is creating the WhatsApp moment for consumer financial apps. For too long, loyalty has been locked into expiring points and restricted programs. With Cypher, brands can deliver rewards directly on-chain, offering users ownership and seamless crypto spending,” said Kube, CEO of Cypher and former Risk Engineering Lead at Coinbase.

Backed By Leading Global Investors

Cypher is backed by investors including Y Combinator, Samsung Next, Coinbase Ventures, and angel investor Balaji Srinivasan. Their involvement underscores confidence in Cypher’s mission to transform payments and loyalty through blockchain-based infrastructure.

Cypher has attracted a community of more than 100,000 users across 120+ countries, reflecting demand for non-custodial, crypto-integrated payments that align with everyday spending habits.

Introducing The Cypher Card

Cypher

At the core of Cypher’s ecosystem is the Non-custodial wallet with Cypher Card, which has been live for over 3+ years and is specifically designed to facilitate everyday crypto and stablecoin spending.

Key features:

Non-custodial by design – Users can link any self-custodied wallets to use the card while maintaining ownership of their funds. Users topup their cards directly from their stablecoin balances (e.g., USDC, DAI), treating them like a digital dollar.
Multi-chain support and broader acceptance – Cypher Card can be used globally - anywhere Visa is accepted. Supports 15+ blockchain such as Ethereum, Solana, Hyperliquid, cosmos and so on..This enables users to spend their crypto and stablecoins from any supported chain seamlessly in the real world.
Instant digital card – Upon signup, users get instant access to virtual cards, with the option to get physical cards as well
On-chain rewards – Earn CYPR tokens with every purchase, with boosted rewards at selected merchants through Cypher protocol.
Enhanced controls – Users can lock/unlock their cards, adjust the spending limits in a few clicks, and set country-level restrictions.
Premium tier – offers an exclusive Metal Card with zero forex markup and higher monthly limits for a truly elevated experience

Market Opportunity

Globally, more than $1 trillion in loyalty value remains unredeemed, due to fragmentation, expirations and restrictions. Traditional credit card points, airline miles, and retail rewards are largely locked within centralized systems, limiting true consumer ownership. Cypher Protocol seeks to address this by combining real-world payments with blockchain-based incentives, Cypher turns everyday transactions into crypto-native engagement opportunities.

Cypher’s Flywheel: Maximizing rewards

The token is designed to power a robust rewards ecosystem, offering multiple avenues for users to earn and benefit.

For Cypher card holders:

Signup bonus rewards when signing up for the card
Earnings purchases made with the card
Extra rewards when shopping with top selected (voted) partner brands
Referral rewards for inviting new card users who complete at least 1 transaction

Users can sign up and issue a virtual card within a few minutes.

For token holders:

CYPR token can be locked to receive veCYPR
Users can vote for their favourite brands (like Amazon, Uber, etc.) to decide which ones receive new CYPR emission every 2 weeks, and earn USDC brand rewards (“bribes”) for their votes
Referral rewards when a referral signs up and completes their 1st transaction, as well as extra referral rewards for spending on the products of the brands a the referring user voted for

(Note: Referral codes are open to everyone, regardless of whether they hold a Cypher Card)

This incentive structure allows engaged card users and token holders to maximize their cashback. By actively using the card and participating in governance, users can potentially earn up to 35% cashback in rewards.

Cypr Token Utility

Cypher’s economic design is built around a Flywheel Effect, a self-reinforcing cycle that fuels long-term growth by aligning consumers, brands, and token holders.

This loop ensures that every transaction strengthens the ecosystem turning everyday spending into a powerful growth engine. Unlike traditional reward programs that rely on short-term incentives, Cypher’s model is sustainable, user-owned, and built to scale globally.

Cypher

The total supply is hard-capped at 1 billion tokens, designed to preserve long-term value. 8.5% of the total supply has been airdropped to early community users to promote broad adoption. 10% of the airdropped amount is automatically locked as veCYPR for 2 years to incentivize immediate participation in protocol governance (voting).

The total allocation for the Team and Investors are fully locked and inaccessible for the first year followed by a 3-year linear vesting schedule, ensuring long-term alignment with the success of the protocol.

About Cypher Protocol

Cypher Protocol envisions a financial future where users maintain control of their assets while merchants issue tokenized incentives natively on-chain. By leveraging the stability of stablecoins for payments, Cypher removes the primary barrier to mainstream crypto adoption.

“Cypher is about empowering consumers, brands, and merchants. We aim to make crypto not just an investment but a practical tool for everyday spending,” - Kube, CEO of Cypher.

About Cypher

Cypher is building the payments and loyalty infrastructure for the decentralized web. Backed by top-tier investors including Y Combinator and Coinbase Ventures, Cypher is pioneering a seamless and secure method for global crypto and stablecoin spending through the Cypher Card. By tokenizing consumer loyalty with its native asset, Cypher enables users to earn and govern their rewards on-chain, effectively transforming the traditional $1 Trillion loyalty market into a transparent, user-owned economy. The company is committed to bringing institutional-grade security and mainstream usability to decentralized finance.

The official token contract address on Base mainnet is
https://basescan.org/token/0xd262a4c7108c8139b2b189758e8d17c3dfc91a38
Please note that the token is listed only on Base network.

Website: https://cypherhq.io
Twitter/X: @Cypher_HQ_
Cypher protocol: https://cypherhq.io/cypr/
Discord: https://discord.gg/Gem44QqRYJ

Media Contacts:
Kuberan Marimuthu (Kube)
Founder/CEO, Cypher
kube@cypherhq.io

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