I would imagine you are correct. The real issue is around money transmitter licenses at the Federal level, State level and the new Bit Licenses at the more regional level. I remember reading once t would cost $25 million in regulatory fees and compliance costs just to get those licenses.

Personally, I don't think an ecosystem of about 200,000 is large or a mature enough market to support a credit card yet. Just need deep pockets to carry the company until such time.