Mycelium

What Mycelium does

Mycelium is a private Bitcoin and blockchain infrastructure company founded in 2008 and organized under Mycelium Holding LTD, a Cyprus-domiciled holding, with operational headquarters in San Francisco, California and a regional entity (Mycelium SIA) in Riga, Latvia. The company operates a multi-product platform anchored in the self-custody Mycelium Wallet — a mobile Bitcoin and Ethereum/ERC-20 wallet featuring BIP32 HD key generation, ECDSA 256-bit signing, SHA-256/AES encryption, reproducible open-source builds, SegWit, TOR support, and direct pairing with Trezor, Ledger, and KeepKey hardware wallets. Complementary products include Mycelium Entropy (a USB hardware random number generator for cold-storage paper wallets), Mycelium Gear (a non-custodial Bitcoin payment processing API/SDK with hosted checkout and a 0.5% transaction fee), Mycelium Card (a blockchain-based smart-card payment network targeting banks as issuers at 20,000+ card minimums), Mycelium Shop (a crypto-funded gift card marketplace spanning the Americas, Europe, Africa, and Asia), and Mycelium Swish (a hybrid fiat/digital merchant payment system). In 2016 the company also distributed a security token representing 5% non-dilutable Stock Appreciation Rights in the Wallet project, originally issued as Bitcoin colored coins and later converted to ERC-20.

The company monetizes primarily through transaction fees on Gear (0.5% after a 0.1 BTC free monthly threshold) and Card (0.1% of the 1% total merchant fee), supplemented by issuer setup and onboarding fees on Card (~$50,000 minimum deployment, ~$1 per existing user, $50 per card user, $100 per venue), direct-to-consumer hardware sales of Entropy and Card/POS devices, and an affiliate stream on Shop gift cards via giftbit.com. Go-to-market motions are highly segmented: product-led growth and APK/Google Play distribution for the consumer wallet, self-serve API onboarding for SMB merchants on Gear, and an application-based enterprise sales motion targeting banks and financial institutions for the Card product. Over 5,000 customers are disclosed as using Gear, but no named enterprise logos, post-2018 funding, or revenue figures are publicly available, leaving the commercial scale of the Card and issuer businesses opaque to outside observers.

Name

Mycelium

Legal name

Mycelium Holding LTD

Website

https://mycelium.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Mycelium is a private Bitcoin infrastructure company (founded 2008) that operates a self-custody mobile wallet, a non-custodial merchant payment processor (Gear), a blockchain-based card payment network (Card), and hardware/entropy products, serving retail crypto users, online merchants, and issuing banks.

Ownership category

akta.pro rank

Product category

Cryptocurrency Wallet and Payment Infrastructure

NAICS

Credit Card Issuing (522210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)

akta.pro secondary industry

Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid) (FSADAIAC)

Keywords

• Bitcoin wallet software
• Cryptocurrency payment processing
• Blockchain payment network
• Hardware cold storage
• Crypto gift cards

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Supply Chain, Infrastructure, Operations

Revenue model

1. Mycelium Gear Transaction Fees: Usage-based transaction fee on Bitcoin payment processing volume via the Gear API/hosted checkout. Free up to 0.1 BTC/month for Startup tier; 0.5% per transaction for Business tier; custom for Enterprise tier (>$500k monthly volume).
2. Mycelium Card Issuer Fees: Revenue share on payment card transactions: 1% total merchant fee split as 0.9% to the issuing bank and 0.1% to Mycelium. Plus deployment/setup fees from issuing banks.
3. Mycelium Card Venue/User Onboarding Fees: One-time/transactional onboarding charges from issuers: ~$1 per existing user, $50 per card user, and $100 per venue for venue onboarding.
4. Mycelium Entropy Hardware Sales: Direct-to-consumer hardware sales of the Entropy USB hardware random number generator used for cold-storage key generation, available on Amazon and via Mycelium.
5. Mycelium Card POS Hardware Sales: Sale of point-of-sale hardware (~$100 range) and Mycelium Card units (~$50 range) to merchants and end users.
6. Gear Startup Freemium Tier: Free-tier onboarding (no charge) for merchants processing up to 0.1 BTC/month through Gear, designed to land-and-expand into paid Business/Enterprise tiers.
7. Mycelium Shop (Gift Cards): Affiliate/referral revenue stream where Mycelium earns a share of purchases when users buy gift cards (powered by giftbit.com) through the Mycelium wallet.

Pricing tiers

Go-to-market motion5 records

Distribution channels6 records

Marketing channels7 records

Core offering

Mycelium operates a multi-component Bitcoin and blockchain ecosystem anchored by its self-custody mobile Bitcoin/Ethereum wallet (Mycelium Wallet), complemented by a hardware USB entropy device (Mycelium Entropy), a non-custodial Bitcoin payment processor with REST API and hosted checkout (Mycelium Gear), a blockchain-based smart-card payment network for issuers and merchants (Mycelium Card), a crypto gift card marketplace (Mycelium Shop), and a multi-asset merchant ordering/payment system (Mycelium Swish). The combined offering enables self-custody, low-cost Bitcoin acceptance, and infrastructure-light card payments for consumers, merchants, and financial institutions.

Product overview

Mycelium operates a multi-component blockchain ecosystem rather than a single product, organized as a platform-plus-modules architecture anchored in the Bitcoin space. The core product is the Mycelium Wallet, a self-custody mobile Bitcoin/Ethereum wallet, which is complemented by Mycelium Entropy (a hardware USB device for paper-wallet generation), Mycelium Gear (a non-custodial Bitcoin payment processor with a REST API and hosted widget/page products), the Mycelium Card network (a blockchain-based smart-card payment system with merchant hubs), Mycelium Shop (a crypto gift-card marketplace), Mycelium Swish (a merchant ordering and payment system accepting fiat, digital cash, and digital assets), and the Mycelium Token (a security token representing Stock Appreciation Rights in the Wallet project).

Differentiator

Problem solved

Functional benefit

Brands

• Mycelium Wallet: Bitcoin mobile wallet (Android and iOS), reproducible, open-source, self-custody wallet for Bitcoin and Ethereum/ERC-20 tokens.
• Mycelium Gear
• Mycelium Card
• Mycelium Entropy
• Mycelium Swish
• Mycelium Shop

Products and services

• Mycelium Wallet Self-custody mobile Bitcoin and Ethereum wallet for individual users, featuring reproducible open-source builds, HD spending and single-address savings accounts, SegWit, hardware wallet support (Trezor, Ledger, KeepKey), FIO protocol inter-wallet operability, optional TOR routing, in-app exchange, and BIP-70 payment requests.
• Mycelium Entropy USB hardware device that uses hardware-based entropy to generate and print real Bitcoin paper wallets for cold storage in two steps, sold direct-to-consumer and via Amazon.
• Mycelium Gear Non-custodial Bitcoin payment processor and gateway that lets online merchants accept BTC directly into their own wallet via hosted payment pages, embeddable widgets, and a REST-based developer API with webhooks and WebSocket order updates; no KYC/AML required and supports Startup (free up to 0.1 BTC/month), Business (0.5%/tx), and Enterprise (custom) tiers.
• Mycelium Card Blockchain-based smart-card payment network that replaces infrastructure-heavy global schemes with a lightweight card and merchant hub using blockchain-distributed digital tokens backed by an issuing institution; supports wireless contactless POS, mesh-network readiness, and Chip-and-PIN (EMV) compatibility.
• Mycelium Shop Crypto gift card marketplace that lets users buy gift cards for everyday brands (Amazon, Airbnb, Walmart, eBay, etc.) with cryptocurrency, available worldwide across the USA, Canada, Latin America, Europe, Africa, and Asia.
• Mycelium Swish Online and in-store merchant ordering and payment system that accepts traditional fiat currencies, digital cash, and digital assets.

Quantifiable outcome

• Over 5,000 customers trust Mycelium Gear for Bitcoin payment processing
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature9 records

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Ledger: The dominant hardware wallet company, also integrated with the Mycelium Wallet. Comparable to Mycelium Entropy in the hardware-wallet / cold-storage category, but at vastly greater scale and brand.
• Blockchain.com: A broader incumbent crypto wallet and exchange platform that also offers merchant services. Compares to Mycelium Wallet on the consumer self-custody side but is a much larger multi-product company.
• Block (Square): Block's Cash App enables consumer Bitcoin purchases and spending, and BitPay-style merchant acceptance is a long-term adjacency. Compares to Mycelium on the consumer Bitcoin payment and merchant acquisition axes, but at far greater scale.
• Trezor: A leading hardware wallet manufacturer whose devices integrate with the Mycelium Wallet. It is an incumbent in the cold-storage hardware space that Mycelium Entropy competes with for security-focused Bitcoin holders.

Emerging players

• Fold: A Bitcoin rewards and merchant payments app that, like Mycelium Card, focuses on enabling everyday spending in Bitcoin through cards and merchant integrations — an emerging competitor in the Bitcoin-as-payment narrative.

Direct peers

• BitPay: BitPay is a leading Bitcoin payment processor offering merchant APIs, hosted checkout, and a Bitcoin debit card. It directly overlaps with Mycelium Gear (merchant processing) and Mycelium Card (card issuance for merchants and consumers).
• Electrum: One of the oldest open-source Bitcoin wallets, comparable to the Mycelium Wallet in its self-custody, open-source, BIP32 HD wallet architecture, and advanced-user positioning.
• BTCPay Server: An open-source, self-hosted Bitcoin payment processor with a REST API and hosted checkout, similar in positioning (non-custodial, no KYC) and developer audience to Mycelium Gear.
• Strike: Strike provides Bitcoin payment rails (Lightning-based) for merchants and a consumer app for spending/sending Bitcoin. It competes with both Mycelium Gear (merchant side) and the consumer payments angle of Mycelium Card.
• Coinbase Commerce: Coinbase's merchant payment processing product enables online businesses to accept Bitcoin and other crypto via API/hosted checkout, directly competing with Mycelium Gear for SMB merchant payment volume.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/MyceliumGear
• Xx.com/MyceliumCom

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mycelium