ChainCatcher report, according to The Defiant, Paris-based startup Kulipa abruptly ceased operations due to debt repayment issues, causing simultaneous service disruptions for card projects serving approximately 20 crypto wallets and fintech companies. Self-custody wallet Ready (formerly Argent) and Solana wallet Solflare were both affected, with users’ card services immediately deactivated. Since both wallets operate on a self-custody model, funds are only withdrawn from users’ wallets at the time of purchase, and no user assets were lost. Notably, Kulipa had completed a $6.2 million seed round led by Flourish Ventures and 1kx in April this year—just about four months before its collapse.
Crypto card issuer Kulipa suddenly shuts down, affecting Ready, Solflare, and others
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Summary
Crypto news broke today as Paris-based crypto card issuer Kulipa unexpectedly shut down, disrupting services for 20 crypto wallets and fintech projects, including Ready and Solflare. Cards were immediately suspended, but user funds remain secure. Kulipa had raised $6.2 million in April 2026, just four months before its collapse. Today’s events underscore the risks of relying on third-party card providers in the fast-evolving crypto landscape.
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