According to ME News, on July 31 (UTC+8), Paris-based startup Kulipa abruptly ceased operations due to solvency issues, causing the simultaneous disruption of card programs for approximately 20 crypto wallets and fintech companies it served. 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 Since both wallets operate on a self-custody model, funds are only withdrawn from users’ wallets at the time of purchase, and no user assets were lost.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. (Source: ChainCatcher)
Kulipa, a crypto card issuer, suddenly shuts down, affecting Ready and Solflare.
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Summary
Kulipa, a crypto card issuer, ceased operations on July 31 (UTC+8), disrupting services for Ready and Solflare. The Paris-based company halted operations due to debt issues, impacting approximately 20 crypto wallets and fintech projects. Card services were immediately disabled, but user assets remained secure, as both wallets utilize self-custody models. Kulipa had raised $6.2 million in April, just four months prior to its collapse. This crypto news underscores the risks present in today’s crypto landscape.
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