Stablecoin Card Issuer Kulipa Shuts Down Four Months After $6.2M Seed Round

Paris-based stablecoin card issuer Kulipa has ceased operations roughly four months after announcing a $6.2 million seed funding round, leaving U payment cards issued through its platform unusable for customers of about 20 crypto wallets and companies, including Solflare and Ready.

Kulipa disclosed the financing in early April. The round was co-led by 1kx and Flourish Ventures, with participation from Fabric Ventures and White Star Capital. 

Ready and Solflare operated under self-custody models, meaning user funds were debited only when a card transaction was made. Kulipa did not hold their customer balances, so those users’ crypto assets were not affected by the shutdown.

Earlier, Solflare said its card-issuing partner, Kulipa, was winding down due to solvency issues.

Source: Wu Blockchain