Stablecoin Card Issuer Kulipa, Which Raised a $6.2 Million Seed Round Led by 1kx Four Months Ago, Suddenly Announces Closure Paris-based stablecoin card issuer Kulipa suddenly shut down approximately four months after completing a $6.2 million seed round, rendering U cards issued through its services by around 20 wallets and crypto companies, including Ready and Solflare, unusable. Kulipa announced the funding in early April, co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures. Because Kulipa used a self-custody model, user funds were only withdrawn when cards were used, and no customer balances were held by Kulipa, leaving users’ assets unaffected. Previously, Solflare stated that its card-issuing partner, Kulipa, had ceased operations due to solvency issues.

Stablecoin Card Issuer Kulipa, Which Raised a $6.2 Million Seed Round Led by 1kx Four Months Ago, Suddenly Announces Closure Paris-based stablecoin card issuer Kulipa suddenly shut down approximately four months after completing a $6.2 million seed round, rendering U cards issued through its services by around 20 wallets and crypto companies, including Ready and Solflare, unusable. Kulipa announced the funding in early April, co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures. Because Kulipa used a self-custody model, user funds were only withdrawn when cards were used, and no customer balances were held by Kulipa, leaving users’ assets unaffected. Previously, Solflare stated that its card-issuing partner, Kulipa, had ceased operations due to solvency issues.

Source:https://twitter.com/WuBlockchain/status/2083053126366667096