kulipa

According to The Defiant, Paris-based startup Kulipa suddenly ceased operations due to debt issues, leading to the simultaneous interruption of card projects for about 20 crypto wallets and fintech companies it served. Both the self-custody wallet Ready (formerly Argent) and the Solana wallet Solflare were affected, with user card services being immediately disabled.Since both wallets use a self-custody structure, funds are only deducted from the user’s wallet at the time of purchase, and user assets were not harmed. Notably, Kulipa had completed a $6.2 million seed round financing co-led by Flourish Ventures and 1kx in April of this year, just about 4 months before its collapse.

Co-founder of the crypto wallet Solflare, Vidor, posted on the X platform that operations have been halted due to the solvency issues of the card issuer partner Kulipa, and the Solflare Card has suspended services. Vidor emphasized the safety of user funds, as the Solflare Card uses an end-to-end self-custody model—funds are deducted directly from the user's wallet without the need for deposits or top-ups, and no user funds are held by the card issuer.The team had made efforts to help Kulipa find a buyer and explore continuity solutions, but to no avail. A new version of the Solflare Card is in development, which will include features such as Apple Pay and Google Pay, higher limits, and cashback, while still maintaining self-custody, and is expected to launch in a few weeks.

According to The Block, stablecoin payment card infrastructure service provider Kulipa announced the completion of a $6.2 million seed round financing, led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures. The company helps fintech companies issue white-label stablecoin payment cards without having to manage card operations themselves.According to Kulipa founder and CEO Axel Cateland, this round of financing was actually completed last December, using a Simple Agreement for Future Equity (SAFE) financing model, but he declined to disclose details such as when the financing process began, the structure of the financing tranches, the company's valuation, and the allocation of board seats.

ChainCatcher news, according to The Block, crypto payment startup Kulipa announced earlier this month that it has completed a $3 million seed round of financing, led by Fabric Ventures and White Star Capital.Founded in 2023 and based in Paris, the startup aims to provide a platform for issuing crypto payment cards for non-custodial wallets. Kulipa can settle stablecoin transactions across multiple blockchains, including Ethereum, several Ethereum Layer 2s, and Solana. Kulipa is one of five blockchain startups in Mastercard's latest Start Path incubator program.

ChainCatcher news, according to The Block, cryptocurrency wallet provider Argent is collaborating with Mastercard and blockchain startup Kulipa to launch a new crypto payment card. The agreement will utilize Starknet's zero-knowledge technology.Kulipa co-founder and CEO Axel Cateland stated, "We are proud to launch Argent as our first non-custodial wallet and to partner with Mastercard to continue contributing to the adoption of everyday crypto payments globally."The Kulipa branded card will convert Circle's USDC or Paxos branded stablecoins into fiat currency in the background, meaning merchants do not need to integrate crypto payment tools. The press release stated, "This process ensures that any Mastercard user and merchant globally can enjoy a seamless debit card payment experience, with on-chain settlement possible on almost any blockchain."