Crypto Card Services Halted as Kulipa Bankruptcy Hits Partners

Kulipa, a stablecoin card issuance infrastructure platform, has effectively gone bankrupt due to debt problems, according to The Defiant. This led to the suspension of card services for its partners, including Ready and Solflare.

The two companies have stopped issuing cards, citing the collapse of Kulipa as the reason. However, user funds remain safe as they are held in self-custody wallets.

Ready has reassured its users that their assets are secure and will refund card subscription fees automatically. Solflare, on the other hand, plans to launch a new card within weeks, suggesting the disruption may be temporary.