Kulipa Collapse Takes Down Ready and Solflare Crypto Cards

The self-custodial wallet Ready has shut down its card program after the issuer Kulipa suddenly wound down without warning. Co-founder Itamar Lesuisse said that users were given no notice and those relying on the card found out at roughly the same time as Ready did.

The collapse of Kulipa took down more than just Ready: Solflare, a wallet built on the Solana network, also reported its card stopped working. Solflare co-founder Vidor Böjthe said that Kulipa's failure was due to solvency issues and debt that was too deep.

Kulipa had raised a $6.2 million seed round just four months prior to its collapse, with investors including Flourish Ventures and 1kx. STRK, the token of Starknet, where Ready's cardholders earned cashback, fell 5% in the past 24 hours.

Anton Lobintsev, co-founder of stablecoin infrastructure provider SquareFi, noted that many crypto card programs sit on the same rented infrastructure, which he called 'three points of failure for an entire industry'.