Paris-Based Stablecoin Card Issuer Suddenly Halts Operations

Kulipa, a Paris-based stablecoin card issuer, has suddenly ceased operations just four months after raising $6.2 million in a seed round co-led by 1kx and Flourish Ventures.

The unexpected shutdown leaves users of its U cards unable to access services, impacting around 20 wallets and crypto companies.

Fortunately, since Kulipa operated on a self-custody model, user funds remain unaffected, as they were only withdrawn during card transactions.

The closure raises concerns for users who utilized their U card services through various wallets, including Ready and Solflare.