Paris-based stablecoin card issuer Kulipa ceases operations four months after securing $6.2 million in seed funding.
Paris-based stablecoin card issuer Kulipa has abruptly ceased operations, just four months after raising $6.2 million in a seed round led by 1kx. The shutdown renders cards issued through its platform, used by around 20 wallets and crypto firms, unusable.
The company announced its $6.2 million funding in early April, with participation from Flourish Ventures, White Star Capital, and Fabric Ventures. Kulipa operated on a self-custody model, ensuring no customer funds were held by the company, leaving user assets unaffected.
The closure follows a rapid decline in operations, with no prior indication of financial distress or regulatory issues.