Kulipa, the Paris-based stablecoin card issuer, closed a $6.2 million Seed round four months ago but has now shut down operations due to solvency issues, shocking investors including Flourish Ventures and 1kx.

Kulipa abruptly halted operations just four months after securing a $6.2 million seed funding co-led by Flourish Ventures and 1kx. The company’s rapid collapse caught investors off guard, as they had previously expressed confidence in its prospects. Users of Kulipa's card services now face challenges, although their funds remain safe due to the company's operational model. This shutdown raises concerns for partner wallets and DeFi platforms relying on Kulipa's infrastructure.