Kulipa
Paris-based stablecoin card issuer that connected self-custody wallets to Visa/Mastercard via smart-contract session keys — never touching user funds. Issued 120,000+ cards across ~20 B2B clients (Ready and Solflare are the two we track). Wound down Jul 2026 after solvency issues; wallet balances were unaffected because spend-at-POS pulled from users' own keys.
$68.4M
lifetime card volume
614k
transactions
$9.0M
peak month (Jan 2026)
21 mo
first card to last
Timeline
| When | Event |
|---|---|
| Dec 2025 | Bank of Lithuania fines Monavate €270,000 and bans it from serving Kulipa; $6.2M round quietly closes the same month |
| Jan 2026 | Peak month — $9.0M in card volume per Paymentscan (Ready + Solflare programs) |
| Apr 2026 | Publicly announces $6.2M round, claims 70% month-over-month growth and US expansion — onchain volume already declining |
| Jun 2026 | Retrenches to a Europe-only issuer; Ready cuts every user outside the EEA |
| Jul 2026 | Cards stop working; Solflare confirms Kulipa is winding down (Jul 28). Partial month ends at $1.84M volume |
Volume figures from Paymentscan ↗ (Ready + Solflare programs); other events from public reporting.
Tracked neobanks on its rails
Other crypto card infrastructure
Client list shows tracked neobanks with a publicly documented relationship — not a complete customer book. Sourced from issuer disclosures and public reporting; suggest a fix.