Most holders had never heard of Kulipa. That's the catch: you don't choose the company that actually issues your crypto card. A handful of invisible issuers power the cards you use every day: MetaMask (Baanx), Phantom (Bridge), Ledger, Bitget Wallet, and more.

And the layer is consolidating fast: Stripe bought Bridge ($1.1B), Mastercard bought BVNK ($1.8B). The strong get acquired — the weak, like Kulipa, brick their partners' cards and disappear.

Your card is only as alive as its issuer. Here's who's really behind them 👇