Kulipa, the Paris startup behind the rails for many crypto payment cards, is winding down over solvency issues, abruptly killing more than 120,000 cards across its partners.

Kulipa ran the behind-the-scenes plumbing that let wallets offer Visa-style spending cards. When it ran out of money, every card built on its rails went dead at once, and partners like Solflare, Ready and Flutterwave were cut off with no warning.

User funds are safe where the wallet was self-custodial. Solflare confirmed it never parked balances with Kulipa and is already building a replacement card with Apple and Google Pay support. Kulipa had raised about $9.2M in total (a $6.2M seed co-led by Flourish Ventures and 1kx) and had no token.