Ready, the self-custodial crypto wallet formerly known as Argent, abruptly discontinued its card program following the unexpected shutdown of its card issuer, Kulipa. The company’s co-founder Itamar Lesuisse announced on X that users found out about the halt at the same time as the team did, with no prior warning. Lesuisse reassured users that those with active card subscriptions will receive automatic refunds and emphasized that user assets remain safe due to Ready’s self-custodial structure.
Kulipa, a Paris-based startup, had built card programs not only for Ready but also for around 20 other crypto wallets and fintech firms. Its sudden collapse disrupted platforms like Solflare, which confirmed its card stopped working after Kulipa faced insolvency issues. Vidor Böjthe, Solflare’s co-founder, described the debt as overwhelming, causing Kulipa's effective collapse just months after securing a $6.2 million seed round in April co-led by investors including Flourish Ventures and 1kx.
This event highlights a troubling vulnerability in the crypto card industry, where several programs rely on just a few backend service providers. Anton Lobintsev of SquareFi pointed out how many projects rent infrastructure from a small group of vendors, creating three major failure points that can ripple across multiple platforms. Even though self-custody means users’ funds are untouched until spending, the reliance on a shared issuer backend creates risks that can disrupt services regardless.
Meanwhile, Starknet’s token STRK, which rewarded Ready cardholders with cashback, dipped 5% in 24 hours, while Bitcoin saw a modest 1.1% gain according to CoinGecko.
This information is for educational purposes only and does not constitute financial advice.
