Kulipa's bankruptcy resulted in the suspension of Ready and Solflare encrypted credit cards, but user assets were not affected

According to The Defiant, Ready and Solflare's encrypted credit card projects have ceased operations due to the sudden collapse of the issuing institution Kulipa. Ready co-founder Itamar Lesuisse stated that Ready did not receive prior notice, and eligible card subscriptions will be automatically refunded. As the Ready wallet adopts a self custodial model, user assets are not affected. The collapse of Kulipa affected about 20 cryptocurrency wallets and card projects of fintech companies. Ready and Solflare cards were directly deducted from users' wallets when purchased, and Kulipa did not hold customer balances at the time of its collapse.