Chinese popular Infini Card, a crypto-enabled debit card solution, has announced that it has officially suspended its card services.
On Tuesday, the platform told its users on Telegram that it is focusing on financial management, to maintain user trust and adapt to compliance standards. The pivot underscores the challenges of operating in China’s regulated crypto space.
“Infini has only stopped the crypto card service, and other product functions are not affected,” the platform’s founder, Christian Li, posted on X.
“We are also developing and conceiving other asset management and decentralized payment functions, and will continue to iterate in the future!”
The Telegram post noted that withdrawals and Earn yield functions remain fully operational. Automatic refund of the actual amount paid for card application will be initiated, it added.
Infini Lost $50M in Exploit, Launched Crypto Card to Meet User Needs
In February, the stablecoin payment firm lost $50 million in an exploit, suspected to be carried-out by a project developer. The perpetrator happened to retain administrative controls even after the project delivery. Founder Li said at the time to pay full compensation in a worst-case scenario and did not pause withdrawals.
Li noted that Infini started its crypto card business “to meet the needs of some people.” However, he added that it may not be the best business model.
“Although we have learned a lot along the way, we have also proved our ability and hope to be worthy of everyone,” he wrote on Tuesday.
Pivot to Stable Earning Products
Per Infini’s update, it is aiming to focus fully on “stable earning products” and also explore “decentralized payment solutions.”
“We’re here to keep building for the future of crypto-native payment infrastructure,” the team said.
Further, Li noted that the transformation brought about by an imperfect attempt might lay the foundation for a truly decentralized financial system.
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