Infini Discontinues Crypto Card Business to Focus on Finance

The Hong Kong stablecoin payment platform, Infini, has announced that it will discontinue all crypto card services.

Starting June 17, Infini will shut down its card payment services, affecting products such as Global Card, Lite Card, and Tech Card. According to a notice on Telegram, these cards will be suspended for offline transactions and on the Infini digital app, effective immediately.

Infini Halts Crypto Services

Infini, a crypto-focused neobank based in Hong Kong, has attracted a sizable user base in China, despite the country’s ban on cryptocurrencies. Users access services via VPN, leveraging stablecoin yield generation and crypto-backed debit cards for real-world spending.

The company suffered a $50 million breach in late February due to the exploitation of a private key. The founder, Christian Li, offered the hacker a 20% bounty for returning the funds. This incident, along with regulatory pressures and market dynamics, likely resulted in the shutdown of Infini’s crypto card services.

Infini assures customers that core services, such as top-ups, withdrawals, and yield functions, will continue uninterrupted despite the card service shutdown. Users can apply for card refunds, which will be automatically processed within 10 business days. Ongoing bill refunds will be credited back to user accounts within 5-21 business days. This will help to ensure minimal disruption to users’ accounts and activities on the platform.

The Effect

China’s strict digital currency regulations have posed significant challenges to the crypto industry, forcing prominent players like Infini to shut down amid increased regulatory pressure and market hurdles.

Infini’s shutdown reflects the challenges crypto payment services face in navigating complex regulations and maintaining user trust. As a key player, its closure will leave a market void, prompting users to seek alternative payment solutions in a rapidly changing crypto landscape.

The closure highlights the industry’s volatility. It also highlights the importance of payment services to innovate, adapt to regulatory changes, and meet user needs. While at it, the company will maintain compliance with applicable laws. This way, it drives future evolution and growth.