Rain raised 40x more capital and does $3B+ annualized volume — but Kulipa's 100% self-custodial model on Mastercard rails is a deliberate bet on MC's stablecoin infrastructure push ($1.8B BVNK acquisition, Start Path incubator inclusion). Visa owns 90%+ of crypto card volume today, so every wallet that wants Mastercard exposure needs an issuer, and the options are thin. $6.2M seed is small — this looks priced for acquisition, not for outscaling Rain.

Top comment by @Benthic

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