Unbanked Card [EU] Discontinued

Status	Discontinued
Visa or MC
Debit or Credit	Debit Card
Denominated In	€ EUR
Apple Pay	Not Enabled
Monthly Fee	5.00 EUR
Monthly Inactivity Fee	0.00 EUR
Crypto to EUR Crypto->EUR Conversion Cost	0%
Cashback	None
Daily Spending Limit	7,500 EUR
Daily ATM Withdrawal Limit	500 EUR
Foreign Exchange Fee
Supported Countries	BelgiumBulgariaCroatiaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyLatviaLiechtensteinLithuaniaLuxembourgMaltaNorwayPolandPortugalRomaniaSlovakiaSloveniaSpainSwedenUnited Kingdom Your country not supported? See United States cards here. Show All (27)
Supported Cryptocurrencies	UNBNKUSDT

Reasons Unbanked Had to Shut Down

Unbanked chose to work closely with US regulators, thinking it’d be a good long-term strategy, but this approach drained a lot of their resources, both in time and money. The US regulatory scene wasn’t as welcoming as they’d hoped. This regulatory pushback made fundraising tough, investors were hesitant. Instead of having a big financial cushion from large investors, they mostly funded themselves.

Over their 5-year journey, they raised about $4M. A lot of this came from individual backers who believed in what they were building, rather than huge institutional players. Things seemed promising when they made a deal for a $5 million investment, putting their value at $20 million. But the funds haven’t come through, forcing them to close down.

“This decision to wind down Unbanked has not come lightly, but we have exhausted all options. The closure has not come from a lack of effort in exploring any and all viable options from our team. The entire Unbanked team should be commended for their relentless efforts and dedication to building this company over the last 5+ years. We have a very dedicated and talented team who went above and beyond their responsibilities because they believe in the mission. We hope that one day, perhaps sooner than later, we can revive Unbanked or another company with better funding can continue on with our core mission.”