ChainCatcher news, the blockchain-based financial service provider Unbanked announced that it will gradually shut down operations, primarily due to excessive regulation. Unbanked account customers and its white-label program clients should start withdrawing all funds (both cryptocurrency and USD) as soon as possible, with withdrawal functionality remaining for the next 30 days.Unbanked stated that most of its funding comes from supporters of various crowdfunding campaigns, raising $4 million from approximately 6,000 investors over 5 years. Three weeks ago, Unbanked signed a $5 million letter of intent for investment, valuing the company at $20 million, which would enable us not only to continue operations but also to expand. However, as of now, Unbanked has not received these funds. Unbanked stated that it will resume operations if the funds are received later. (source link)

ChainCatcher news, the Litecoin Foundation tweeted that users will be unable to use the U.S. Litecoin Visa card starting May 1, 2023. This is because their partner Unbanked is transitioning from their banking partner Metropolitan Commercial Bank, which has decided to stop supporting businesses that deal with digital currencies. This move will only affect Unbanked's U.S. card program and will not impact the EU or UK cards, nor will it affect withdrawals. During this period, Unbanked will be seeking alternative banking partners in the U.S. (source link)

ChainCatcher news, Mastercard has partnered with Web3 financial solution Unbanked to launch a cryptocurrency-supported card program in the UK and Europe, aimed at accelerating the development of DeFi in Europe.It is reported that Unbanked connects traditional businesses, fintech, and banking systems with blockchain infrastructure, allowing users to set up white-label card issuance, cryptocurrency wallets, bank accounts, etc., through the Unbanked API, and connect to mobile or web interfaces. Previously, Unbanked collaborated with the Litecoin Foundation to offer Litecoin cards to residents of the United States. (source link)