Coin World News: Infini Co-founder (@0xsexybanana) posted on platform X stating:
1. Infini will no longer engage in to C card business. The reason is that compliance costs are extremely high, profits are very thin, and operations are exceedingly burdensome. (Oh, and I forgot to mention it's easy to be ridiculed as the bottom of the industry.) We have made a strategic adjustment and removed the to C card portion of the business. Currently, the to C card business occupies 99% of our time and costs while contributing 0 revenue.
2. Wealth management and deposits are normal. Wealth management and asset management business have become the focus. The balance treasure function is stable at around 5% APR.
3. The current path for crypto cards remains to offramp UT and UC, then use traditional payment networks to achieve stable payments to fiat. It’s too convoluted, too long, and too expensive. Without subsidies, it is difficult to match web2 rates and cashback. Furthermore, I have always said that the U card is not the ultimate solution for web3 payments with stablecoins. It’s a bit like how Apple Nano was eventually replaced by the iPhone.
4. The company has not changed, the team has not changed, and the brand has not changed. Just like Teacher Yishi, after a year of following the old U card path, we found it still isn’t worth pursuing. Thinking back to when we started Infini in July last year, I sought much advice from Teacher Yishi, and a year later, the conclusion remains the same; it’s quite emotional.
5. Currently, Infini is a centralized product, and in the future, we will fully embrace decentralization. We will think about and embrace decentralized payment solutions. We absolutely will not follow the old centralized path.