Which card manufacturers do you work with? Composecure or do they have their own chips?

Most people think of crypto cards as a way to spend. @thisisarculus by @CompoSecure is turning the card itself into a stablecoin signing device. @dr3wrogers walked through how it works with @Houlgrave, CEO at @WalletConnect: "A tap of an Arculus card has the function to move stablecoins from one point to another point. It can solve native stablecoin settlement using a card as the actual signer." Jess: "I'm a big fan of the Arculus team. Their products are brilliant, and all of their wallets are WalletConnect compatible." Already provisioned on @raincards.

Made by CompoSecure who manufactures cards for major banks. No documented breaches of the card architecture. It's a solid cold wallet 🤝

The market is reading Tuesday's Anthropic notice as if downstream buyers get zero with @PreStocks Anthropic -40%. That is not how cases have worked out historically. In this research note, we analyze the Delaware legal precedents regarding Void vs voidable under CompoSecure / Holifield, downstream-buyer protection in Henry v. Phixios, as well as enforcement case studies across SpaceX, OpenAI/Robinhood, and Facebook/SharesPost. It is noteworthy that zero downstream buyers have ever been rescinded. Institutional secondary marks for Anthropic anchored ~$1.33T pre-news. On-chain repriced to ~$1.0T on the notice presents a 33% dislocation against the institutional anchor. Our weighted EV across five modeled scenarios shows potential estimated returns of at least 27% over six months (NOT INVESTMENT ADVICE). Full work ↓

check out CompoSecure, L.L.C. v. CardUX, LLC (Del. 2018) and Holifield v. XRI Investment Holdings LLC (Del. S.Ct. 2023), Delaware courts enforce "void" language in LLC agreements without applying equitable defenses (acquiescence, ratification, estoppel).

The Husky combination only makes sense if you’re trying to maximize $RHLD share price. Composecure, I think, was a perfectly fine business. Weird to buy a shitty biz like Husky as a crazy valuation.

코나아이 , 목표주가: 96,500원, 탑픽 스마트카드(DID) 결제 플랫폼이 본업. 칩 설계→카드 제조→발급까지 수직계열화. 신규사업으로 MVNO, 스테이블코인, STO, 차량용 SE 추진. 매출 비중: 스마트카드 제품 61.3%, 플랫폼 수수료 21.5%, COB 외 상품 8.6%, SI 외 수수료 8.6%. 1. 밸류에이션: 플랫폼 사업부(EV/Sales 2배)와 스마트카드 사업부(EV/EBITDA 10배)의 가치를 합산하여 산정했습니다. 풍부한 현금 흐름을 바탕으로 한 기업 가치 재평가가 기대되는 시점입니다. 2. 향후 실적 추정 (2025~2028F) 코나아이는 향후 수년간 가파른 실적 성장이 예고되어 있습니다. 매출액 성장: 2024년 2,363억원에서 2028년 5,341억원까지 지속적인 우상향이 전망됩니다. 수익성 개선: 영업이익은 2024년 334억원에서 2026년 1,303억원, 2028년 1,870억원으로 급격히 증가할 것으로 보입니다. 지표 변화: 2025년 기준 ROE(자기자본이익률)는 32.6%에 달할 것으로 보이며, PER은 2028년 기준 5.3배까지 낮아져 밸류에이션 매력이 매우 높습니다. 단기 모멘텀: 2026년 2분기 예상 매출액은 858억원( 27.7% YoY), 영업이익은 293억원( 70.2% YoY)으로 강력한 성장이 기대됩니다. 3. 핵심 투자 포인트 ① 지역화폐: 대체 불가능한 인프라 독점 전국 64개 이상의 지자체에 공급하며, 누적 1,500만 명의 이용자와 70조 원의 결제 데이터를 확보하고 있습니다. 강력한 락인(Lock-in) 효과: 카드 발급부터 정산, 가맹점 관리까지 통합 시스템을 구축하여 운영사 교체가 매우 어렵습니다. (인천 점유율 100%, 경기 80% 후반) 정부 정책 수혜: 고유가 피해지원금이 지역화폐 및 카드 포인트로 지급되기로 결정됨에 따라, 2분기 플랫폼 거래액의 유의미한 증가가 예상됩니다. ② 메탈카드: 글로벌 2위의 고마진 사업 글로벌 위상: 글로벌 메탈카드 시장에서 약 10% 초반의 점유율로 세계 2위를 차지하고 있습니다. 수익성 중심의 믹스: 저가형보다는 고가형인 '메탈 비니어(Metal Veneer)' 시장에 집중하고 있습니다. 이 시장 내에서는 1위 기업인 Composecure(65%)와의 격차를 35%까지 좁힌 상태입니다. 확장 전략: 미국 대형 고객사(Chase 등) 공략을 위해 현지 제조사 인수 검토 및 인도/미국향 저가형 라인업까지 구축하여 전 방위적 성장을 꾀하고 있습니다. ③ 스테이블코인 & STO: 멀티플 확장의 키 단순한 결제 수단을 넘어 정산 단계에 블록체인을 도입하여 효율성을 극대화할 계획입니다. 지역화폐가 일회성 소멸형 자금에서 유통 가능한 '디지털 통화'로 진화하는 과정에서 코나아이의 플랫폼 가치가 재평가될 것입니다. 사업 목적 추가: STO(토큰증권) 발행 및 유통, 디지털 자산 보관업 등을 사업 목적에 추가하며 미래 먹거리를 구체화했습니다. 4. 주주 환원 및 기타 사항 주주가치 제고: 최근 70억 원 규모의 자기주식 취득을 결의하며 적극적인 주주 환원 의지를 보였습니다. 수직계열화 강점: 칩 설계부터 카드 제조, 발급, 플랫폼 운영까지 이어진 수직계열화는 경쟁사 대비 압도적인 원가 경쟁력과 서비스 유연성을 제공합니다. -주총 사업목적 추가 STO 발행, 유통 및 중개업 디지털자산 발행, 보관 및 중개업 지역경제 활성화 관련 투자중개 및 플랫폼 운영업 (26.5.7 신한)

Many of the most successful crypto/stablecoins metal cards are built by @thisisarculus / @CompoSecure Why metal? Users prefer metal cards. Metal cards get used more. Arculus metal cards can be multifunction security devices.

Manufacturing premium metal cards isn't a small task. Many (most?) of the best cards in the crypto space are manufactured by CompoSecure/Arculus. Coinbase One, Gemini, Kast, MetaMask, EtherFi, X, Robinhood, Crypto.com, Uphold...

Delaware Loses Over $3 Trillion as Companies Flee to Texas, Other States | Newsmax A tsunami of corporate departures continues to hit Delaware as more than 60 public companies with a combined market cap of over $3 trillion have quit the state in the past two years alone. In just the past week, two significant public companies — FirstCash Holdings and GPGI Inc. — have announced plans to leave Delaware, underscoring what many analysts now describe as a corporate exodus. FirstCash Holdings (NASDAQ: FCFS), a $9 billion market cap company, filed plans with shareholders to reincorporate in Texas. The move, the company said, is driven by a desire for "more clarity and predictability" in legal matters, along with efforts to reduce "opportunistic and frivolous litigation." Shortly after, GPGI Inc. — formerly CompoSecure and valued at about $5 billion on the NYSE — announced it would leave Delaware for Nevada, citing the state's "costly and often meritless litigation" environment as a primary factor. These announcements are part of a much larger trend as companies may capsize the tiny, ultra-liberal state that had been known for proudly backing its senator Joe Biden for president, and declared itself among the biggest proponents of diversity, equity, and inclusion programs. Among those leaving are some of the most recognizable names in corporate America, including Tesla, SpaceX, Coinbase, Roblox, Dropbox, Dillard's, and Simon Property Group. Perhaps most telling is not just the companies leaving Delaware, but those choosing to bypass it altogether. In March, Exxon Mobil — one of the largest publicly traded companies in the world, with a market cap of more than $600 billion — announced plans to move its incorporation from New Jersey to Texas. Notably, the company considered Delaware but ultimately rejected it, unanimously voting in favor of Texas. CEO Darren Woods emphasized the importance of avoiding shareholder litigation abuse while praising Texas for its pro-business environment and understanding of industry needs. Similarly, billionaire investor Bill Ackman has reincorporated Pershing Square Capital Management in Nevada and structured major deals — including a proposed $64 billion acquisition of Universal Music Group — through Nevada-based entities. Meanwhile, at least seven other shareholder votes on other companies seeking to move from Delaware are scheduled in the coming months, suggesting the pace of departures is accelerating. For over a century, Delaware has been the preferred home for corporations, thanks largely to its Court of Chancery — a specialized court known for its expertise in business law — and a well-established legal framework that offered predictability. But that reputation is now history. Corporate leaders increasingly argue that Delaware's legal environment has become unpredictable, with courts seemingly controlled by major trial firms that donate heavily to the Democrats' local political machine. With big money at work Delaware's judges no longer see the law as black and white. Harvard professor emeritus Alan Dershowitz has called the state's judiciary "one of the most corrupt in the nation." Critics have noted the court's inconsistent rulings and huge payouts for trial firms that bring often frivolous shareholder suits. Voyager Technologies, a $1.6 billion space and defense company, recently cited this concern when it filed to move to Texas. Its board pointed to Texas's codified legal system as offering greater predictability than Delaware's case-law-driven approach. Dream Finders Homes (NYSE: DFH), another firm departing Delaware, echoed similar concerns, noting that Texas provides "greater certainty" and less reliance on judicial discretion. Litigation concerns drive decisions One of the most frequently cited reasons for leaving Delaware is the rise in shareholder litigation. "Delaware's once-esteemed Court of Chancery is increasingly viewed by corporate leaders as unpredictable, with rulings that introduce uncertainty into routine business decisions and open the door for enterprising trial attorneys to file lucrative lawsuits," Karen Harned, a former executive director of the National Federation of Independent Business Small Business Legal Center, recently wrote in DelawareOnline.com. Many of these lawsuits, critics say, are frequently settled quickly to avoid costly and time-consuming litigation — resulting in financial gains for attorneys but limited benefit for shareholders. This trend has contributed to rising directors and officers' (D&O) insurance costs and increased legal expenses, diverting resources away from business growth and innovation. As one analysis noted, attorneys often "troll for potential plaintiffs" and encourage challenges to corporate decisions, creating a cycle of litigation that companies feel compelled to settle. Texas and Nevada gain ground As Delaware's dominance wanes, states such as Texas and Nevada are actively positioning themselves as more business-friendly alternatives. Speaking at a recent roundtable, Florida Gov. Ron DeSantis said the movement reflects broader dissatisfaction with states perceived as unfriendly to business. "A lot of these states, including Delaware, have made it difficult to do business," DeSantis said. "A variety of factors have led an unprecedented movement of people and capital into states like Texas and Florida." Meanwhile, regulators and experts warn that Delaware's historic dominance is no longer guaranteed. Securities and Exchange Commission Chair Paul Atkins said in a recent speech at Texas A&M that Delaware's time has passed, saying that "competition does not pause for tradition, nor does it defer to incumbency." Texas has established specialized business courts and implemented stricter standards for shareholder lawsuits, requiring more substantial ownership stakes before claims can proceed. These reforms aim to limit the influence of investors with minimal holdings and reduce what companies describe as abusive litigation practices. Nevada, meanwhile, has marketed itself as offering similar benefits to Delaware's historic system — but with lower legal risks and fewer regulatory burdens. Its lower fees and simplified corporate structure have attracted companies seeking both cost savings and legal stability. The appeal of these states is also tied to tax advantages. Texas, for example, offers incentive programs that encourage companies to align their legal domicile with their operational headquarters — a factor cited by FirstCash Holdings in its decision to relocate. With billions in corporate value already on the move and more departures likely, Delaware faces mounting pressure to reform its legal and regulatory environment. But for now, America's corporate giants are not taking the risk of waiting. Instead, companies are increasingly seeking jurisdictions that offer what Delaware once did best: stability, predictability, and a legal system they can trust. newsmax.com/newsfront/delawa…

Upgrades ?… Make it a metal card? @CompoSecure @thisisarculus Remodel ? Partner with @Visa @crossriverbank solana:ZBCNpuD7YMXzTHB2fhGkGi78MNsHGLRXUhRewNRm9RU

🚨GPGI, Inc. (formerly CompoSecure), a ~$5 BILLION company, has filed to LEAVE DELAWARE and reincorporate in Nevada. The reason? Delaware's "costly and often meritless litigation" environment.

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