I think it may be closer to 50K cards-
When Julian mentioned that the reason ETH hasn't been activated on everyone's cards/ app yet he said:
"Our current solution can only be scaled to 50K users and if we activated it for everyone now it would not work " - Or something along those lines.
Now whether that means 50K app downloads or 50k cards is open to debate :-)
You are absolutely right, that's why I guess they have around 20k+ sustainably active cards with the issuer madness hitting all the card projects.
But this being said, I'm quite confident their Back-End can handle 1M users any minute. The cards will follow with their new issuer.
