Cayman Islands, George City, December 12, 2024, Chainwire
KAST, a fintech platform constructed on stablecoins to ship a neobank-like expertise, has raised $10 million in seed funding. The spherical is led by HSG (HongShan Capital Group) and Peak XV Companions. A variety of high-profile angel traders, companions from DST World and Goodwater Capital, additionally joined the spherical.
“For many international locations and greater than half of world GDP, the banking sector just isn’t maintaining with the openness and pace of the Web; it's principally damaged. Stablecoins are the plain answer, however the person expertise wasn't nice. We’re constructing KAST to alter this,” provides Raagulan Pathy, co-founder of KAST. Pathy is a stablecoin professional, former VP of Asia Pacific and CEO of Singapore at Circle, greatest identified for USDC.
KAST gives USD-denominated fee playing cards and accounts to individuals in over 150 international locations, the power to obtain and ship cash, and work with companions corresponding to Bridge (lately acquired by Stripe). KAST will quickly launch financial savings and different remittance merchandise, all with out the necessity to contact fiat forex instantly. The maturation and acceptance of stablecoin regulation and acceptance has led to fast integration with conventional monetary networks, permitting customers to ship cash quicker, cheaper and extra securely. KAST highlighted use instances corresponding to holding USD stablecoins as a substitute for unstable currencies, permitting individuals to buy imports and journey with a card, and permitting distant staff around the globe to be paid.
“The following technology of neobanks will likely be constructed on stablecoins and inherently world by DNA. They are going to basically differ from the present technology of neobanks, that are restricted in international locations as a result of licensing and battle to combine blockchain; their core programs and capabilities are simply too totally different,” feedback Daniel Bertoli, co-founder of KAST and former associate at Quona Capital, a worldwide FinTech fund that focuses on investments in neobanks.
KAST has accomplished a $10 million seed funding spherical at an undisclosed valuation. Throughout its first 4 months, the corporate demonstrated robust traction by way of person adoption and income. The group sees this as a mirrored image of great world curiosity in its platform.
Stablecoins have seen exceptional progress with a provide of over US$170 billion and a buying and selling quantity of US$8.5 trillion in Q2 2024 by over 125 million customers. Analysts predict by 2030; the variety of customers will exceed 1 billion and the provision will exceed 1 trillion US {dollars}.
“KAST gives actual advantages to customers around the globe. Their USD-denominated accounts present a secure haven for hard-earned earnings when native currencies decline, particularly for these with out entry to conventional US accounts. As extra digital nomads obtain salaries in stablecoins, they will now keep away from the trouble of the previous rails. Worldwide transfers that when took weeks can now be performed immediately and with just about no charges,” stated Alex Svanevik (CEO/co-founder of Nansen.ai, an early investor in KAST).
Customers can go to the KAST web site to study extra about KAST and uncover how their progressive choices can rework the monetary expertise.
Card Consumer Testimonials
“I spent two weeks on the financial institution making an attempt to open a easy financial savings account. They requested greater than 10 paperwork (round 100 papers) and needed to signal and stamp every one. And I opened a @KAST_official crypto card in actually 2 minutes. Why would we nonetheless assault conventional playing cards? If I don't want my financial institution statements for embassies, I might nonetheless use crypto playing cards like @KAST_official” – Mardeni (Twitter)
“Only one click on to resolve all my issues. That's all it took for me to get my KAST card. Right here's a fast recap, I've been touring quite a bit recently and exchanging cash has at all times been sophisticated. You often find yourself shedding 5-8% within the course of by the point the cash is in your fingers. A good friend of mine despatched me a hyperlink and stated, “Strive it!” Quick ahead two months, and I've been typing quite a bit. Due to @KAST_official… I've used it in 5 international locations over the previous few months with none points. This has made worldwide spending and utilizing crypto extremely easy” – Alpha Bets (Twitter)
“I simply used my @KAST_official card to pay for my venture's area title and it labored seamlessly. All I needed to do was fund it with USDC, that is really a sport changer for me and the rest I’d wish to do with it. »-Alex (Twitter)
About KAST
KAST is reworking the monetary know-how panorama by providing a seamless mix of stablecoin know-how and conventional fee strategies. The KAST platform permits opening USD accounts in over 150 international locations worldwide, reaching over 5 billion individuals – offering an answer the place banking providers fail. The sleek and seamless person expertise incorporates the openness, pace and safety of stablecoins; KAST permits customers to effectively ship, obtain, save and spend funds throughout borders. For extra info, customers can go to www.kast.xyz.
ContactVice President of World PartnershipsDownKASTBas@kast.xyz
This text was initially printed on Chainwire
