December 12, 2024 – Cayman Islands, George City
KAST, a monetary expertise platform constructed on stablecoins to ship a neobank-style expertise, has raised $10 million in seed funding.
The spherical is led by HSG (HongShan Capital Group) and Peak XV Companions. Quite a lot of high-profile angels, companions of DST International and Goodwater Capital additionally joined the spherical.
Raagulan Pathy, co-founder of KAST, stated,
“For many nations and over half of world GDP, banking doesn’t match the openness and velocity of the web it’s essentially damaged.
“Stablecoins are the clear answer, however the consumer expertise wasn’t nice. We’re constructing KAST to alter this.”
Pathy is a stablecoin skilled, previously the vp for Asia Pacific and CEO for Singapore at Circle, greatest identified for USDC.
KAST gives cost playing cards and USD-denominated accounts to folks in over 150 nations, the power to obtain and ship money and dealing with companions resembling Bridge, just lately acquired by Stripe.
KAST will quickly launch financial savings and different remittance merchandise all with out the necessity to contact fiat immediately.
The maturing of stablecoin regulation and acceptance has led to speedy integration with TradFi (conventional finance) networks, enabling customers to ship cash quicker, cheaper and extra securely.
KAST highlighted use instances resembling holding USD stablecoins as a substitute for unstable currencies, enabling folks to purchase imports and journey with a card and permitting distant staff globally to receives a commission.
Daniel Bertoli, co-founder of KAST and former associate at Quona Capital, a worldwide FinTech fund that focuses on investments in neobanks, stated,
“The following technology of neobanks might be constructed on stablecoins and inherently international by DNA.
“They may differ essentially from the present technology of neobanks, that are restricted in nations as a result of licensing and wrestle in integrating blockchain their core techniques and capabilities are simply too totally different.”
KAST has accomplished a $10 million seed funding spherical at an undisclosed valuation.
Inside its first 4 months, the corporate has demonstrated robust early traction when it comes to consumer adoption and income.
The workforce views this as a mirrored image of serious international curiosity in its platform.
Stablecoins have skilled exceptional development with over $170 billion in provide and $8.5 trillion transaction quantity in Q2 2024 by over 125 million customers.
Analysts predict by 2030 consumer numbers will exceed one billion and provide will surpass $1 trillion.
Alex Svanevik, CEO and co-founder of Nansen.ai, an early investor in KAST, stated,
“KAST delivers actual advantages to international customers. 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 bypass the effort of legacy rails.
“Worldwide transfers that when took weeks can now be accomplished immediately and at just about no price.”
Customers can go to the KAST web site to be taught extra about KAST and uncover how their modern choices can rework monetary expertise.
Testimonials from card customers
@Mardeni01 stated,
“I spent two weeks on the financial institution making an attempt to open a easy financial savings account. They requested for greater than 10 paperwork ([approximately] 100 papers) and needed to signal and stamp every of them.
“And I opened a crypto card @KAST_official in actually [two minutes].
“Why would anybody go after conventional playing cards anymore? If I don’t want my financial institution statements for embassies, I’d at all times use crypto playing cards like @KAST_official.”
@Alpha69Bets stated,
“One faucet to resolve all my points. That’s all it took once I received my KAST card. Right here’s a fast recap I’ve been touring quite a bit currently, and exchanging cash has at all times been a problem.
“You normally find yourself shedding 5 to eight p.c within the course of by the point the money is in your hand.
“A buddy of mine despatched me a hyperlink and stated, ‘Give this a attempt!’ Quick ahead two months, and I’ve been tapping away rather a lot.
“Due to @KAST_official … I’ve used it throughout 5 nations over the past couple of months with none points. It’s made worldwide spending and crypto utilization extremely easy.”
@Alexspoof stated,
“I simply used my @KAST_official card to pay for my undertaking’s area identify, and it labored seamlessly.
“All I needed to do was fund it with Solana USDC. That is really a game-changer for me and some other factor I’ll wish to do with it.”
About KAST
KAST is remodeling the monetary expertise panorama by providing a seamless mix of stablecoin expertise with conventional cost means.
The KAST platform permits USD accounts globally to over 150 nations, reaching over 5 billion folks providing an answer the place banking falls brief.
The silky-smooth consumer expertise is taking mainstream the openness, velocity and safety of stablecoins.
KAST permits customers to ship, obtain, save and spend funds throughout borders effectively.
For extra data, customers can go to the web site.
Contact
Bas, vp of world partnerships at KAST
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