Georgetown, Cayman Islands, December 12, 2024, Chainwire
KAST, a financial technology platform built on stablecoins that offers a neobank-style experience, has raised $10 million in seed funding. The round is led by HSG (HongShan Capital Group) and Peak XV Partners. A number of prominent angels, DST Global partners and Goodwater Capital also participated in the round.
“For most countries, and over half of the world's GDP, banking cannot match the openness and speed of the internet and is fundamentally broken. Stablecoins are the obvious solution, but the user experience is great. We are building KAST to change that,” adds Raagulan Pathy, co-founder of KAST. Mr. Pathy is a stablecoin expert, previously serving as Vice President of Asia Pacific and CEO of Singapore at Circle, and is best known for USDC. KAST provides payment cards and US dollar-denominated accounts, the ability to send and receive cash, and work functionality to people in over 150 countries. We work with partners like Bridge (recently acquired by Stripe). KAST plans to soon launch savings and other remittance products without directly touching fiat currencies. As the regulation and acceptance of stablecoins has matured, their integration with traditional financial networks has increased rapidly, allowing users to send money faster, cheaper, and more securely. KAST allows you to hold a USD stablecoin as an alternative to volatile currencies, allows you to buy imports and travel with your card, and allows remote workers around the world to receive a paycheck. We have highlighted use cases such as: “The next generation of neobanks will be built on stablecoins and will be global in nature” by DNA. These are fundamentally different from the current generation of neobanks, which are country-restricted due to licensing and struggle to integrate blockchain. The core systems and capabilities are so different,” said Daniel Bertolli, co-founder of KAST and former partner at Quona Capital, a global fintech fund focused on investing in neobanks. Comment. KAST has closed a private $10 million seed funding round. evaluation. The company demonstrated strong initial traction in terms of user adoption and revenue within the first four months. The team sees this as a reflection of the significant global interest in its platform.
Stablecoins have experienced impressive growth, with supply exceeding USD 170 billion and transaction volume exceeding USD 8.5 trillion by over 125 million users in Q2 2024. Analysts predict by 2030. The number of users is expected to exceed 1 billion and the supply is expected to exceed USD 1 trillion.
“KAST offers real benefits to users around the world. Their USD-denominated accounts provide a secure way to store their hard-earned income when local currencies depreciate, especially for those without access to traditional U.S. accounts. A haven. More digital nomads can now avoid the hassles of traditional rail by receiving their paychecks in stablecoins. International money transfers that once took weeks are now virtually impossible. Now you can complete it instantly and for free.” said Alex Svanevik, CEO/Co-Founder of Nansen.ai and early investor in KAST. Users can learn more about KAST by visiting the KAST website. And discover how its innovative services can transform your financial experience.
Card user comments
“I spent two weeks at the bank to open a simple savings account. They asked for over 10 documents (about 100) and I had to sign and stamp each one. And I opened my crypto card @KAST_official in literally 2 minutes. Why would anyone chase a traditional card anymore? @KAST_official whenever you don't need a bank statement at the embassy. ” – Mardeni (Twitter) “One tap solves all your problems. That's all I got the KAST card. Here's a quick summary. I've been using it a lot lately. I travel and exchanging money has always been a pain, and I usually end up losing 5-8% in the process by the time I get the cash. Try it!” Two months had passed and I was tapping out quite a bit. Thanks @KAST_official…I have used it in 5 countries over the past few months without any problems. This has made international spending and using cryptocurrencies incredibly easy.” – Alpha Bets (Twitter) “I used the @KAST_official card to pay for a domain name for a project and it worked seamlessly. All I had to do was fund it with USDC. This was actually a game changer for me and whatever I wanted to do with it.” – Alex (Twitter) About KAST.
KAST is transforming the financial technology landscape by providing a seamless blend of stablecoin technology and traditional payment methods. The KAST platform enables us to provide US dollar accounts to more than 5 billion people in more than 150 countries around the world, providing solutions where banking is inadequate. A fluid user experience is becoming mainstream with the openness, speed, and security of stablecoins. KAST allows users to send, receive, save, and spend funds efficiently across borders. For more information, please visit www.kast.xyz.
Contact VP Global PartnershipsBasKASTBas@kast.xyz
This article was originally published on Chainwire
