KAST Secures US$10 Million Seed Spherical Led By HSG (HongShan Capital Group) and Peak XV Companions

Cayman Islands, George City, December twelfth, 2024, Chainwire

KAST, a monetary expertise platform constructed on stablecoins to ship a neobank-style expertise, has raised US$10 million in seed funding. The spherical is led by HSG (HongShan Capital Group) and Peak XV Companions. A variety of high-profile angels, companions of DST World, and Goodwater Capital additionally joined the spherical.

“For many international locations and over half of worldwide GDP, banking doesn’t match the openness and pace of the Web, it’s basically damaged. Stablecoins are the clear answer, however the person expertise wasn’t nice. We’re constructing KAST to vary this”, provides Raagulan Pathy, KAST’s Co-Founder. Pathy is a stablecoin professional, previously the VP for Asia Pacific & CEO for Singapore at Circle, greatest recognized for USDC.

KAST gives cost playing cards and USD-denominated accounts to individuals in over 150 international locations, the flexibility to obtain and ship money, and dealing with companions equivalent to Bridge (just lately acquired by Stripe). KAST will quickly launch financial savings and different remittance merchandise — all with out the necessity to contact fiat straight. The maturing of stablecoin regulation and acceptance has led to speedy integration with conventional finance networks, enabling customers to ship cash sooner, cheaper, and extra securely. KAST highlighted use circumstances equivalent to holding USD stablecoins as a substitute for unstable currencies, enabling individuals to purchase imports and journey with a card, and permitting distant staff globally to receives a commission.

“The subsequent technology of neobanks might be constructed on stablecoins and inherently international by DNA. They’ll differ basically from the present technology of neobanks, that are restricted in international locations on account of licensing, and wrestle in integrating blockchain; their core programs and capabilities are simply too totally different,” feedback Daniel Bertoli, co-founder of KAST and former Accomplice 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. Inside its first 4 months, the corporate has demonstrated sturdy early traction when it comes to person adoption and income. The staff views this as a mirrored image of serious international curiosity in its platform.

Stablecoins have skilled exceptional development with over US$170 billion in provide, and US$8.5 trillion transaction quantity in Q2 2024 by over 125 million customers. Analysts predict by 2030; person numbers will exceed 1 billion and provide will surpass US$1 trillion.

“KAST delivers actual advantages to international customers. Their USD-denominated accounts present a protected 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’ll now bypass the trouble of legacy rails. Worldwide transfers that after took weeks can now be accomplished immediately and at nearly no price,” 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 revolutionary choices can remodel monetary expertise.

Testimonials from card customers

“I spent two weeks on the financial institution attempting to open a easy financial savings account. They requested for greater than 10 paperwork (~100 papers) and needed to signal and stamp every of them. And I opened a crypto card @KAST_official in actually 2min. Why would anybody go after conventional playing cards anymore? If i do not want my financial institution statements for embassies, I’d at all times use crypto playing cards like @KAST_official” – Mardeni (Twitter)

“One faucet to unravel all my points. That is all it took after I received my KAST card. Here is a fast recap, I have been touring rather a lot these days, and exchanging cash has at all times been a trouble. You often find yourself dropping 5-8% 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 strive!” Quick ahead two months, and I have been tapping away quite a bit. Due to @KAST_official … I’ve used it throughout 5 international locations during the last couple of months with none points. It is made worldwide spending and crypto utilization extremely easy” – Alpha Bets (Twitter)

“I simply used my @KAST_official card to pay for my mission’s area title and it labored seamlessly all I needed to do was fund it with Solana USDC, that is really a recreation changer for me and some other factor I am going to need to do with it” – Alex (Twitter)

About KAST

KAST is remodeling the financial-technology panorama, by providing a seamless mix of stablecoin expertise with conventional cost means. The KAST platform permits USD accounts globally to 150+ international locations, reaching over 5 billion individuals – providing an answer the place banking falls quick. The silky-smooth person expertise is taking mainstream the openness, pace and safety of stablecoins; KAST permits customers to ship, obtain, save, and spend funds throughout borders effectively. For extra data, customers can go to www.kast.xyz.

ContactVP World PartnershipsBasKASTBas@kast.xyz

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