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

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As a seasoned crypto investor with roots deeply entrenched in the digital finance sphere, I find myself captivated by the promising trajectory of KAST, the groundbreaking financial technology platform built on stablecoins. Having witnessed the meteoric rise and fall of countless cryptocurrencies, I’ve learned to discern the diamonds from the rough, and KAST undoubtedly shines brightly among them.

Cayman Islands, George Town, December 12th, 2024, Chainwire

KAST, a financial technology company that offers a neobank-like experience through a platform based on stablecoins, has managed to secure US$10 million in seed funding. This investment round is spearheaded by HSG (HongShan Capital Group) and Peak XV Partners. Additionally, several prominent angel investors who are partners with DST Global, as well as Goodwater Capital, have participated in this round.

In most nations and representing more than half of worldwide economic output, banking systems fail to keep pace with the openness and swiftness of the internet. According to Raagulan Pathy, Co-Founder of KAST, this fundamental flaw in the system is addressed by stablecoins, but their user experience leaves much to be desired. Pathy and his team at KAST are working hard to improve this situation.

Daniel Bertoli, co-founder of KAST and ex-Partner at Quona Capital, a global FinTech fund specializing in neobank investments, suggests that the future iteration of neobanks will be constructed using stablecoins, ensuring they are innately global by design. These upcoming neobanks will significantly deviate from the existing ones, which are geographically confined due to licensing issues and have challenges integrating blockchain technology. The fundamental differences in their core systems and abilities make this integration a struggle.

KAST successfully raised a $10 million seed investment without disclosing its current valuation. Over just four months, it’s shown promising growth by attracting users and generating income. This rapid progress suggests substantial international interest in their platform, according to the team.

The use of stablecoins has skyrocketed, reaching a staggering $170 billion in circulation and a whopping $8.5 trillion in transactions during the second quarter of 2024 among more than 125 million users worldwide. Experts foresee that by the year 2030, user numbers could swell to over a billion and the supply may surpass the $1 trillion mark.

KAST offers tangible advantages to users around the world. With their dollar-based accounts, individuals can securely store their earnings when local currencies weaken, which is particularly beneficial for those who lack access to conventional U.S. accounts. As more digital nomads begin receiving salaries in stablecoins, they can now avoid the complexities of traditional banking systems. Previously slow and costly international transfers can now be executed instantly and almost free of charge,” remarks Alex Svanevik, CEO and co-founder of Nansen.ai, an early backer of KAST.

Visitors are welcome to explore the KAST website for comprehensive information on KAST, and uncover how their groundbreaking solutions could revolutionize financial experiences.

Testimonials from card users

Mardeni shared on Twitter: ‘I spent two weeks at the bank trying to open a simple savings account, but they required over 100 documents and had me sign and stamp each one. In contrast, it only took me 2 minutes to get a crypto card from KAST_official. With no need for bank statements when applying to embassies, I’d opt for crypto cards like KAST_official every time, as they offer a much more efficient process.’

“One tap to solve all my issues. That’s all it took when I got my KAST card. Here’s a quick recap, I’ve been traveling a lot lately, and exchanging money has always been a hassle. You usually end up losing 5-8% in the process by the time the cash is in your hand. A friend of mine sent me a link and said, “Give this a try!” Fast forward two months, and I’ve been tapping away quite a lot. Thanks to @KAST_official … I’ve used it across five countries over the last couple of months without any issues. It’s made international spending and crypto usage incredibly simple” – Alpha Bets (Twitter)

Alex just successfully paid for his project’s domain name using the @KAST_official card. All he needed was to fund it with Solana USDC, and the transaction went smoothly without a hitch. This is truly a game-changer for him, and it will make future transactions just as easy!” (Twitter)

About KAST

KAST is revolutionizing the financial technology sector by combining the reliability of traditional payment methods with advanced stablecoin technology. This innovative platform allows USD accounts to be accessible in over 150 countries, reaching approximately 5 billion people – providing a solution where conventional banking services may falter. The user-friendly interface is making stablecoins more accessible to mainstream users, offering swift, secure, and borderless transactions. For additional details, please visit www.kast.xyz.

Contact

VP Global Partnerships
Bas
KAST
Bas@kast.xyz

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2024-12-12 10:12