KAST Raises $10 Million: The Future of Stablecoin-Based Neobanks

by Giorgi Kostiuk

2 years ago

KAST, a financial technology platform built on stablecoins, has raised $10 million in seed funding to develop neobank services. The funding round is led by HSG and Peak XV Partners, and includes contributions from notable angels.

KAST Funding and Development

KAST, a platform for digital financial services, has secured $10 million to advance its stablecoin-based solutions. Participants in the funding round include companies like HSG and Peak XV Partners, along with notable angels and partners from DST Global and Goodwater Capital.

For most countries and over half of global GDP, banking does not match the openness and speed of the Internet. Stablecoins are the clear solution, but the user experience wasn’t great. We are building KAST to change this.Raagulan Pathy, KAST Co-Founder

Advantages of Stablecoins for Global Users

KAST offers payment cards and USD-denominated accounts to people in over 150 countries, enabling them to send and receive funds while collaborating with partners such as Bridge. The platform also plans to introduce savings and other remittance products. The maturing regulation of stablecoins facilitates their integration with traditional financial networks, providing users with faster and safer transactions.

The next generation of neobanks will be built on stablecoins and inherently global by DNA. They will differ fundamentally from the current generation of neobanks which are limited in countries due to licensing, and struggle in integrating blockchain.Daniel Bertoli, KAST Co-Founder

Future of Stablecoins and User Stability

Stablecoins have exhibited significant growth, with $170 billion in supply and $8.5 trillion in transaction volume. Analysts predict that by 2030, user numbers will exceed 1 billion, with supply surpassing $1 trillion. KAST’s USD-denominated accounts offer access to new economic opportunities, facilitating international transactions.

KAST delivers real benefits to global users. Their USD-denominated accounts offer protection for income when local currencies decline. More digital nomads can now bypass the hassle of legacy systems, as international transfers are now seamless and cost-free.Alex Svanevik, CEO of Nansen.ai

KAST continues to draw global user attention by offering innovative stablecoin-based solutions, significantly adapting modern financial services to swift and secure interactions.

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