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KAST Secures US$10 Million Seed Round Led By HSG (HongShan Capital Group) and Peak XV Partners
The post KAST Secures US$10 Million Seed Round Led By HSG (HongShan Capital Group) and Peak XV Partners appeared on BitcoinEthereumNews.com. Cayman Islands, George Town, December 12th, 2024, Chainwire KAST, a financial technology platform built on stablecoins to deliver a neobank-style experience, has raised US$10 million in seed funding. The round is led by HSG (HongShan Capital Group) and Peak XV Partners. A number of high-profile angels, partners of DST Global, and Goodwater Capital also joined the round. “For most countries and over half of global GDP, banking does not match the openness and speed of the Internet, it’s fundamentally broken. Stablecoins are the clear solution, but the user experience wasn’t great. We are building KAST to change this”, adds Raagulan Pathy, KAST’s Co-Founder. Pathy is a stablecoin expert, formerly the VP for Asia Pacific & CEO for Singapore at Circle, best known for USDC. KAST offers payment cards and USD-denominated accounts to people in over 150 countries, the ability to receive and send cash, and working with partners such as Bridge (recently acquired by Stripe). KAST will soon launch savings and other remittance products — all without the need to touch fiat directly. The maturing of stablecoin regulation and acceptance has led to rapid integration with traditional finance networks, enabling users to send money faster, cheaper, and more securely. KAST highlighted use cases such as holding USD stablecoins as an alternative to volatile currencies, enabling people to buy imports and travel with a card, and allowing remote workers globally to get paid. “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; their core systems and capabilities are just too different,” comments Daniel Bertoli, co-founder of KAST and former Partner at Quona Capital, a global FinTech fund that focuses on investments in neobanks.…
The post KAST Secures US$10 Million Seed Round Led By HSG (HongShan Capital Group) and Peak XV Partners appeared on BitcoinEthereumNews.com.
Cayman Islands, George Town, December 12th, 2024, Chainwire KAST, a financial technology platform built on stablecoins to deliver a neobank-style experience, has raised US$10 million in seed funding. The round is led by HSG (HongShan Capital Group) and Peak XV Partners. A number of high-profile angels, partners of DST Global, and Goodwater Capital also joined the round. “For most countries and over half of global GDP, banking does not match the openness and speed of the Internet, it’s fundamentally broken. Stablecoins are the clear solution, but the user experience wasn’t great. We are building KAST to change this”, adds Raagulan Pathy, KAST’s Co-Founder. Pathy is a stablecoin expert, formerly the VP for Asia Pacific & CEO for Singapore at Circle, best known for USDC. KAST offers payment cards and USD-denominated accounts to people in over 150 countries, the ability to receive and send cash, and working with partners such as Bridge (recently acquired by Stripe). KAST will soon launch savings and other remittance products — all without the need to touch fiat directly. The maturing of stablecoin regulation and acceptance has led to rapid integration with traditional finance networks, enabling users to send money faster, cheaper, and more securely. KAST highlighted use cases such as holding USD stablecoins as an alternative to volatile currencies, enabling people to buy imports and travel with a card, and allowing remote workers globally to get paid. “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; their core systems and capabilities are just too different,” comments Daniel Bertoli, co-founder of KAST and former Partner at Quona Capital, a global FinTech fund that focuses on investments in neobanks.…
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