We have a major update to KAST today which will allow our users to easily deposit fiat into KAST to spend as stablecoins. We strive to build the best banking alternative on the planet and mixing the old and new financial worlds is important as we continue to move towards that as this blog post explains.
Starting in a couple of weeks, KAST users will be able to create a virtual banking account to which they can send or deposit US dollars using instant Fedwire and ACH. Deposits will initially be free but in the future this is a service that may incur some cost.
This is important because it will allow users to top up accounts faster than ever. It also simplifies the process of loading stablecoins to your KAST account. No longer do you need to change fiat into cryptocurrency at an exchange, DEX or other intermediary, we can take your fiat and convert it within the KAST app.
Our new feature opens a host of new opportunities, including:
- Being paid into a bank account, you can have your employer send your salary straight to your KAST account
- If you make recurring income from rent or other sources, you can route that directly to your KAST account
- It’s even possible to send money from your KAST account via ACH or Fedwire
This new feature is made possible through a partnership with Bridge, a critical infrastructure provider for stablecoins that was bought by Stripe for US$1.1 billion last year. We look forward to working with more world-class companies in the future. Keep an eye on our social media accounts and this blog for the latest news.
“We’re excited to partner with Bridge, so our global user base now has a true bank alternative. Users can move between fiat and stablecoins, without even noticing. It’s all just USD at the end of day,” said Raagulan Pathy, co-founder of KAST.
“Bridge was already a global leader, but now as part of Stripe, we’re excited to expand our partnership into Europe and beyond. This enables our users to receive bank transfers for wages, personal payments, and more. In the background, it seamlessly converts to USDC and lands within KAST. This is the first of several announcements leading up to our US launch,” Pathy added.
