Stablecoin payment platform KAST has completed a $10 million seed round financing, led by Peak XV and HongShan

ChainCatcher news, according to Techcrunch, led by Sequoia China (HongShan) and Sequoia India (Peak XV), has jointly invested $10 million in the seed round financing of the stablecoin payment platform KAST.

KAST is a bank-like platform based on stablecoins, allowing users to hold and use stablecoins through traditional payment channels, and providing credit card services that can be used within standard merchant networks, enabling users to spend their stablecoin assets at merchants that do not support cryptocurrency payments.

The platform was co-founded by Raagulan Pathy, former head of Asia Pacific at Circle, and Daniel Bertoli, former partner at Quona Capital, primarily targeting users in emerging markets, especially offshore workers. KAST reduces cross-border payment costs by bypassing traditional banking networks and is currently not operating in China and India due to regulatory restrictions. DST Global and Goodwater Capital participated in this round.