Kast has launched a new business platform. The new product is called KAST Business. The service combines corporate accounts and payment cards. The platform supports cross-border transfers and yield accrual. The entire infrastructure runs on stablecoins. The company specializes in payments using stable digital currencies.
The platform allows businesses to receive funds through virtual accounts. Accounts are opened in local currencies via partners. All partner institutions hold the necessary regulatory licenses. Companies can deposit supported stablecoins and cryptocurrencies. The service issues virtual cards for corporate expenses. Local payouts are available in more than twenty currencies. The platform operates in one hundred and seventy countries worldwide.
The service offers up to eight percent annual yield on balances. Returns are generated through short-term treasury bonds. US government securities provide a stable financial return. Additional yield is generated from the stablecoins themselves. Clients receive cashback of up to three percent. The bonus is credited for everyday purchases. Kast is a technology company, not a bank. Licensed partner institutions provide all regulated services.
The launch followed a major funding round. The company raised eighty million dollars in financing. The startup's valuation reached six hundred million dollars. The funds will be directed toward developing new products. The company will obtain additional licenses and expand its operations. Growth will cover North America and the Middle East. Latin America is also part of the company's plans. Kast has hired a former advisor to the US financial regulator. Stephanie Allen previously served at the Securities and Exchange Commission. She will lead communications on policy matters.
The company reports one million active users. Management expects to onboard thousands of new corporate clients. Expansion plans are set to be completed by the end of the year. The number of active companies is expected to reach five thousand. Stablecoins are gradually being integrated into traditional business. Corporate clients gain access to modern financial tools.