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KAST offers 4 versions of its card, starting with a free digital one and one that costs 50 SOL.
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To access these debit cards, users must go through a KYC process.
KAST, a financial services platform that runs on the Solana (SOL) network, launched a Visa-Mastercard debit card to make payments with stablecoins on this network. This card works in Argentina, Venezuela, Brazil, as well as the United States. “Spend without borders: spend stablecoins and cryptocurrencies with accounts available in more than 100 countries,” according to the statement on the KAST website.
Although the launch was announced at a conference at the end of September 2024, today, November 6, the news took on greater relevance when the team behind Solana from the official account of x was in charge of notifying the fact.
From KAST they aim for users, with this debit card, to be able to spend their stablecoins (USDT, USDC and USDe) in everyday businesses, products or services.
Users must deposit your funds into the KAST app and, at the time of a payment, the card converts stablecoins pegged to the US dollar (US-PEGGED stablecoins) to USD without commissions. This could be useful for those users who would like to use their crypto assets for daily purchases.
KAST works by depositing money in an app
It is valid to clarify that this app does not work as a wallet self-custodywhere users keep the private keys to their accounts in their possession. In this case, the company is responsible for the funds, so those users interested in its products should know that custody is carried out by KAST.
On the other hand, according to declared Raagulan Pathy, co-founder of KAST, calls it the “first Solana-based card.” Purchasing the KAST card requires a registration and KYC process that can be completed in “just three minutes.”
According to the announcement, this platform already works in more than “100 million businesses and in more than 100 countries.” Among the available countries There are Argentina, Venezuela, Brazil, as well as the United States and others. Allows integration with online payment applications Apple Pay and Google Pay.
KAST has four card options in its web. During the presentation, Raagulan Pathy announced that they will offer a limited option of 100 units of these “solid gold” debit cards. These come with “exclusive benefits,” including higher reward points and the ability to spend staked SOL tokens.
Acquiring this card costs 50 SOL. However, KAST launched a free digital version of its Solana-based debit card.
KAST launched a debit card based on the Solana network. Fountain: KAST.
KAST allows you to spend SOL on staking with its “solid gold” card
This platform offers an option called PayFi (Payment Finance). While it is available as a built-in functionality on the platform, it can also be used via the KAST “solid gold” debit card.
Within KAST, users can stake their SOL tokens. The tool PayFi enables the users spend a percentage of those locked SOLs (up to 60%) to make payments and transactions.
The platform automatically converts locked SOLs into the equivalent amount in USD (or other stablecoin) at the time of transaction.
This means that users can access the value of their staked assets within the platform while keeping them generating passive income from staking. KAST also does not charge interest for using blocked SOLs.
This could be beneficial for users who want to stake their SOL for rewards, but also need liquidity for daily spending.
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