The biggest mistake most fintech startups make is trying to do everything at once.
According to the KAST founder, the secret is finding your niche, becoming really good at it, and building a business around the thing that actually makes you money.
The card is just the entry point. The real business is everything you build around it.
E180: KAST Founder: Most crypto neobanks will be gone in 12 months
@raagulanpathy is the founder and CEO of @KASTxyz , a global stablecoin neobank, and a former Circle exec. He raised $80 million at a $600 million valuation on the thesis that the real prize isn't the stablecoin - it's the bank you build on top of it. We get into the money, the grind, and the token decision that pissed a chunk of his community off.
Timestamps
00:00 Introduction
01:58 How Raagulan Decides What Gets Done At KAST
04:35 The Chaos KAST Employees Deal With Daily
05:38 Raagulan's Hiring Philosophy At KAST
07:02 Why Firing Is Harder Than Hiring
08:35 The One Error That Could Kill KAST
09:52 How Raagulan Convinces Stablecoin Skeptics
10:46 What Outsiders Miss About The Payment Industry
12:06 Why KAST Needs So Many Different Departments
18:32 Partnerships: @variational_io & @Bitwise
19:24 Raagulan's Real Take On Fees
21:55 KAST's Best Type Of Customer
23:53 The Thing Raagulan Can't Say Publicly
26:54 Founders Can't Chase All These Three Things At Once
29:04 Raagulan's Experience With GLP-1s
31:39 How KAST Kept Growing When Bitcoin Crashed 50%
34:05 KAST Is On Track For $100 Million In Revenue
36:55 Why KAST Hasn't Blown Up From Overspending
41:04 Why Everyone's Racing To Build Neobanks
42:52 What Makes Neobanks So Hard To Build
44:54 Why Neobanks Keep Shutting Down
45:57 What KAST Offers That Exchanges Can't
49:14 KAST Isn't A Card Business
50:43 How KAST Is Building Momentum
54:57 Raagulan On His Competitors
56:29 Partnerships: KAST & @Trezor
57:33 Kevin's Honest Take On KAST
58:59 What KAST Is Doing With the $80 Million they raised
01:01:55 Would Raagulan Ever Sell Equity?
01:06:57 Who Buys In At A $3B Valuation Next?
01:08:39 Is Your Money Actually Yours Inside KAST
01:10:49 What Happens To Your Money If KAST Collapses
01:17:38 Custodial Vs Self-Custodial: Pros And Cons
01:19:52 Why KAST Obsesses Over Design And Brand
01:22:42 Partnerships: @JupiterExchange & @ethena
01:23:26 KAST Points & Token: Should The KAST Community Feel Cheated?
01:34:13 What's Actually Behind This Tokenized Stock?
01:35:25 The Hill Raagulan Will Die On
01:36:41 One Prediction That Comes True In 5 Years
01:37:59 Is The Worst Behind Us In Crypto?
01:42:57 The One Thing To Remember From This Conversation
01:45:16 Closing Thoughts
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