You’re receiving this note because you have a lot of KAST points.
We are grateful to you.
It likely means you were early, you spent meaningfully, or you kept backing KAST while we were still building the foundation. Maybe all three. Either way, you are in the group with the most to benefit from where we are taking points next.
As we enter Q3, I wanted to follow up directly because your points balance matters. You may have already seen earlier confidential updates from us on points, TGE, and our thinking around long-term community alignment. This note is specifically for members with meaningful points balances.
For most users, especially those with smaller points balances, we are working on ways to give more immediate flexibility. That may include redemption as you spend, burn options, and periodic buybacks.
For people with meaningful points balances, the bigger opportunity is different.
Our intent is to convert points into tokenized equity or something similar tied to the KAST business. We have seen what happens to most crypto card tokens over time. They spike, they sell off, and the long-term community gets left with something that does not reflect the value being built.
That is not the outcome we want.
KAST is building for long-term value. We want the people who supported us early, used the product meaningfully, and helped prove the model to have a direct or indirect stake in the continued upside of the company.
Here is where we are:
Our investors have approved equity being set aside for community members like you.
The current plan is likely an SPV, with equity mapping to your points value.
We are working through the legal and regulatory requirements now.
We are still tracking toward Q4, with more clarity expected in over the next couple months.
These structures are new, and the legal path is complex. We are building a generational company, and we have to get this right. But the direction is clear. Points should become something that reflects real value, not just another token that trends down after launch.
That is why your points balance matters.
If you are already earning points through Premium or Private, or you have built a meaningful balance over time, those points are intended to matter in the final conversion. The more points you hold, the more exposed you are to the upside of getting this structure right.
As a reminder, Premium and Private members continue to earn points on top of cashback:
Premium: 2% cashback on eligible spending, up to $10,000/month, plus 1% unlimited rewards in points.
Private: 3% cashback on eligible spending, up to $40,000/month, plus 2% unlimited rewards in points.
If you want to use points toward membership, you can also redeem 25,000 points for Premium or 250,000 points for Private. We are giving you the option to redeem this, and this redemption period is valid until the end of July. If you would like to redeem, reach out to our concierge or simply reply to this email, and we’ll take care of that for you.
Please note that upon your redemption request within July, it will take up to 5 business days to process.
We are also launching Reserve in a few weeks:
Premium: 6% APY up to $50k deposit.
Private: 8% APY up to $200k deposit.
You will be able to spend directly from the Reserve account, so funds are not locked. We put funds in safe treasury money market funds and subsidize the gap above 4%, unlike others who take additional risk.
Thank you for being one of the people who believed in KAST early, used it meaningfully, and helped us get here.
It’s a wild world. Keep it stable.
Best,
Raagulan Pathy
Founder & CEO