Kasta: Introducing a new crypto-based economy

Kasta
3 min readAug 23, 2021

The world’s in a transitionary phase. We’re moving from a fiat-based economy to a crypto-based economy. There’s a significant evolution unfolding within the fabric of traditional legacy institutions, and at Kasta, our goal is to be at the frontier of this change. The transition to a global P2P-centered solution, eliminating barriers existent in fiat-based economies, is genuinely underway.

Making payments is getting more complex every day

Two problems exist when making cross-border payments; high transaction fees and lengthy transaction times. While blockchain technology has made vast progress in introducing cryptocurrencies as suitable alternatives to existing issues, caveats remain. When making payments using crypto, users still have to contend with the following problems:

  • Operating crypto wallets, which have lengthy, easily confusing addresses.
  • Cumbersome currency exchange procedures. Users are required to fulfill several lengthy exchange procedures before gaining the right to transact how they please.
  • Legal issues surrounding the legitimacy of blockchain. So far, only El Salvador embraces cryptocurrency (only Bitcoin) as a legal tender. Regulatory upheaval surrounding cryptocurrencies is proving burdensome to many institutions.
  • Absence of payment-focused solutions. Cryptocurrency platforms lack any buy now pay later models.

Fortunately, there’s a simple solution to these problems — introducing Kasta.

We want to make P2P payments easy, free, and convenient. We aim for a new paradigm of the crypto-based economy through our protocol benefits by encouraging cryptocurrency adoption.

Let’s normalize hassle-free, borderless payments

Despite the revolutionary leaps in technological advancement, it’s unfortunate how inconvenient P2P payment remains. Even more disheartening is the inadequacy of supporting features to make P2P payments seamless. Focusing on these glaring issues, our team sought to develop a solution tailor-made for the digital economy.

Our solution involves two objectives; make P2P payments easy & free and make crypto payments convenient. Our P2P approach requires blockchain technology in tackling obstacles present in cross-border payments. Transactions on Kasta aren’t confined by rudimentary border obstacles. In addition to borderless solutions, our hybrid decentralized approach ensures payments are nearly instant and feeless.

To provide these solutions, Kasta employs four features:

  1. Easy swap engine — Users are required to select the type of currency suitable for their payments. For example, sender A pays via BTC, and sender B receives GBP.
  2. Buy now Pay later — A popular option in mainstream outlets, Kasta adopts this model to offer a payment-focused solution. We allow users to buy from online stores and select a payment plan for their products.
  3. Crypto wallets made easy — Operating crypto wallets is often tedious. Kasta eliminates the need for crypto wallets when making payments through our platform. Users can make payments by using a phone number, email address, or a QR code.
  4. Easy fiat on- and off-ramp services — This enables easy spending of cryptocurrencies in the real world. Bank transfers are supported to & from Kasta. Enables payouts directly to debit cards outside of Kasta and provides a Kasta debit card for users to spend their crypto everywhere.

Our two-pronged approach in simplifying payments ensures all P2P transactions are hassle-free.

The market is ready for innovation

We understand change is uncomfortable, and it takes time to acclimatize to new environments; nevertheless, the market is ready, and the time is now. According to statistics from eMarketer, we expect to see the P2P market surpass $1.1T in transactions by 2023. Despite such extensive growth, the P2P industry still faces inherent challenges suggesting a lack of optimal consumer solutions.

Kasta proposes a model benefiting both platform and participants. Besides improvements in P2P payment services, our platform offers rewards in the form of Kasta tokens.

The transition to a crypto-based economy is indicative of cryptocurrencies maturing as an industry. Users are ready to embrace a new payment solution, moving away from problematic-ridden fiat systems. Through emphasizing convenience and ease of operations, the switch to the crypto-based economy is now a reality.

About Kasta

Kasta is a blockchain alternative to mainstream mobile payment services. Our platform makes P2P payments easy, simple, and accessible. As we transition into a crypto-based economy, Kasta provides the market convenience necessary for cross-border payments on a global scale. Through our platform, we aim for globalized cryptocurrency adoption, improving the functionality of financial services.

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Kasta

Kasta is redefining the current understanding of digital payments.