1/ A tweet thread on Kash DeFi updates for EU. As a publicly traded company (ticker: KASHF), we take pride in transparency. For our financials. Our product. And our vision. #TweetThreadTuesdays
2/ But first, we’re LIVE in the US with pull ACH capability via #Plaid! Over 5000 people will have access to on-ramping to #Anchor directly from over 11,000 banks in the US next week. Create an account now and get an invite by April 1st, no joke!
3/ BREAKING NEWS for our US beta testers, we also have push ACH now - go to your online bank account and send funds to your #Kash account.
4/ “wen EU”. Time to hold ourselves accountable. EU has been challenging. We promised #October, then #November, then #December, then #Q1, now it’s #Q2. It’s okay to be upset at us. We’re upset at us.
5/ This thread isn’t about giving excuses. We just want to give you a peek into what’s happening behind the scenes. Basically, our original European on-ramp partner told us integration would be done in October.
6/ A small delay occurred with the on-ramp process because they needed more time to support #UST as their exchange partner did not support UST. Then they needed update their infrastructure. Then they had to change integration due to new regulatory concerns.
7/ We communicated that one month delay, then holidays hit, and we assumed that was the reason for further delays. We shifted our engineering resources to the US onramp while we waited for EU. Month after month it was always a month away.
8/ We foresaw that this could be a potential risk early on, which is why we brought on a second on-ramp partner in the EU around September. That 6-month effort kicked off in mid October. As of today, we’re still on track here for initial beta testing to begin around then.
9/ We have two on-ramp partners for the EU, both with a decent amount of country overlap (and both combined cover basically all of Europe + UK). Our internal timeline right now looks like end of May.
10/ One current challenge is that our on-ramp partners have historically supported USDC, not UST. While we can (and will) support Anchor Protocol via USDC deposits, the APY is lower at around 16% vs. the 19.5% currently with UST. It’s also more technically challenging.
11/ If we wait for UST readiness with our on-ramp partner it will probably be July+. If we go ahead with USDC now, then it’s May/June, but in that scenario we’re building functionality that has a very limited window before it becomes outdated (once UST support is live).
12/ These are the decisions and tradeoffs that come with engineering bandwidth. It’s hard, but we’ve grown our team to shepherd the on-ramp process.
13/ Since the original on-ramp discussions we’ve hired Lars and Ronald. Lars has been at an equity research fintech company for 20 years, most recently as COO and BoD. He’s worked with major financial institutions like Fidelity, JP Morgan and Deutsche Bank.
14/ Ronald is a Wharton MBA & Senior Product Leader at a Fortune 100 healthcare company, leading complex integrations at Humana, Walmart, PepsiCo, Johnson & Johnson, and so forth as clients. Both Lars and Ronald can blend the crypto and traditional worlds together.
15/ #Kash is building the foundation for a leading global #fintech company. Every week we face hard choices. While we cannot guarantee perfection, we can promise persistence 🔥. Please allow our startup some patience. We’ll make it worth it. Kash is coming. Globally. 🌍
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