Emergence Media

raagulanpathy Verified account @raagulanpathy · Nov 2

On the email users got, about converting points for KAST Pioneer Units. Let me say this, and then will leave it for you to absorb.

—-
First -
We are super limited in the language we can use, because of country-by-country rules. Use that for context, in what we released.

Second -
We didn’t just come up with some program out of thin air. The conversion of points to KAST Pioneer Units, came after a long and super expensive process with Tier 1 law firms, and with approvals from investors to create this setup. It literally cost us millions just to setup. We got legal opinions on dozens of countries. Obviously, we would only do this because we are really trying our absolute best to create a strong program for the community.

Third -
Just to reconfirm.
The KAST Pioneer Units, will be issued by a KAST-linked SPV. This is the only practical step for issuance globally. The points will convert to the KAST Pioneer Units.

There will be periodic cash out events. We can’t legally promise you the amounts, the dates, whether it goes up or down. No surprise in that.

But we are putting in the hard work, so the community gets an outcome aligned to the success of KAST.

The only thing you have to do, is quickly accept the conversion, details early December in app.

Fourth -
Why is there no token? Because no single project in the crypto card or Neobank space in history, has ever delivered a token which is not down. Tokens are almost always not aligned to the community. The founders and team most often end up with a treasury they wholly control, they along with investors cash out, and the token holders deal with the volatility and the ultimate decrease in price.

By not launching a token, our team and investors get none of that optionality. They stay locked in equity. To date, I have personally only net purchased equity in KAST and never sold.

Launching a token completely counter to our ambition to build a $100B+ company. We believe the KAST Pioneer Units will be the best long term outcome, and in time people will realise this.

Finally -
We understand that in a market which is very far down, many are looking for anyway to cash out. We get it. There is real pain in crypto prices, many have seen their wealth fall substantially.

But still strongly believe the KAST Pioneer Units, issued by the SPV, will ultimately prove to be the right decision. Time be our witness.

Thanks all.

(Note: I won’t respond to most comments, as I’m keeping to approved language)

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wale.moca 🐳 Verified account @waleswoosh · Oct 26

I don't like the trend of projects shutting down pre-TGE and being seen as somewhat heroic because they didn't extract.

It's incredibly disingenuous because people burn thousands, sometimes tens of thousands of dollars farming these airdrops, I know people who are down five figs on Abstract memes or paid high four figs in StandX fees.

Not doing a TGE just for the sake of it *can* be heroic, but only if there's adequate compensation for the people who used the products in justified expectations of being rewarded

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