Rhys 🐧
2.2K posts



New mutant. Funny story, but I minted mutants at a conference table in the middle of negotiating the sale of Gel Blasters to Hasbro. On that day the entire Hasbro leadership team learned about NFTs. Good times.











NFTs are still the closest we've come to mainstream adoption that crypto has ever seen

At @KASTxyz are dropping FX from 2% to 0.5-1.75% & USD spend remains 0% We are constantly renegotiating contracts, and this allows us to reduce costs, and pass this onto users. Why was it 2% in the first place? — Let me explain, for those who want the long version. 1/ The schemes charge a cross-border fee of 1%. This applies to FX & even USD which is spent outside the US (for which we charge 0% but makes up 20% of spend. Combined the blended was 1.2-1.3% in costs 2/ Then we have processing fees, for authorization and settlement, which is higher in cross-border. This is typically another 0.3-0.4% 3/ Then we have the fraud, decline and other costs which are higher on FX transactions. 4/ And costs to swap & settle USDC/T to the schemes. Blended, it cost us >2%. We charged 2% to cover costs. The good news, is because we now have scale and funds, renegotiate and bring these costs down. It’s a multi-year process, and complicated. Why the variance between 0% and 1.75%? Because our costs are different between markets, and where we can go lower we will. Soon, we hope to have multi-currency cards which would have no FX in places like Europe, Brazil etc. My target for later this year is to reduce the maximum to 1.5% and have over 50% of where global spend happens at between 0-1%. Far from done yet, just getting started.













