Qash Breaks Stealth Mode With Market Debut In Colombia
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Netherland-based Qash has begun its operation in Colombia. The company has introduced a credit card that uses a stablecoin. This card is created for people living in places where money changes value a lot.
The company received €300,000 from Antler in two parts. Qash is also working with Visa to launch a self-custodial stablecoin wallet tied to USDC. The goal is to help people move from unstable local currency to the US dollar.
The Company Is Working With A US Bank To Offer Insured Dollar Accounts
Boris Spiwak, the co-founder of Qash, stated that the company is giving more people a chance to use US dollars. Rich people in Latin America often keep their dollars in banks outside their country, like in Miami. But there are many others, like doctors and lawyers, who earn well and save some money.
They want more options to keep their savings safe, but they cannot open special bank accounts abroad because they don’t have enough money to meet the high deposit rules.
Boris and his co-founder Gerson Lynch are from Venezuela and Suriname. They said their idea for Qash came from their life experience. They grew up in countries where money lost value quickly and prices went up all the time. Spiwak said since he was a kid, he has thought about how governments can hurt people’s financial lives.
The company has big plans for the future. Spiwak shared that in early 2025, the firm wants to introduce an account that lets people invest in digital versions of US government bonds and other savings options.
Qash is also working with a US bank to offer accounts in real US dollars with FDIC insurance. Boris explained that this account would be new and different from what is available now. It will solve the same money problems but in a better way.
Over 1,000 People Have Signed Up For Qash’s Services
Lynch and Spiwak developed the idea during a two-month program with Antler in 2024. Spiwak said they picked Colombia to launch the business because the country has had problems with its money losing its value and unstable politics.
So far, 1,000 people have signed up to use Qash and they can choose a digital card or a physical one. Spiwak explained that the product is simple and easy to use, even for people who do not know about cryptocurrency. It works just like a normal bank app.
RJ Schuurs from Antler noted that Qash is a company that helps people and has a chance to grow in Latin America, the fastest-growing fintech market. He added that the firm would help people with money problems, and he is happy to have supported Boris and Gerson from the beginning.
