Project Name: Kem App - Kem is the fastest way to send, spend, and manage your crypto—powered by USDT and the world’s leading digital assets.
Basic Information
Project Track: Payments and DeFi
Team Name: Kem
Team Members: Seth Sadeq, Zane Sadeq, George Chichua
Social Info
Instagram: كم Kem (@kem.app) • Instagram photos and videos
Telegram: @gregchich
Wechat ID: G3456723333
X (Twitter): @kem_app
Website: https://kemapp.io/
Project Overview
Project Goal:
Kem aims to establish an on-chain bank catering to the Middle East, focusing on remittance services, a crypto card, and savings with a USD yield-bearing stablecoin.
- Financial Inclusion: Empowering underbanked populations in the Middle East by providing accessible, low-barrier crypto financial services.
- Competitive Remittance: Offering competitive remittance services in the Gulf region, recognized as one of the world’s largest and most consistent outbound remittance corridors.
- Borderless on-chain Bank: Creating the first borderless crypto neo-bank powered by USDT, serving as a stablecoin super app. It will offer on-chain equivalents of services like Zhifubao (AliPay), Cash App, and Revolut.
Unique Value Proposition: Offers financial inclusivity to millions of underbanked consumers in the Middle East. Remittance traffic from this part of the world is the largest and therefore a critical pipeline for the global TRON remittance network. Also provides real world usability through cards, savings accounts with USDD, and soon tokenized stocks.
Project Demo: Please share emails to be added to testflight, send icloud emails to contact@kemkuwait.com
Expected Completion Date for 2025: Q4 2025
Current Progress (%): 30%
Technical & Governance Details
Technical Details: Backend - Fireblocks & Firebase, AML compliance - Chainalysis, and Other industry leading providers. For more info feel free to reach out.
How is the Project Governed?: Centralized
Funding & Business Model
Funding Request: $400,000 support grant.
Use of Proceeds:
30% Scaling Stablecoin Infrastructure: Expanding Kem’s stablecoin infrastructure on Tron for broader market adoption.
70% Savings Development: Building the savings feature to enable users to save in USDD. The feature will be directly integrated with the wallet balance, ensuring seamless yield distribution and future card spending in USDD, functioning like a savings bank account.
Revenue Model: Main revenue drivers: Card transaction fees, in-app conversion, local bank off-ramp fees, Staking (Including USDD yield)
Interested in TRON Having a Stake?: Open to discussing participation of Tron in future rounds (Series A estimate - Q4 2025)
Preferred Collaboration Method: Liquidity partnerships and support of Tokens built on Tron. Kem would like to utilize the USDD token to power our savings accounts. We also see the possibility of creating an app chain on Tron in the future that would help power our application.
Ecosystem Impact
Partnerships: Partnership with Tether. In the process of integrating TRON blockchain. Winner of Visa Everywhere Initiative in Doha 2024.
Time on TRON: TRON integration in development.
Project Milestones
Key Milestones:
- Secured $3M USD strategic round by Tether.
- Awarded winners of the Doha Qatar 2024 Gulf Visa Everywhere Competition.
- Integrated USDT with transfers supported in over 10+ Middle Eastern currencies.
- Built out the Kem Crypto Credit Cards, integrated within the Kem Wallet for direct spending in multiple crypto assets.
End of Q2 KPI Targets:
- Achieve 70,000+ active users.
- Issue 10,000+ crypto cards.
- Expand services to +10 new geographies.
Project in 5 Years: Expansion across MENA and beyond, all encompassing bank products, loan facilities, credit cards, BNPL, tokenized stocks and derivatives.
