Intellabridge Announces Work on Jupiter Protocol, a Decentralized Cashback Market
Menlo Park, California and Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) (the "Company", "Intellabridge" or "Kash Corp"), a financial technology company, is pleased to announce that the Company is in the process of building a decentralized market called "Jupiter Protocol" which provides stablecoin holders with cashback on DeFi money markets.
Jupiter Protocol is leveraging Circle's USD stablecoin (USDC), "a fully-reserved stablecoin", according to Circle, where "every digital dollar of USDC is 100% backed by cash and short-dated U.S. treasuries, so that it's always redeemable 1:1 for U.S. dollars."
The Jupiter Protocol is designed to make it easy for anyone to earn cashback on Circle stablecoins such as USDC and Euro Coin, without the complexity of moving stablecoins into different decentralized money markets. Since Kash USD is easily transferable just like USDC, it can be used for payments, remittance, or other financial services that want to benefit from a cashback solution.
The Protocol provides users including developers and companies building on decentralized finance easy access to DeFi markets such as Compound and Aave, simply by holding KASH USD in more than 200 user-controlled wallets including Metamask and Coinbase as well as institutional accounts.
"Developers will be able to access the Jupiter Protocol and integrate KASH into their products with just a few lines of code," explains John Eagleton, Kash CEO. "Given the popularity of cashback products in traditional financial markets, we expect KASH to be the mass-market customer layer on top of USDC which gives holders automated cashback without the friction of having to move their USDC from protocol to protocol. It's an easy way to get cashback in any currency, from Dollars to Dirhams without the complexity of DeFi."
In addition, holders of Kash USD would have the option to donate their cashback to charitable organizations based on the United Nations Sustainable Development Goals, adopted by the United Nations as a universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity, in line with the Company's vision to provide a platform for environmental, social, and governance (ESG) investing and mission to make every financial transaction have a positive impact.
The Jupiter Protocol diversifies the risk across multiple protocols by using a risk scoring methodology based on technical risk intelligence which is scored and algorithmically updated each day. The Company also plans to integrate blockchain-based coverage against smart contract failure and technical risks. The Protocol is in development, and will undergo multiple security audits.
The goal of the Jupiter Protocol, in partnership with key strategic relationships, is to provide greater purchasing power for customers, and to leverage DeFi payment rails to provide faster transactions at a fraction of the cost with a powerful cashback solution for customers and merchants.
"We are very pleased to be working with DeFi, Web3 and traditional financial partners and protocols, to help expand the ecosystem and bring new financial solutions to people " explains John Eagleton.
The Company is building on Web3, the next generation internet, which is more decentralized, verifiable, and secure, and gives users ownership and power over their identity, data, and transactions. Web3 decentralizes control of the internet, combining decentralized internet networks, secure computing, and autonomous intelligent software. Intellabridge is building the Jupiter Protocol as a principal means of earning cashback built on Web3 to securely link people, data and money with cryptographic verifiability, transaction processing, P2P connectivity and trustless interoperability.
The Company is planning to deliver the Alpha version of the product in December 2022. The objective of the Alpha version is to pilot and process transactions in advance of a tested and audited live release in March 2023.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) is a fintech company based on blockchain and traditional financial technologies that provides customers with access to aggregated decentralized financial applications with additional layers of cybersecurity and customer service. Intellabridge offers depositors self-custody services to empower them with complete control over their accounts through its institutional-grade platform. The Kash 2.0 product is expected to feature cashback stablecoins, donation NFTs, self-custody wallets, fiat-crypto on-ramps, and other DeFi financial services, with plans to offer debit cards, virtual cards, Apple Pay and Google Pay.
The Kash platform is available on web and mobile at kash.io.
For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
Maria Eagleton, COO
To contact Intellabridge:
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This news release contains certain forward-looking information and forward-looking statements
within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.