Intellabridge Announces Work on Kash DeFi Bank
Kash is expected to function as a decentralized and autonomous digital bank that brings secure financial blockchain solutions to the mainstream economy in a way that provides customers worldwide with financial independence, purchasing power, stability and security. The Kash solution is being developed to provide real-time processing, improved accessibility, and lower fees compared to traditional financial products in international markets.
The Savings module will be based on a DeFi stablecoin with a view to solving the inflation problem for more than one billion people worldwide, with a simple and secure way to save in dollars and earn interest at rates above inflation using best-in-class DeFi protocols like Compound, Aave, and Yearn Finance.
"From Argentina to Zimbabwe, billions of people worldwide suffer from high inflation which erodes their purchasing power and creates an inflation tax. Our mission is to make it easy for people to have the financial freedom of an interest-bearing stablecoin, and the power to decide how to save, invest and spend with decentralized cash," explains Intellabridge CEO, John Eagleton.
The goal of the Investment module, in partnership with key strategic relationships, is to bring the world's assets to the blockchain. This would include traditional financial assets such as stocks, bonds, and investment funds, as well as physical assets, such as real estate, commodities, precious metals, art, and other illiquid assets. The objective is to reduce friction between geographical boundaries and eliminate the costs associated with intermediaries, as well as to improve asset liquidity, efficiency and accessibility through fractional ownership. "We are particularly focused on providing customers in international markets with improved access to investment opportunities globally," said Intellabridge Chief Operating Officer, Maria Eagleton.
The Payments module is expected to offer customers a seamless payment experience with lower transaction fees and instant settlement based on blockchain technology. The Company is working to design this module for any type of P2P transfer such as remittance and e-commerce markets, working with partners to facilitate payments using the Kash stablecoin. The goal is to leverage DeFi payment rails to provide faster and more secure transactions at a fraction of the cost with powerful savings for customers and merchants.
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 Kash technology as a decentralized bank, to securely link people and data with cryptographic verifiability, transaction processing, P2P connectivity and trustless interoperability.
"Today's most-used internet platforms are controlled by only a handful of powerful companies, which profit from the data users generate. Web3 is essentially a new way for individuals to use the internet without giving up their privacy and valuable data," explains John Eagleton, Intellabridge CEO. "We are very pleased to be working with DeFi and Web3 partners and protocols, to help expand the ecosystem and bring financial solutions to people worldwide."
The Company is planning to deliver the alpha version of the application in March 2021. The objective of the alpha version is to pilot and process transactions in advance of a fully audited and security tested live release in Q2 2021.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a venture builder investing in blockchain technologies with a focus on fintech and decentralized financial ("DeFi") solutions. For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS INTELLABRIDGE TECHNOLOGY CORPORATION "Maria Eagleton" Maria Eagleton, COO
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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.
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