Vancouver, British Columbia and Boulder, Colorado--(Newsfile Corp. - March 31, 2021) - Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA), an emerging fintech blockchain company, has announced the launch of its Alpha version of Kash -- a decentralized mobile banking app that brings secure financial blockchain products to the mainstream economy.
Kash was developed in partnership with Terra, the public blockchain network deploying a suite of fiat-pegged algorithmic stablecoins, as one of the first projects funded by Terraform Capital -- the strategic investment arm of Terraform Labs. Kash's unique design will accelerate market access to investment, payments, and savings primitives sourced from the decentralized finance (DeFi) market, which has accrued more than $82 billion in total value locked (TVL) at an astounding clip since early 2020.
"We are extremely excited to join the Terra ecosystem with its suite of stablecoins and protocols, Anchor and Mirror, which offer very exciting opportunities for the fintech sector. Our integration with Terra will allow anyone to use Terra's assets and applications in a simple user experience, and is an important step forward to solving problems of high inflation and exorbitant remittance fees and processing times," says John Eagleton, CEO of Intellabridge. "As Terra's infrastructure continues to evolve with new functionality across multiple protocols, we look forward to working together to bring Terra's applications to the mass market."
Kash primarily focuses on targeting users in emerging markets and has integrated the full suite of Terra stablecoins and protocols into one seamless banking application to provide users with savings, checking, and investment applications. In particular, Kash furnishes unfettered access to Mirror Protocol, a synthetic assets protocol, and Anchor, a stable, high-yield (20% APY) savings protocol -- both built on Terra.
Via Kash, users in inflationary-prone regions like Argentina, Lebanon, and Turkey can tap into high yield savings accounts denominated in Terra's USD-pegged stablecoin, UST, using Anchor. Additionally, Mirror empowers users in financially disenfranchised regions to participate in the wealth creation of major markets previously precluded to them, such as ETFs and major US tech equities, without censorship or onerous fee structures.
Intellabridge's integration with Terra is based on a shared vision of solving the problem of high inflation for more than one billion people globally. Empowering financial freedom using interest-bearing stablecoins (that are easily transferable and exchangeable) requires a user-experience (UX) conducive to mass adoption. Kash's intuitive design provides customers with financial independence, purchasing power, stability, and security with the underlying feature set sourced from Terra's DeFi ecosystem.
"We're thrilled to support Intellabridge's Kash app as a vehicle for the mass adoption of stablecoins using high-yield savings, global payments, and accessible investing through the Terra network," says Do Kwon, Co-Founder and CEO of Terraform Labs. "User-friendly apps like Kash can serve as a gateway to the burgeoning DeFi ecosystem -- an inclusive and powerful market of financial tooling for a global set of users facing economic burdens and financial challenges."
Kash gives customers the power to decide how to save, invest, send, and spend at a fraction of the cost -- with instant settlement and improved accessibility relative to traditional financial markets. Kash's open Alpha is live today on testnet, with the expected mainnet launch in Q2. Moving forward, Terraform Capital will provide various resources and capital to support the Kash product and grant broader access to the Terra ecosystem for Kash users.
Terra is a Tendermint-based, public PoS blockchain network built on the Cosmos SDK. Terra is the first and most successful algorithmic stablecoin network where Terra's native asset, LUNA, collateralizes a suite of fiat-pegged stablecoins that can be swapped in a multi-fiat forex market baked into the network's protocol. Demand for applications built on top of the Terra blockchain, such as the payment app Chai with 2 million active users, the synthetic assets protocol Mirror with more than $800 million in TVL, and now the mainstream savings vehicle, Anchor, underpins the demand for Terra stablecoins. As demand for Terra's stablecoins increases via its applications, LUNA stakers capture the value of the network in swap fees, transaction fees, and a reduced supply of LUNA tokens.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation is a fintech blockchain technology company that owns Kash, the decentralized financial application. The current Alpha version of the product is available on the web and mobile in the testing phase with the objective to pilot and process transactions in advance of a fully audited and security-tested live release in Q2 2021. For access to the Kash Alpha version visit www.kash.io and for more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
John Eagleton, CEO
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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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