Menlo Park, California and Vancouver, British Columbia -- (Newsfile Corp. – March 31, 2022) - Intellabridge Technology Corporation (“Intellabridge”) is pleased to announce today the official launch of Kash USD Accounts in the United States, which gives customers FDIC insured USD accounts and the ability to on-ramp from US Dollars into decentralized finance (DeFi) to earn a 10% stable interest rate on their Kash savings accounts. Customer deposits made before July 1st, 2022, will be locked into the highest-tier variable earnings rate up to 20%.
In recent years, savers have had few reasonable options to safely store their wealth, with the average savings account interest rate in the United States in October 2021 at 0.06%, according to Bankrate’s survey of institutions. With the U.S. consumer price index surging to 7.9% in February from a year ago, the highest rate in over 40 years, the result is a loss of purchasing power and deterioration of overall wealth for the American consumer.
“However, with the launch of Kash in the United States, we are realizing a paradigm shift for not just DeFi and our company, but the entire banking industry,” said John Eagleton, CEO at Intellabridge. “With our product, Intellabridge has become the first publicly traded decentralized finance company with a working product empowering individual users with an alternative to traditional banking. Leveraging blockchain technology with self-custodial accounts, Kash enables access to high-earnings DeFi money markets. We truly empower individual users to participate in decentralized financial markets with an easy user interface, integration with Prime Trust DeFi on ramp, and connectivity to over 11,000 banks across the United States via Plaid. We will continue to enhance the value of our product offering with a Mastercard debit card program in Q2 2022 and a goal to provide our customers with a full suite of traditional banking services on our mission to building better banking on the blockchain.”
Intellabridge made the decision to approve this release after a successful beta period in March. Customers now have the ability to deposit and withdraw funds with thousands of banks and credit unions via pull ACH with Plaid, push ACH, or wire transfer, and seamlessly access high-yield earnings accounts. All Kash customers have a bank account number, routing ABA number, bank address, and depository bank name associated with their account.
To sign up for a Kash account, please visit https://www.kash.io/.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH.F) is a digital banking solution based on blockchain technologies that provides retail and institutional investors with access to decentralized financial applications with additional layers of cybersecurity and customer service. Intellabridge offers depositors self-custody services to empower them with complete transparency and control over their accounts through its institutional-grade platform. The Kash product features DeFi interest-bearing savings accounts, stablecoin checking, fiat-crypto on-ramps, synthetic stock, ETF and commodity investing for international customers, and other DeFi banking services, with plans to offer debit cards, virtual cards, Apple Pay, Google Pay in a growing number of markets globally.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
Maria Eagleton, COO
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About Prime Trust:
Prime Trust is the one-stop shop for financial infrastructure for fintech and digital asset innovators. The Prime Trust API platform and plug-and-play widgets allow companies to build seamlessly, launch quickly, and scale securely. Prime Trust powers mission-critical infrastructure for many of the world's leading crypto exchanges, lending platforms, digital wallets, payment platforms, ATS's, RIAs, wealth management platforms, broker-dealers, and crowdfunding platforms.
Prime Trust’s team has extensive regulatory and financial services backgrounds from the OCC, SEC, Federal Reserve, US Department of Justice, US Treasury/Secret Service, JPMorgan Chase, Green Dot, American Express, PNC, Bank of America, and Visa. For more information, visit www.primetrust.com.
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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.