Intellabridge Announces Work on Prize-Linked Savings Account for Kash Bank
Vancouver, British Columbia and Boulder, Colorado--(Newsfile Corp. - April 15, 2021) - Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA), a blockchain technology company, is pleased to announce that the Company is designing and developing a prize-linked savings account (PLSA) for its Kash Banking application.
The Kash PLSA will be based on the Anchor Protocol and integrated into the Kash banking application as part of a broader set of banking services, including savings and investment accounts. It is designed based on the well established concept of "prize-linked savings accounts," which allows customers to deposit funds into a PLSA and a chance to win prizes in exchange for depositing funds. All funds held in the PLSA accrue interest on the Anchor Protocol and the accrued interest is paid to winners of each prize.
Kash is expected to have several types of PLSAs including one which will give a portion of the prize money to charities, and the ability for depositors to vote on which charities would receive a portion of the prize money.
"Saving money is important because it helps protect you in the event of a financial emergency and provides long term security. Most people can't cover emergencies with their savings and live under financial stress, without a financial cushion," explains John Eagleton, CEO of Intellabridge. "Prize-linked savings programs like the Walmart Money Card have a proven track record of helping financially vulnerable people start saving money. Alternative solutions on the Ethereum blockchain have more than $200 million in total value locked (TVL). The Kash PLSA will be based on the Terra blockchain and allow customers globally to save money at even higher interest rates, donate interest to charities, and participate in the chance to win a cash prize."
The Company is planning to release an updated Alpha in May 2021 with the PLSA prototype to get feedback from the Kash community during the development phase of the project. The objective is to have a testnet version of the PLSA in Q3 2021 and to pilot and process transactions in advance of a fully audited and security tested live release in Q4 2021.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a fintech blockchain company that offers decentralized banking services (DeFi banking). Its "Kash" banking product is a DeFi neobank with accounts featuring DeFi interest-bearing savings vaults, stablecoin checking, fiat-crypto onramps, debit cards, virtual cards, Apple Pay, Google Pay, synthetic stock, ETF and commodity trading, and other DeFi banking services.
The current Alpha version of the product is available on web and mobile in testing phase with the objective to pilot and process transactions in advance of a fully audited and security tested 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. To get on the waitlist for the Kash PLSA, sign up for a Kash account at app.kash.io.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
John Eagleton, CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
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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