Trading Symbol: KASH
Number of Outstanding Listed Securities: 72,507,476
Date: April 8, 2022
Intellabridge Technology Corporation is a fintech company that provides retail andinstitutional investors with access to decentralized financial applications with additional layers of cybersecurity, consumer protection, and customer service.
Intellabridge offers depositors self-custody services to empower them with completetransparency and control over their accounts through its institutional-grade platform.
The Kash product features DeFi interest-bearing savings vaults, stablecoin checking,fiat-crypto exchange, synthetic stock, ETF and commodity trading, and other DeFibanking services, with plans to offer debit cards, virtual cards, Apple Pay and Google Pay.
In the United States Intellabridge also offers customers with US Dollar accounts andon and off ramps for fiat and stablecoin dollars, in partnership with Prime Trust.
On March 2, 2022, Intellabridge announced that the Company had launched Kash USDollar accounts in the United States with connections to more than 11,000 US banks and credit unions, ushering in a new era for decentralized markets by providing customers with easy access to high yield stablecoin savings accounts. The Kash USD product was live on March 2, 2022 and customers could connect their bank accounts to Kash and transfer unlimited USD to their account and exchange for US Dollar stablecoins which could be deposited into their savings accounts to earn more than 10% APY. The Company's product release was open by invite only to customers on the waitlist, and would open in stages on a daily basis, with plans to fully open to the public by March 31, 2022.
On March 31, 2022, Intellabridge announced 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.
Intellabridge made the decision to approve this release after the 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.
As of April 8, 2022, the Company has 104,971 users, an increase of approximately 4% since the prior month.