Blockchain
Intellabridge Announces Kash 2.0 and Kash Treasury Product Update
Menlo Park, California, Vancouver, British Columbia, and Boulder, Colorado–(Newsfile Corp. – May 16, 2022) – Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) (the “Company” or “Intellabridge”), announces that it plans to launch Kash 2.0 in June 2022, an updated version of the product integrated with the Ethereum and Polygon blockchain networks. The Company also plans to develop a comprehensive DeFi asset management and exchange platform for institutional investors under the brand KTX (Kash Treasury Exchange).
Kash has built a hybrid financial platform integrating traditional finance (TradFi) and blockchain finance (BlockFi) infrastructure to create a secure and simple gateway for users to access and use financial services like checking, investment, yield and credit solutions on Web3 decentralized financial markets.
“Kash was originally developed on the Ethereum blockchain and supports Ethereum assets, and our roadmap plans to expand our product offering on Ethereum and Polygon has been accelerated due to the recent market collapse on the Terra blockchain,” explains John Eagleton, CEO of Intellabridge. “Our primary goal is to provide existing customers with support during this difficult transition period from the Terra blockchain to Ethereum, and we believe that going forward offering customers a more diversified product and cross-chain interoperability lowers risk and gives them access to a diversified market of Web3 financial services on multiple networks including Ethereum, Polygon, and Ripple Consensus Ledger (XRP Ledger).”
The updated platform is expected to provide support for multichain stablecoins and assets including USDC stablecoin, DeFi token index funds, and other DeFi investment strategies. The Company plans to roll out the first version of the Kash 2.0 product in June 2022 and expand the product offering with KTX for institutional investors. Institutional investors can get on the waiting list by signing up for a Kash Treasury account on www.kash.io/treasury.
The company has also released a new corporate presentation available on www.intellabridge.com.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) is a financial technology company with a digital banking solution based on a hybrid of traditional finance and Web3 blockchain technologies that provides customers with access to decentralized financial applications with additional layers of cybersecurity and customer service. The Kash product features TradFi USD bank accounts and fiat-crypto exchange through Prime Trust, and DeFi investment solutions and yield products, with plans to offer debit cards, virtual cards, Apple Pay, Google Pay in Europe and the Americas.
The Kash platform is available on web and mobile at kash.io.
For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS
INTELLABRIDGE TECHNOLOGY CORPORATION
“Maria Eagleton”
Maria Eagleton, COO
To contact Intellabridge:
Website: intellabridge.com
Phone: +1-303-800-5333
Email: [email protected]
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124149
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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