Blockchain
Intellabridge Announces Work on Jupiter Protocol, a Decentralized Cashback Market
Menlo Park, California and Vancouver, British Columbia–(Newsfile Corp. – October 31, 2022) – Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) (the “Company”, “Intellabridge” or “Kash Corp”), a financial technology company, is pleased to announce that the Company is in the process of building a decentralized market called “Jupiter Protocol” which provides stablecoin holders with cashback on DeFi money markets.
Jupiter Protocol is leveraging Circle’s USD stablecoin (USDC), “a fully-reserved stablecoin”, according to Circle, where “every digital dollar of USDC is 100% backed by cash and short-dated U.S. treasuries, so that it’s always redeemable 1:1 for U.S. dollars.”
The Jupiter Protocol is designed to make it easy for anyone to earn cashback on Circle stablecoins such as USDC and Euro Coin, without the complexity of moving stablecoins into different decentralized money markets. Since Kash USD is easily transferable just like USDC, it can be used for payments, remittance, or other financial services that want to benefit from a cashback solution.
The Protocol provides users including developers and companies building on decentralized finance easy access to DeFi markets such as Compound and Aave, simply by holding KASH USD in more than 200 user-controlled wallets including Metamask and Coinbase as well as institutional accounts.
“Developers will be able to access the Jupiter Protocol and integrate KASH into their products with just a few lines of code,” explains John Eagleton, Kash CEO. “Given the popularity of cashback products in traditional financial markets, we expect KASH to be the mass-market customer layer on top of USDC which gives holders automated cashback without the friction of having to move their USDC from protocol to protocol. It’s an easy way to get cashback in any currency, from Dollars to Dirhams without the complexity of DeFi.”
In addition, holders of Kash USD would have the option to donate their cashback to charitable organizations based on the United Nations Sustainable Development Goals, adopted by the United Nations as a universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity, in line with the Company’s vision to provide a platform for environmental, social, and governance (ESG) investing and mission to make every financial transaction have a positive impact.
The Jupiter Protocol diversifies the risk across multiple protocols by using a risk scoring methodology based on technical risk intelligence which is scored and algorithmically updated each day. The Company also plans to integrate blockchain-based coverage against smart contract failure and technical risks. The Protocol is in development, and will undergo multiple security audits.
The goal of the Jupiter Protocol, in partnership with key strategic relationships, is to provide greater purchasing power for customers, and to leverage DeFi payment rails to provide faster transactions at a fraction of the cost with a powerful cashback solution for customers and merchants.
“We are very pleased to be working with DeFi, Web3 and traditional financial partners and protocols, to help expand the ecosystem and bring new financial solutions to people ” explains John Eagleton.
The Company is building on Web3, the next generation internet, which is more decentralized, verifiable, and secure, and gives users ownership and power over their identity, data, and transactions. Web3 decentralizes control of the internet, combining decentralized internet networks, secure computing, and autonomous intelligent software. Intellabridge is building the Jupiter Protocol as a principal means of earning cashback built on Web3 to securely link people, data and money with cryptographic verifiability, transaction processing, P2P connectivity and trustless interoperability.
The Company is planning to deliver the Alpha version of the product in December 2022. The objective of the Alpha version is to pilot and process transactions in advance of a tested and audited live release in March 2023.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: KASH) (OTCQB: KASHF) (FSE: KASH) is a fintech company based on blockchain and traditional financial technologies that provides customers with access to aggregated decentralized financial applications with additional layers of cybersecurity and customer service. Intellabridge offers depositors self-custody services to empower them with complete control over their accounts through its institutional-grade platform. The Kash 2.0 product is expected to feature cashback stablecoins, donation NFTs, self-custody wallets, fiat-crypto on-ramps, and other DeFi financial services, with plans to offer debit cards, virtual cards, Apple Pay and Google Pay.
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/142523
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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