Intellabridge Technology (CSE:KASH) (OTC:KASHF) is building a decentralized market its calling the “Jupiter Protocol,” which will give stablecoin holders cash-back on their decentralized finance (DeFi) money markets investment.
The Jupiter Protocol uses Circle’s USDC coin. The protocol simplifies the process of earning cash-back on USDC and Euro Coin without requiring to move stablecoins into different decentralized money markets. Also, Kash USD is transferable like USDC, so it can be used for payments, remittances and other financial services.
“Developers will be able to access the Jupiter Protocol and integrate Kash into their products with just a few lines of code. Given the popularity of cash-back products in traditional financial markets, we expect Kash to be the mass-market customer layer on top of USDC which gives holders automated cash-back without the friction of having to move their USDC from protocol to protocol. It’s an easy way to get cash-back in any currency, from dollars to dirhams without the complexity of DeFi,” said John Eagleton, Intellabridge’s CEO.
Intellabridge Technology is a fintech company using a mix of blockchain and traditional finance technologies to provide access to DeFi. The company offers prospective depositors self-custody services to give them complete control over their accounts. The Kash 2.0 product offers cash-back stablecoins, donation non-fungible tokens (NFT), self-custody wallets, a fiat to crypto onramp and other DeFi services. Later on, the company will be looking at releasing plans with debt cards, virtual cards, Apple Pay and Google Pay options.
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Jupiter Protocol and decentralized finance investment
The protocol gives users, including developers and companies using DeFi for their investment, access to DeFi markets like Compound and Aave. Anyone holding Kash USD will be eligible. Also, Kash USD can be held in any of the 200 user-controlled wallets including Metamask, Coinbase and other institutional accounts. Holders of Kash USD can also donate their cash-back to various charitable organizations. These are based on the United Nations’ sustainable development goals (SDG’s).
The company is busy building Web3, a more decentralized, verifiable and secure version of the internet. It gives users ownership and power over their identity, data and transactions. Web3 essentially decentralized control of the internet as a combination of decentralized networks, secure computing and autonomous intelligent software. Intellabridge is building the Jupiter Protocol to be a cash-back option for Web 3.0. It will be capable of linking people, data and money using blockchain verifiability, transaction processing, P2P connectivity, and trustless interoperability.
The protocol diversifies the risk across multiple protocols using a risk scoring methodology from technical risk intelligence. The score will be updated everyday via algorithm. The company will also be including blockchain-based coverage against smart contract failure and other technical risks. At present, the protocol is still under development and will need multiple rounds of security audits prior to release.
The overall goal of the Jupiter Protocol is to provide greater purchasing power to its customers. It will also use DeFi payment rails to speed up transactions for less cost.
Intellabridge intends on delivering the Alpha version in December, 2022. The objective for the alpha will be to work out the bugs before a live release in March, 2023.