Blockchain digital bank Intellabridge Technology Corporation is partnering with financial infrastructure provider Prime Trust to on-ramp Intellabridge customers to decentralized finance (DeFi) from U.S. dollars and earn a 10% stable interest rate on their Kash savings accounts.
In a Tuesday (Jan. 18) press release, Intellabridge CEO John Eagleton said that teaming up with Prime Trust “opens up the remarkable returns seen in decentralized finance by offering customers an on-ramp that makes it easy to move assets from traditional financial institutions like Bank of America and Wells Fargo, and exchange to USD stablecoins which can be deposited into Kash’s high earnings savings accounts.”
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The average U.S. savings account as of October 2021 was paying interest at 0.06%, according to Bankrate’s survey of institutions, the release indicated. The reduced rate has resulted in a loss of purchasing power and overall wealth.
“With Kash DeFi’s 10% stable interest rate and cash deposits powered by Prime Trust, our financial solutions are making it easier for people to earn on their savings and protect themselves against inflation,” Eagleton added.
Customers can move money from their checking accounts into a 10% earnings account through the DeFi Terra Network, a $25 billion ecosystem developed by a Stanford engineering graduate. Terra has been backed by Coinbase Ventures, Galaxy Digital and Robinhood’s CEO, per the release.
Read more: PoolTogether Lawsuit Will Test Whether DeFi Really Is Decentralized
“Intellabridge’s latest initiative to modernize banking solutions for consumers is changing the future of finance,” said Robert Desroches, head of sales and chief customer officer, Prime Trust.
“At Prime Trust, we focus on top talent with extensive regulatory, security, and financial services backgrounds, who will help Intellabridge to bring decentralized finance solutions to broader groups around the world,” Desroches added.
Intellabridge customers can receive up to 19% on their Kash accounts for any deposits made in January and February.
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