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HBAR foundation partner Akt.io to launch first DeFi project

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TL;DR Breakdown

  • HBAR Foundation partner Akt.Io to launch DeFi app.
  • HBAR to provide grant and organizational support for Akt.io.

Akt.io, an innovative platform bridging DeFi, wealth management and payment services, announced its partnership with the HBAR Foundation to support its launch of the first DeFi app on the carbon-negative Hedera Network on Thursday.

The DeFi platform has been awarded a grant and will receive organizational support from the HBAR Foundation to fuel its launch and growth on the Hedera Network.

Their forthcoming app will enable users to automate investments with intelligent algorithms, generate income with digital assets and be seamlessly connected to the akt.io Wealth Card, an internationally recognized payment card that will allow for direct payments with invested capital.

“We’re impressed with akt.io’s revolutionary platform and pleased with their choice of the Hedera Network to enable their vision for providing retail investors with a seamless, integrated model that puts their capital to work while enabling the convenience of immediate liquidity that you’d associate with having cash in the bank,” said Shayne Higdon, CEO and Executive Director of the HBAR Foundation.

“This is the future of banking and the HBAR Foundation is proud to help accelerate its evolution with akt.io.”

Beyond grant, other support feature HBAR foundation offers

The HBAR Foundation fuels growth of the Hedera ecosystem by providing grants and resources for technical assistance, marketing and business development to developers, startups and organizations building on the network.

Hedera offers 10,000 transactions per second, near real-time settlement, and low fees and bandwidth consumption. Since launching in 2018, the public network has processed over 1.75 billion transactions generated by real-world applications and has over 410k accounts.

“As a company, akt.io is committed to sustainability, enhanced levels of customer transparency and prioritising the best possible price and exchange route for our users. The hashgraph consensus used by Hedera’s distributed ledger technology (DLT) provides a more time-, cost- and energy-efficient mechanism to approve transactions than proof-of-work blockchains,” says Gael Itier, CEO and Founder of akt.io.

“We are so honoured to have the support of the HBAR Foundation in our mission and we’re excited to see where this innovative form of decentralised payment technology will take us in the future.”

Akt.io’s parent company Automata is engaged as a tied agent with regulated payment service providers in the UK and Ireland. This positions the company to quickly move forward in the UK and European markets. Powered by the WealthHub, akt.io’s proprietary multi-route exchange technology, akt.io users will have the ability to execute virtually instantaneous asset exchanges directly on the platform.

Last month, akt.io launched a public initial coin offering (ICO) in Ireland for early investors in the AKTIO coin.

`The first version of the akt.io app is expected to launch at the end of the year with basic functionalities like an IBAN account number and the ability to purchase AKTIO coins in the public ICO sale. Other core features, like the payment card, will start to roll out in early 2022.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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