Kinesis Money: Gold made contactless – the new card to combat high inflation
Kinesis Money launches the Kinesis Virtual Card, provided by Baanx, for its alternative precious metals-based monetary system. Kinesis users can now spend their digitally allocated gold and silver in real-time with instant fiat conversion, anywhere that accepts Mastercard.
The timing of a viable alternative to current monetary systems could not be more critical. Many countries are seeing growing problems and uncertainty with their financial systems. Rapidly rising inflation, poorly performing assets and savings, and alarming levels of national debt are causing people to become agitated and lose faith in their country’s monetary system, in some cases leading to social unrest, such as in Sri Lanka and Argentina.
In this context of diminishing trust in national financial systems, Kinesis provides a fair and inclusive alternative built on the most stable and universal form of money: physical gold.
Underpinned by Mastercard, the Kinesis card will enable the global community to use their physical gold and silver as money while also benefiting from the unique Kinesis Yield System. Users simply open an account, protect their wealth in gold, and then spend Kinesis gold (KAU) and silver (KAG) with the card, which enables real-time conversion of assets into instant fiat currency, at the point of sale. This allows users to protect themselves from extreme economic volatility and provides a powerful alternative for people in areas where their currencies are entering a crisis.
Crucially, the technology is also available to anyone with a mobile phone, making it a useful and accessible tool for underbanked and unbanked demographics, which are especially dependent on cash and therefore vulnerable to currency devaluation. In that way, Kinesis can provide alternative banking infrastructure to help people better manage their wealth, with all the benefits that come from storing wealth in gold and avoiding fiat currencies.
The Kinesis Virtual Card is available in over 60 countries across Europe, the UK, Canada, Latin America, and Oceania. Kinesis will continue to sequentially roll out the Kinesis card program globally, with a US-specific virtual and physical card program set to follow.
Thomas Coughlin, Chief Executive Officer of Kinesis Money, said, “For centuries, gold has been the foundation on which financial systems were built. With its proven utility and universal value, Kinesis has brought forward a means for gold to be fully integrated into the wider economy as money, removing any and all barriers to its global adoption.
By digitising physical gold and allowing people to spend it anywhere via their card, we have provided individuals with a real solution. This comes at a time when the last couple of years have shown just how flawed paper money is, especially when a country is unstable and saturated in national debt. In our view, the fiat experiment has failed.
Kinesis is a monetary system that gives everyday people the ability to make a complete transition away from the pitfalls of fiat. The Kinesis card is really the unification of everything that we want to provide users with: a secure, stable form of money based on gold – and we could not be prouder.”
Garth Howat, Chief Executive Officer of Baanx, said, “It’s been truly amazing working on this partnership. We’re happy to have had the opportunity to work with the Kinesis team to develop a life-changing product that gives real utility to gold and silver.
The issue we aimed to tackle was the lack of practicality in these assets, so we developed a solution in which users can spend their digitised gold and silver hassle-free with a card provided by Baanx. This is another step to bridging the gap between fiat and digital assets.“
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