With a focus on engaging a wide range of consumers in an alternative monetary system, Kinesis Money has launched the Kinesis virtual card, provided by Baanx.
The offering is an alternative precious metals-based monetary system – enabling Kinesis users to spend their digitally allocated gold and silver in real-time with instant fiat conversion.
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.”
The launch comes at a vital time, as an alternative to current monetary systems is becoming increasingly important to consumers while assets are declining and inflation is rising.
Underpinned by Mastercard, the Kinesis card will enable the global community to use their physical gold and silver as money, while also taking advantage of the unique Kinesis Yield System.
Users 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 currencies 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 the un- and underbanked 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.
Garth Howat, Chief Executive Officer of Baanx, added, “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.”