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Kinesis Money: Gold-backed Stablecoins

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In a forum dedicated to Gold and Cryptocurrencies, what fits better than a gold-backed stablecoin? 😀

 

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The Kinesis platform was formed by strategic partner, Allocated Bullion Exchange (ABX), a leading online exchange platform for physical bullion. ABX brings over 10+ years of institutional precious metals heritage to the secure management and trading of Kinesis users’ precious metals.

Formed in 2011, ABX has amassed a global vaulting network covering Dubai, Hong Kong, Istanbul, Vaduz, London, New York, Singapore, Sydney, Toronto, Zurich, Panama City, Batam and Brisbane.

Through its unique foothold in the precious metals industry, ABX ensures Kinesis users experience the highest level of security from industry leaders: Brinks, Loomis, and Malca Amit.

 

 

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Kinesis has introduced a new form of money to stand the test of time and overcome the pitfalls of traditional currencies susceptible to inflation, weakened value and eventual collapse. In today’s model where more and more money is printed and the value of that currency is eroded, economies and individuals are left to suffer the consequences.

Following years of strategic navigation and meticulous planning, Kinesis was established in 2018 to address that very problem. CEO and founder, Thomas Coughlin, brought forward Kinesis as the solution; an entirely new monetary system, based on the proven, physical value of precious metals – not paper promises.

Based on fully allocated, precious metals, Kinesis gold KAU and silver KAG reintroduce physical backing to money, with the everyday utility of fiat currency. By digitalising gold and silver, Kinesis reintroduced the enduring value of precious metals to all, via an accessible, easy-to-use platform.

 

 

https://kinesis.money/about-us/

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Q4-Q1-Update-Feature-Image-683x376-c-def

 

 

Low-cost SEPA deposits live for European users

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In November, Kinesis introduced a new, low-cost SEPA deposit option to the platform. The option brings greater efficiency and value to all EEA-based Kinesis account holders, who can now deposit their Euro (EUR) funds with ease.

The addition of SEPA transfers enables European account holders to make EUR-to-EUR deposits as easily as with regular domestic bank transfers, with a fixed rate of €0.30 per transaction charged on the Kinesis side, regardless of the amount of funds sent.

Single Euro Payments Area (SEPA) transfers are widely recognised as one of the most time and cost-efficient ways to send and receive Euros within the EEA. Importantly, SEPA payments are operated through IBAN identification codes, designed to protect users’ account data.

The new local deposit option makes it easier for users to fund their Kinesis accounts and convert Euros into spendable precious metals.

 

 

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... but is the gold really there? 😀

 

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Q4 2023 quarterly audit

Kinesis successfully passed the Q4 independent precious metals audit, conducted by the leading global audit and inspection specialist, Inspectorate International.

The independent audit once again verified that all Kinesis gold (KAU) and silver (KAG) within the Kinesis Monetary System are backed by 1:1 allocated physical gold and silver bullion. 

The completion of Kinesis’ Q4 2023 audit provides the community with absolute reassurance that their gold and silver holdings are in safe hands. Though delivering audits every quarter, Kinesis shows an enduring commitment to upholding the highest standard of security and transparency for the Kinesis community. 

The Q4 2023 audit is available to view on our website here

 

 

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Indonesia Update

 

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Following the official nationwide launch of the Kinesis-powered physical gold trading applications, POSPay Gold and JFX Gold X, Kinesis has already begun to see an increase in Indonesian users on the platform. 

The number of accounts on these apps has steadily increased, now numbering over 5000 in total. A significant number of small gold transactions coming from individual users can be seen coming through the Kinesis Exchange, with expectations of significant growth in account and volumes in the new year.

POSPay Gold, created in partnership with the Indonesian state-run postal service, PT Pos, and JFX Gold X, created in partnership with the Jakarta Futures Exchange, provide Indonesia’s population with instant access to physical gold trading and ownership, supporting financial inclusion and encouraging the nation’s digital transformation.

This is just the beginning, and the new year will see several new initiatives, including the soft and then grand launch of NU in early Q1 2024. Kinesis gold (KAU) will be added to the mobile apps of two major Indonesian banks; the use of gold KAU is registered with Badan Pengelola Keuangan Haji – BPKH (the state-owned Hajj fund management agency) with over US$10 billion assets under management.

In addition, we are very proud to announce that PT Kinesis Monetary Indonesia is now listed as one of the very few Self-Regulated Organisations (SRO) under the Indonesian commodity industry regulator, Bappebti and the Ministry of Commerce. 

 

 

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Kinesis Brings Apple Pay to Kinesis Virtual Card Users
 

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The Kinesis Virtual Card can now be added to Apple Wallet, enabling iPhone users to make contactless payments worldwide using gold, silver, and crypto — instantly converted to fiat at millions of stores globally. 
With Google Pay already available, the Apple Pay integration ensures faster, more convenient in-app and web purchases for Kinesis users in 70+ countries, further expanding the utility of digital asset spending. 
The Kinesis Virtual Card supports real-time transactions in gold, silver and digital currencies straight from users’ portfolio balance, with instant conversion to fiat at the point of sale, wherever Mastercard is accepted.

 

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Gold-backed cryptos: The Next Level Of Protection From Capital Controls

 

One option that has come to the fore that gives people the ability to hold gold at a distance, is vaulted gold. These are non-bank custodial vaults – often contracting with the likes of Brinks or other companies – that hold precious metals on behalf of their clients. Bullionvault – domiciled in London, UK, is among the largest of these, with  $4.1 billion USD under custody on behalf of over 100,000 clients.

Goldmoney is another one, founded by James Turk – later acquired by Bitgold and now publicly traded on the Toronto Stock Exchange (TSX:XAU).  The original Bitgold value-prop was to provide Bitcoin-to-gold convertability – where one could deposit BTC, covert into gold – and even redeem the precious metals. I did this a couple times in 2018 and it was a byzantine nightmare of delays – all regulatory. They eventually suspended the Bitcoin aspect of the operations and reverted to being a straight up gold and silver vaulting platform under the original Goldmoney brand. (In the interests of disclosure, I hold Goldmoney shares).

There is also the US based GoldSilverVault which offers fully segregated holdings – I’ve had a few conversations with its founder and CEO Bob Coleman about the ins-and-outs of all this and he is beyond a doubt, one of the most knowledgeable in the industry.

 

But there are limitations and caveats to having gold stored within these platforms. Here are the big weaknesses of vaulted gold platforms:

  • You cannot spend gold between accounts or users – this used to be a feature of the early Digital Gold Currencies like e-gold, pecunix and the original Goldmoney (before its current incarnation). That’s what actually sunk the former and the latter had to move away from being a transaction platform to a straight store-of-value platform – for regulatory reasons (there’s that word again).

 

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Gold-backed crypto tokens

With gold-backed cryptocurrencies we see the attempt to create a true, digital bearer asset that is backed by gold or other precious metals – right down to having bars in a vault correlated by their serial numbers to circulating tokens.

These systems try to combine store-of-value (precious metals backed tokens) – that can be redeemed by the bearer, with payment systems that leverage the underlying blockchain mechanics to transfer value at a distance.

Some of these emergent gold-backed tokens are listed below:

 

 

Lode

Lode's AUX Gold-backed AUX Token

Swiss-based Lode AG has created AUX token – backed by gold, AUG which is silver backed and their own native LODE token. They are al ERC-20 tokens running on the Avalanche blockchain.

 

AUX Token: Gold-backed

Each AUX token is backed by one-milligram of “vaulted, audited, and insured” 99.99% (bullion grade) gold. AUX-tokens are redeemable (minimum redemption size is 10oz).

AUG Token: Silver backed crypto

The AUG token is the same concept as the gold-backed AUG, above – except each unit represents one gram of investment grade silver. The minimum redemption size here is 100oz.

LODE Token: The Native Cryptocurrency

The LODE token serves as the native cryptocurrency within the Lode AG ecosystem. Unlike AUX and AUG, which are backed by their respective precious metal, the LODE token represents a stake in the Lode Project itself. The LODE token is akin to a “governance” token seen in other projects and DAO’s (Decentralized Autonomous Systems) – it also earns a stake in the fees generated by the ecosystem.

 

 

Pax Gold by Paxos

pax-gold-paxg-token.png

 

PAXG is an ERC-20 token that is backed by physical gold reserves,  stored in London vaults. Each token is equivalent to one fine troy ounce of a London Good Delivery gold bar.

Paxos is a stablecoin operator, of which PAXG is just one of their offerings. Their other products are PYUSD – the PayPal USD stablecoin and PUSD, their own USD stablecoin implementation.

They were the sponsor of Binance’s BUSD stablecoin, in 2023 they ceased activities amid regulatory uncertainty in the US.

 

 

Kinesis

kinesis-money.png

 

Kinesis Money, was founded by Thomas Coughlin in 2018. They also have both a gold  token (KAU) and a silver one (KAG). The KAU is backed by one gram of physical gold, while the KAG by one ounce of silver. Gold can be redeemed in 100g minimum’s, silver in 200oz – there are six “redemption hubs” dispersed globally.

Their vaults are distributed globally – and the tokens are exchangeable only via the Kinesis exchange platform, which the company operates.

There is also an ecosystem token: the Kinesis Velocity Token (KVT) which is earn 20% of the system fees.

The KAU and KAG tokens also earn yields by being awarded 6% of the platform transaction fees.

KAU, KAG and KVT are all only available via their proprietary exchange platform.

 

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Gold and silver payments at physical stores

Following the launch of Kinesis Pay in February, which allows online merchants to accept payments in gold (KAU) and silver (KAG), the latest iteration of Kinesis Pay brings gold and silver payments to shops and businesses near you.

The release of new printable, reusable Kinesis Pay QR codes makes it easier for businesses and shop owners to accept KAU and KAG payments at their physical locations. 

The Kinesis Pay QR codes can be downloaded from the merchant dashboard and displayed on any shop counter, enabling Kinesis users to scan the QR code and pay with their gold and silver. The new feature is expanding the real-world utility of precious metals and the visibility of gold and silver as a reliable alternative to fiat currencies.

Kinesis Pay is a highly scalable feature that connects business owners with Kinesis’ bespoke payment rail built for accepting Kinesis gold (KAU) and silver (KAG). With Kinesis Pay, Kinesis users can purchase merchants’ products and services directly, using their gold and silver as money.

The Kinesis Pay update is now available for web and Android applications, with the iOS update scheduled for release soon. 

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Q3-Q4 2023 – Quarterly Update

Support Centre Restructure

In recent months, the Kinesis team has undertaken a comprehensive restructuring of our Support Centre, consisting of a complete redesign of the user experience (UX) and a content update. This initiative involved the revision of approximately 47,000 words of support articles and the introduction of an intuitive new navigation structure.

Users seeking to familiarise themselves better with the Kinesis Monetary System can now explore a greater selection of categories and articles covering the vast range of products and services Kinesis offers.

The new User Guides section comprises a series of beneficial step-by-step walkthroughs and informative learning videos hosted by some familiar faces for many of you, the Kinesis account executives. Furthermore, from the Support Centre homepage, users now have more direct access to our community forum, where they can engage with fellow members to collectively explore the platform or discuss the latest milestones achieved by Kinesis.

Beyond its pleasing aesthetics, the new layout represents a significant stride in enhancing user experience and delivering information in a more straightforward and accessible manner to our community.

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Q3-Q4 2023 – Quarterly Update

SEPA deposits for European users 

The introduction of SEPA transfers to the Kinesis platform brings greater ease and value to EEA-based Kinesis account holders*, who will be able to deposit their Euro (EUR) funds as conveniently as a regular domestic bank transfer.

Additionally, the new deposit option allows each Kinesis user to create their own, unique virtual IBAN account kept solely in the holder’s name and separately from Kinesis, further safeguarding their deposited funds against counterparty risk. 

The new deposit method makes it even simpler for EEA-based users to switch from fiat to gold and silver as their primary currency. 

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