[PRESS RELEASE – London, United Kingdom, 1st November 2022]
Kinesis Money, the digital asset utility platform, launched the Kinesis Virtual Card, enabling the global community to spend their crypto holdings in real-time, with instant fiat conversion, anywhere in the world.
Powered by BAANX, the Kinesis Virtual Card introduces cryptocurrency as a monetary alternative to over 1 billion people in 61 countries across Latin America, Europe, the UK, Canada, and Oceania. Operated through the Mastercard payment network, the Kinesis card allows crypto holders to instantly sell their digital assets and use the proceeds to transact at 80 million locations globally.
With inflation soaring worldwide, people are seeking alternatives to devaluing fiat currency. Accessible via mobile in minutes, the Kinesis Virtual Card brings the everyday utility of cryptocurrency to those wishing to exit faltering economic systems. Its target market includes Argentina, which is expected to hit 100% inflation by the end of 2023.
The card supports 10 leading digital assets including Bitcoin (BTC), Ethereum (ETH), USDC, and Kinesis’ native gold and silver-backed stablecoins, KAU and KAG. Additionally, through Kinesis’ usage-based yield system, KAU and KAG spenders earn a proportionate 10% share of all transaction fee revenue paid back at the end of each month.
In Q4 2023, Kinesis is set to launch Kinesis Pro, a professional crypto trading platform offering high liquidity, institutional-grade security, and a broad range of crypto pairs. The launch of Kinesis Pro will further diversify the range of cryptocurrencies spendable with the Kinesis Virtual Card.
Kinesis will continue to roll out its card program globally, with a US-specific virtual and physical card program next in line. The Kinesis Virtual Card brings newfound utility to digital assets, equipping the global community with a means to break away from the inflation-driven issues facing traditional currencies.
Thomas Coughlin, Chief Executive Officer of Kinesis Money, said, “A recent development, cryptocurrencies have become an extremely popular investment within the financial space. With its proven utility and universal value, Kinesis has brought forward a means for cryptocurrencies to be fully integrated into the wider economy as money, removing any and all barriers to its global adoption.
By enabling cryptocurrency spending via the Kinesis Virtual Card, we have provided individuals with a working solution to depreciating currencies. The Kinesis Virtual Card is really the unification of everything that we want to provide users with.”
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 cryptocurrencies hassle-free with a card provided by Baanx. This is another step to bridging the gap between fiat and digital assets.”
About Kinesis Money
Kinesis Money is a global digital asset utility platform that facilitates the trade, management and everyday spending of physical gold and silver-based digital assets and cryptocurrencies.
Through its monetary system, users can earn yields on physical, allocated gold and silver and spend, save, trade and redeem their precious metals anytime on a global, low-fee basis.
About Baanx Group
Baanx offers Web 3.0 Fintech Solutions to the digital asset sector, including Cryptodraft and payment authorisation integration into VISA, Mastercard & other transaction payment systems. Baanx headquarters are in London (UK) with subsidiaries in Delaware (United States), Portugal and Lithuania.
Baanx manages digital assets with maximum privacy and security, including digital assets. The company is launching services for more than 25 top-tier clients, including Ledger, the world’s largest hardware wallet provider with 4m customers worldwide. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.