London, UK, November 1, 2022, Chainwire
Kinesis Moneythe digital asset utility platform, launched the Kinesis virtual card, enabling the global community to spend their crypto assets 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, 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 worldwide.
With inflation skyrocketing around the world, people are looking for alternatives to fiat currency devaluation. Accessible via mobile in minutes, the Kinesis Virtual Card brings the everyday utility of cryptocurrency to those wishing to exit failing economic systems. Its target market includes Argentina, which is expected to reach 100% inflation by the end of 2023.
The card supports 10 major digital assets, including Bitcoin (BTC), Ethereum (ETH), USDC, and native gold and silver-backed stablecoins from Kinesis, KAU, and KAG. Additionally, through Kinesis’ usage-based yield system, KAU and KAG spenders earn a 10% proportional share of all transaction fee revenue refunded 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 wide range of crypto pairs. The launch of Kinesis Pro will further diversify the range of spendable cryptocurrencies with the Kinesis Virtual Card.
Kinesis will continue to roll out its card program globally, with a US-specific virtual and physical card program. The Kinesis Virtual Card brings new utility to digital assets, providing the global community with a way to break away from the inflation-related problems faced by traditional currencies.
Thomas Coughlin, CEO of Kinesis Money, said: “A recent development, cryptocurrencies have become an extremely popular investment in the financial space. With its proven usefulness and universal value, Kinesis has provided a way to fully integrate cryptocurrencies into the wider economy by as a currency, removing all barriers to its global adoption.
By enabling cryptocurrency spending through the Kinesis virtual card, we have provided individuals with a working solution to depreciate currencies. The Kinesis Virtual Card is truly the unification of everything we want to offer users.”
Garth Howat, CEO of Baanx, said: “It was really amazing to work on this partnership. We are glad to have had the opportunity to work with the Kinesis team to develop a life-changing product that puts gold and silver to real use.
The problem we wanted to solve was the lack of convenience of these assets, so we developed a solution where users can spend their cryptocurrencies hassle-free with a card provided by Baanx. This is another step to bridge the gap between fiat and digital assets.
About Kinesis Money
Kinesis Money is a global digital asset utility platform that facilitates daily trading, management, and spending of digital assets and physical cryptocurrencies based on gold and silver.
Through its monetary system, users can earn returns on allocated physical gold and silver and spend, save, trade, and redeem their precious metals anytime on a global, low-cost basis.
For more information on Kinesis, please visit www.kinesis.money.
About Baanx Group
Baanx offers Fintech Web 3.0 solutions to the digital asset industry, including Cryptodraft and payment authorization integration into VISA, Mastercard and other transactional payment systems. Baanx is headquartered in London (UK) with subsidiaries in Delaware (USA), Portugal and Lithuania.
Baanx manages digital assets with maximum privacy and security, including digital assets. The company is launching services for more than 25 leading customers, including Ledger, the world’s largest hardware wallet provider with 4 million customers worldwide. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, fintech, crypto, finance, and digital marketing.