Kinesis Money launches virtual crypto card
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, 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 globally.
With inflation rising 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 looking to leave shaky financial systems behind. The target market includes Argentina, which is expected to reach 100% inflation by the end of 2023.
The card supports 10 leading digital assets, including Bitcoin (BTC), Ethereum (ETH), USDC and Kinesis’ original gold and silver-backed stablecoins, KAU and KAG.
Additionally, through Kinesis’ usage-based returns system, KAU and KAG users earn a prorated 10% share of all transaction fee revenue that is paid back at the end of each month.
In Q4 2023, Kinesis will launch Kinesis Pro, a professional crypto trading platform offering high liquidity, institutional security and a wide range of crypto pairs. The launch of Kinesis Pro will further diversify the range of cryptocurrencies that can be used 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 new utility to digital assets, equipping the global community with a way to break away from the inflation-driven problems faced by traditional currencies.
“A recent development, cryptocurrencies have become an extremely popular investment within the financial space. With its proven utility and universal value, Kinesis has advanced a means to fully integrate cryptocurrencies into the wider economy as money, removing all barriers to its global adoption . By enabling cryptocurrency spending via the Kinesis Virtual Card, we have provided individuals with a working solution for depreciating currencies. Kinesis Virtual Card is truly the union of everything we want to provide users.”
Thomas Coughlin, CEO of Kinesis Money, said:
Garth Howat, CEO of Baanx, said: “It has been truly wonderful to work with this partnership. We are delighted to have been given the opportunity to work with the Kinesis team to develop a life-changing product that brings real benefits to gold and silver.
The problem we aimed to tackle was the lack of practical features in these assets, so we developed a solution where users can use their cryptocurrencies seamlessly 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 platform that facilitates the trading, management and daily use of physical gold and silver based digital assets and cryptocurrencies.
Through the monetary system, users can earn returns on physical, allocated gold and silver and use, save, trade and redeem their precious metals at any time on a global, low-cost basis.
For more information about Kinesis, please visit here.
About Baanx Group
Baanx offers Web 3.0 Fintech solutions to the digital asset sector, including Cryptodraft and payment authorization integration in VISA, Mastercard and other payment systems for transactions. Baanx’s headquarters are 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 launches services for more than 25 top clients, including Ledger, the world’s largest hardware wallet provider with 4 million customers worldwide.
Baanx is led by an experienced team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.
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