Kinesis Launches the Kinesis Mint - Physical Gold and Silver on the Blockchain
LONDON, May 1, 2019 /PRNewswire/ -- Today, Kinesis Money is announcing the launch of its cutting-edge blockchain-based platform, the Kinesis Mint. The Kinesis Mint, which will cement Kinesis' position in the market as a formidable global fintech player, is a platform which allows users to create Kinesis digital currencies, KAU (1gm gold) & KAG (1oz silver), into existence.
Kinesis Money is an evolutionary monetary system using the real assets of gold and silver as the basis for digital currencies. These currencies provide a 1:1 allocation of physical bullion, with the transaction fees accumulated whenever the currencies are sent, spent or traded and then proportionately redistributed to Kinesis currency and token holders as a velocity-based yield, incentivising use.
"Minting" is the process of creating Kinesis currencies by depositing fiat to purchase bullion or depositing existing bullion into the Kinesis Mint. The physical metal is then emitted to their bespoke fork of the stellar blockchain and represented in a user's eWallet; facilitating remittance over the stellar blockchain, which enables global transactions of over 3000 transactions per second with a settlement time of 3-5 seconds at a flat fee of 0.45%.
With recent developments raising questions on the feasibility of USD and cash-based stable coins, perhaps this is an ideal time for adoption of a gold-based stable coin. One run by an institutional and commercially responsible company.
Kinesis is revolutionising the precious metals industry by eliminating fees for the storage of physical gold and silver bullion in addition to providing holders with a multifaceted fee sharing yield model bringing more value to gold and silver holders via these yields.
Thomas Coughlin, CEO of Kinesis Money, comments: "It's a monumental time for us; the Kinesis Mint is the historic first step in the release of our pioneering monetary system. The global shift towards decentralised digital currency is picking up momentum and Kinesis Money is setting a precedent in the precious metals space. Amidst uncertainty and volatile currencies, the new Kinesis currencies provide the stable, trustworthy financial platform that modern consumers are looking for."
With much scrutiny in the cryptocurrency space, severe price volatility a stablecoin such as Kinesis provides real-world application to address the core concerns of digital currency.
Kinesis has chosen to keep their token offering open to give people as much time as possible to maximise their participation before it closes on June 30th. Having sold more than 65,000 of its coveted Kinesis Velocity Tokens (KVT), since Feb 2018, the KVTs have been increasingly popular as they reward participants with a generous 20% proportionate share of the transaction fees generated.
Kinesis says it's excited to continue with a multi-phased product release, which by Q4 2019 is set to see two further technology releases.
Thomas continues: "Ahead of the long-awaited launch of the Kinesis Exchange in just a few months' time, the Kinesis Mint will provide an opportunity for key players in the bullion vaulting and precious metals market to bring their metal into the Kinesis ecosystem, in anticipation of earning an extra potential revenue stream on their holdings. The Kinesis Mint is a crucial step towards the full launch of the Kinesis Monetary System including our VISA debit card and we eagerly anticipate introducing future products across additional regions."
The next technology release the Kinesis Exchange, is scheduled for July 2019, allowing participants to trade a variety of cryptocurrency and fiat currencies against KAU and KAG; generating velocity and yields to the minters and holders of metal with Kinesis.
For more information, visit www.kinesis.money
SOURCE Kinesis Money
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