12th September 2019
Post-launch frequently asked questions
Following the successful release of the Kinesis Money platform on Monday 9th September, we’ve been listening to the questions you have raised and would like to address some of the frequently asked questions that we have received.
Kinesis Money is a platform that allows users to store, send and receive digital currencies from their account, as well as hosts the Kinesis Exchange which facilitates the trading of various markets.
The Kinesis Mint is an interface which creates Kinesis currencies using fiat, cryptocurrency or physical bullion.
The previously named eWallet is now known as the Standalone wallet. Users of this wallet will not require KYC verification and will be limited to only holding KAU and KAG.
However, in order to receive any yields on any KAU and KAG holdings held in this wallet, standalone wallet holders will need to be KYC verified. This will be done via a form within the platform.
The proof of ownership form with verify various wallets to your account and will be made available shortly, instructions will be emailed soon, with plenty of time to complete this before the first yield payments.
You can still access your Kinesis standalone Wallet here.
Alternatively, you can import your Kinesis Standalone Wallet into the Kinesis Money platform by following the steps outlined here.
Please note: You can only access the wallet in wallet section of the Kinesis Money platform at the moment. If you have an existing wallet you are already holding KAU and KAG in and wish to use this, then choose to IMPORT wallet instead of setting up a new one.
We will be launching a multiple wallet function within the platform soon.
Trying to import a different set of seed words will result in an error.
It is only possible to access your additional accounts in the standalone wallet here.
When importing the standalone wallet into the Kinesis Money platform, you can only view and access Account 1.
This does not mean you have lost the other accounts. However, you’ll need to login here to access them.
Please make sure you manage all of your seed phrases against the correct wallets, in a safe and secure location.
You need to sign up for the Kinesis Money platform. The user credentials are not the same as the Kinesis eWallet (now the standalone wallet) or Mint.
You can sign up here.
No, you do not need to transfer into your account to receive yields, please keep an eye on your inbox over the coming weeks for an email with instructions on how you can link your current wallet with your Kinesis Money Account for the monthly KVT yields.
You will need to complete a form and sign a message from an address to prove ownership in order to receive yields. This form will be integrated to KMS in the near future. You will not miss out on any KVT yield payments in the meantime.
It will be possible for holders of KVTs to continue holding the KVTs in their current non-Kinesis wallet and receive the monthly yields, which will be paid into your Kinesis exchange account.
The KVTs are currently in your Ethereum wallet (for example: MetaMask, MEW etc). They will not show up in your Kinesis Money Account unless if you deposit them there.
To deposit KVT’s to your Kinesis Money account, simply select the KVT tile within the “Accounts” tab, copy the address and enter it into the recipient address field of your ERC-20 compatible eWallet.
Please Note: As KVTs are ERC-20 tokens and are not divisible, therefore in order to send any amount of KVTs, the sender must have enough ETH to cover the cost of transfer over the Ethereum blockchain network.
There is no requirement to have KVTs in the Kinesis Money Account.
Wallet: This is to store KAU and KAG currency only and is a more secure and long-term method of storing these Kinesis currencies, on the Kinesis Blockchain Network, rather than the Account interface.
Account: The exchange has multiple currencies/assets such as KAU, KAG, KVT, ETH, USD, EUR. Each currency has its own account which contains balances, deposits and withdrawal functionalities.
Exchange: The Kinesis Exchange is a powerful interface giving you access to trading across a range of markets including Kinesis currencies, fiat, and Ethereum, with more being added in the upcoming months.
No, you will need to create a wallet on the Kinesis Money platform first in order to have a wallet to hold your Kinesis currencies.
The Kinesis Mint is a separate platform for creating Kinesis currencies, KAU and KAG.
For a step-by-step guide to setting up your Kinesis Money account as well as minting please visit our setup guides page here.
The Kinesis Money platform is the only place where users can buy or sell KVTs. If you would like to sell your KVT you will need to transfer it to your Kinesis Money account.
You will need ETH/GAS in order to transfer KVTs across the Ethereum network as they are ERC-20 tokens and are not divisible. Please ensure you have enough ETH in your current ETH wallet to cover the cost of the transaction.
You can deposit fiat (USD or EUR) to your Kinesis Money account and buy ETH, transfer to your eWallet where you have your KVTs.
You do not need to import your wallet, the standalone wallet still contains the same functionality as the Kinesis Money Wallet. It is only a user preference.
You can import your existing wallet to your Kinesis Money account by following this simple step-by-step guide.
Please note: That this is a cold wallet and we do not store login information; your e-Wallet is stored locally on your machine. If you clear your cookies and cache you will need your recovery phase to re-import your wallet on your machine.
To be eligible for the Minters Yield, you must activate your Kinesis Currencies by putting them into motion.
To do so, you can send wallet-to-wallet, spend via the Kinesis Debit Card, or sell via the Kinesis Exchange*.
*When selling on the Kinesis Exchange to activate Minters Yield, this must be as a limit order and the price of such a limit order shall always be above the prevailing current bid price.
Once yield payments are live, it is worth noting that they will only be distributed to KYC verified Kinesis Money accounts.
Clients using anonymous ERC-20 addresses for holding KVTs and standalone Kinesis Wallet addresses holding KAU and KAG, which are also anonymous wallets, instead of holding on the Kinesis Money platform, need to inform and prove ownership of these addresses to be eligible for any applicable yields on holdings at those addresses.
This proof of ownership will be done via a proof of ownership form on the Kinesis Money platform, scheduled to be added soon.
When submitting a USD withdrawal request from the Kinesis Money accounts function, please include the following in the Transaction Description:
“Deposit to [unique deposit reference]”
For example: “Deposit to PB0001234KCX”
1. Transfers between the Kinesis Money accounts and the Kinesis Mint will be processed within 1 business day.
2. You can find your unique deposit reference in the Mint deposit instructions email that was sent to you when you signed up for the Kinesis Mint.
You can only transfer USD from your Kinesis Money account to your Kinesis Mint account. You cannot transfer USD to another person/entity’s Mint account. There are no exceptions for family, friends, relatives or referrers.
Generally this exhibits within your 2FA settings, where it appears that you have it set-up, but in fact, you do not. This is an issue that arises from 2FA setup being initiated, where the user did not complete the setup or navigates away from that page.
In cases such as these, you are required to take a screenshot of the page, clearly showing your email address, 2FA active note and the date at the bottom right of the screen. Please send this via email to firstname.lastname@example.org.
How to avoid this issue: Please ensure you have completed 2FA setup before navigating away from the page, else this issue may reappear.
Alternatively, you can open an incognito browser window, which eliminates any existing cached information. This, however, would be a temporary fix, and users are advised to clear their cache.