Kinesis passes its first independent metals audit | Kinesis

Zubair Bukhari

31st March 2020

Kinesis passes its first independent metals audit

Transparency is important to us which is why we are proud to announce the successful completion of our first bi-annual audit.

The inaugural audit of the gold and silver bullion underpinning all Kinesis digital gold and silver-backed currencies within the Kinesis system was carried out by leading global physical commodity audit and inspection specialist, Inspectorate International, on the 17th March 2020.

Click here to see the full report.

Upon inspecting all gold and silver bullion within the Kinesis Vaulting System, the Inspectorate International verified that every KAU and KAG within the Kinesis monetary system is backed by an exact 1:1 allocated quantity of gold and silver bullion.

The finding are as follows:

KAU: 77,644.14 (as at 03:25UTC Wed, 11 Mar 2020)
KAG: 384, 736.38 (as at 04:00UTC Wed, 11 Mar 2020)

The independent audit confirmed the following metal quantities held by Kinesis AG as at Wed, 11 Mar 2020:

Gold: 77,644.14g
Silver: 384,736.38ozt

The independently conducted third-party audit provides assurance to all current and future Kinesis users. The audit confirms that every gram of gold and silver represented digitally as Kinesis KAU (gold) or KAG (silver) currencies, is stored securely within our vaulting network, as promised.

Legally Allocated Title

The legal title of physical gold and silver, represented by Kinesis digital gold and silver-backed currencies, always remain with the holder, minimising counterparty risk for holders of Kinesis currencies and ensuring the holder maintains legal title to the bullion.

How does an audit work?

On the 17th of March independent officers from third-party Inspectorate International entered the Kinesis vaults and physically counted the quantity of gold and silver stored; before comparing the total against the quantity stated by ABX in the inventory report from the 11th March 2020.

Additionally, auditors assessed the weight and quality of a random selection of gold and silver bars. A series of assessments were conducted to ensure the weight and fineness of the bullion were as stated, and quality of the storage was satisfactory. All aspects of the inspection were passed, without exception.

How do I know my gold is safe?

The physical bullion that Kinesis digital gold and silver currencies are based on, is stored in secure, fully insured, state-of-the-art vaulting facilities.

We use the best.

Kinesis employs the top independent audit and inspection specialist, as we place our users’ trust at the very top of our priorities. That’s why it’s essential we carry out bi-annual audits through a trusted inspectorate and provide the Kinesis community with the total transparency you deserve.

We would like to thank all members of the Kinesis community for your ongoing support.

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