London 13th November, 2018: Today, Jakarta Futures Exchange (JFX), the leading futures and derivatives exchange group in Indonesia, have announced an expanded Memorandum of Understanding (MOU) with Kinesis Money and Allocated Bullion Exchange (ABX). The partnership will seek to develop an Indonesian based and regulated blockchain exchange using Kinesis technology. Together, Kinesis and ABX have developed an evolutionary monetary system using real assets (gold and silver) as the basis for digital currencies. These currencies are transacted on the Kinesis Blockchain Exchange, a fork of the Stellar Network which is able to handle more than 3000 transactions per second. The system is also integrated with mobile banking and fiat currency exchange services. ABX, the world's leading electronic institutional exchange for physical precious metals, has been working with JFX to expand gold investment opportunities in Indonesia. JFX is a leading exchange for gold futures contracts, and is now launching a spot physical Sharia Gold Contract, in partnership with ABX, having been granted approval by Indonesian regulators and the Indonesian National Shariah Board. A blockchain exchange version of gold-based currencies, through collaboration with Kinesis and ABX, is a natural extension of the JFX and Indonesian government vision. The expanded partnership between JFX, Kinesis and ABX envisions an Indonesian blockchain exchange based on the technical advances of the Kinesis Blockchain Exchange. This partnership is part of JFX's future intention to create blockchain-based solutions in addition to existing infrastructure, allowing investors alternatives, in which to benefit from an increased ease, speed and security of transactions. The future development of this partnership propels institutional acceptance of blockchain technology, through the sharing of concepts, business models and technology solutions. Stephanus Paulus Lumintang, President Director, Jakarta Futures Exchange, comments: "JFX is committed to providing the best solutions and services in the futures and derivatives industry. It's increasingly become clear to us that the benefits of distributed ledge technology, or 'blockchain' will unlock tremendous amounts of value for Indonesia and Indonesian people.” "Blockchain regulation in Indonesia is currently in progress, and it is quite an important, yet difficult task. However, JFX is ready to be a blockchain exchange company in Indonesia, in compliance with any legal and regulatory requirements." "Our future partnership with Kinesis and ABX will enable us to not only tap into these advantages but to create a secure and transparent blockchain network that provides a credible alternative to existing systems of exchange." Thomas Coughlin, CEO Kinesis; CEO ABX, comments: "The bespoke blockchain network that we developed creates a complete monetary system which enables real, physical assets to be transacted and exchanged digitally, at speed and at low cost. We believe that the integration of physical precious metals and distributed ledger technology offers tremendous value to the Indonesian market, with its dual interest in gold and in blockchain. We look forward to continuing our partnership with JFX to bring this to fruition." About Jakarta Futures Exchange Jakarta Futures Exchange (JFX) is the first futures exchange in Indonesia to provide an exchange infrastructure for its members in order to be able to conduct futures transactions.
Kinesis, the creator of bullion-based currencies traded on the blockchain, has announced a liquidity partnership with Finemetal Asia, a specialist distributor of physical precious metals. Finemetal Asia will be providing liquidity for the soon to be launched Kinesis currencies, which are based on allocated physical gold (KAU) and silver (KAG) and traded on the Kinesis Blockchain Exchange (KBE). Finemetal Asia, in cooperation with Argor Heraeus, is based in Hong Kong and covers multiple Asian physical bullion trading locations. Among its customers are some of the largest jewellery chains and gold dealers in the world. The strategic partnership will boost the liquidity available for users of the Kinesis currencies and enhance relevant real-time price assurance. Ryan Case, Head of Sales & Trading at Kinesis, comments: ‘It is great to see this support coming from the physical bullion industry. We’re setting out to deliver an evolution of the precious metal market and implement a practical and efficient method for physical bullion to be used as a medium of exchange. As we do so, support from key liquidity partners such as Finemetal Asia greatly increases our standing.’ Pádraig J Seif, CEO of Finemetal Asia Ltd, adds: ‘We are excited by the opportunity that Kinesis presents and are ready to participate as gold and silver trading evolve into the digital era. As one of the initial members of the Allocated Bullion Exchange (ABX), we have seen its potential to increase our presence and two-way liquidity across multiple trading hubs. Similarly, we see great potential to add to our physical bullion liquidity by providing liquidity for the gold- and silver-based digital Kinesis currencies.’ Kinesis was founded by Allocated Bullion Exchange (ABX). ABX already has the extensive infrastructure and fully operational technology for the trade and storage of physical bullion in 7 locations around the world. About Finemetal Asia: Finemetal Asia Ltd. is a specialist distributor exclusively of Argor Heraeus (Switzerland) produced physical precious metals. Based in Hong Kong, it primarily serves the Hong Kong market, but has recently expanded into Taiwan, Malaysia and Japan. Among its customers are some of the largest jewellery chains and gold re-sellers.