Posted 30th Haziran 2022

Introducing the Kinesis Virtual Card

kinesis card spend

We are beyond excited to announce the rollout of the Kinesis Virtual Card, which will enable users to spend their gold and silver in real-time, anywhere in the world.

Development is now complete and the card will initially be made available to a closed group of Kinesis users for two to three weeks in accordance with our card provider’s launch policies. This initial group has been selected and will gradually expand to other community members during and after the mandatory rollout period.

Shortly thereafter, the card will be scaled up to wider users across the United States, United Kingdom, Europe, Australia and Canada, before being released to the entire global community.

The Kinesis Virtual Card lets the global community protect their wealth in gold and silver – or hold crypto – instantly converting their assets at the exact moment of purchase. Accessible via mobile device, the card will enable system users to truly use their gold, silver and crypto as money, without the need to manually top-up. 

Features of the Kinesis Virtual Card include:

  • Spend assets in real-time with instant conversion
  • High daily spend limit – $/£/€15,000
  • Spend assets globally
  • Earn gold and silver as you spend
  • Hold and spend: USD, GBP, EUR, AUD, CAD.
  • Transact with Mastercard
  • No monthly or sign-up fee
  • Spend currencies in your preferred order
  • Compatible with Google Pay 

Earn gold and silver as you spend

A true multi-currency card

Through the Kinesis platform, users can easily toggle between spending precious metals, crypto or traditional currency. For added convenience, users are able to preselect the order they wish to spend their currencies, whether that be gold (KAU), silver (KAG), Bitcoin, Ethereum or one of 5 major supported fiat currencies: US dollar, British Pound, Euro, Canadian dollar and Australian dollar. 

In this way, users are even able to complete a single transaction with multiple currencies. For example, if a user had set their currency order preference to: (1) KAU, (2) KAG – and they made a $1000 dollar transaction, they might complete the payment with $500 of their available KAU balance, with the remaining $500 taken from their KAG balance.

Powered by Baanx

The Kinesis virtual Card will be powered by our new card provider Baanx, as part of a strategic partnership that will initially focus on card programs globally, facilitating digital asset spending. As a partner, Baanx makes an excellent addition to the Kinesis ecosystem and is geared towards expanding Kinesis into other areas of Fin-Tech and banking integrations, further enhancing the Kinesis offering.

We give our fees back

Whereas other providers in the space would seek to maximise profits, Kinesis has opted to pay back 100% of Kinesis’ share of the 1.95% transaction fee (0.95%) into the Kinesis yield pool, which will be distributed back to users in gold and silver, each month. The remaining share of the transaction fee is a card provider fee and is not shared with Kinesis.

Whenever users spend KAU or KAG or cryptocurrencies, an 0.22% trade execution fee will be charged, for the instant conversion of cardholders’ digital assets at the exact moment of sale, which will also contribute to the yield pool.

The launch of the card is expected to significantly accelerate the velocity of transactions on the Kinesis platform, and in doing so, increase the universal contribution to the yield pool as a result.

Please stay tuned over the next few weeks as we make all of our new web pages and materials available to the public.