Cayman Islands Based Kinesis Money Launches Precious Metals Backed Digital Currencies.

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.


Cayman Islands Based Kinesis Money Launches Precious Metals Backed Digital Currencies.

May 2, 2019

Kinesis Money also known as Kinesis Cayman is a company registered in the Cayman Islands and was in news recently over the launch of their Kinesis Velocity Token (KVT) project. As per the latest update from the company, they have launched Kinesis Mint – a blockchain based platform via which it will generate two bullion-backed digital currencies. The two digital currencies are named KAU & KAG with each currency being backed by precious metals bullion on 1:1 ratio. A unit of KAU is backed by one gram of Gold while one unit of KAG is backed by 1 gram of silver. Users can get these tokens by depositing fiat currencies as well as physical bullion. The company claims that the two digital currencies will follow the likes of stablecoins and show less volatility compared to other cryptocurrencies as the value of tokens is backed by precious metals. When speaking on the Kinesis Mint Project, Thomas Coughlin, CEO of Kinesis Cayman ltd commented that “The global shift towards decentralized digital currency is picking up momentum and Kinesis Money is setting a precedent in the precious metals space”.

He also said that the new Kinesis currencies will provide a stable and trustworthy financial platform that modern consumers are looking for amidst uncertainty and volatile cryptocurrency market. The company believed that Kinesis Mint will provide a very efficient infrastructure for payment services as the project is built on Stellar Blockchain – an open source decentralised protocol developed for easy cross border transaction between any pair of currencies and facilitates digital currencies to fiat currency transfers. The company stated that Stellar ensures nearly 3000 successful transactions per second with a settlement time of 3-5 seconds for a flat fee of 0.45%. Coughlin also commented that the launch of Kinesis Mint will provide an opportunity for key players in the precious metals market to participate in Kinesis ecosystem ahead of the launch of Kinesis Exchange in few months time.

He stated that by major players in precious metals market would participate in Kinesis mint project by swapping their bullions for Kinesis coins in anticipation of earning extra potential revenue steam on their holdings. Coughlin also stated that “The Kinesis Mint is a crucial step towards their full launch of Kinesis Monetary System including launch our Visa debit card and we eagerly anticipate introducing future products across additional regions”. Headlines also suggest that many other players are looking to launch their own precious metals backed cryptocurrencies such as Russian Billionaire Vladimir Potanin’s plans to launch Digital coin for trading Palladium and Australia’s Perth Mint’s plans to launch gold backed cryptocurrencies. With the year ahead set to see the launch of multiple precious metals backed digital coins, it will be interesting to see how developments affect price action in the mainstream legacy cryptocurrency market.

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