The Kinesis Virtual Card was released by the digital asset utility platform Kinesis Money. It allows users to instantly convert their cryptocurrency holdings into local fiat currency and purchase online or in-store.
To more than a billion people across 61 countries in Latin America, Europe, the United Kingdom, Canada, and Oceania, the Kinesis Virtual Card introduces cryptocurrency as a monetary alternative powered by BAANX. The Kinesis card, powered by the Mastercard payment network, enables cryptocurrency owners to instantly liquidate their digital assets and use the funds to purchase at over 80 million locations worldwide.
Thomas Coughlin, Chief Executive Officer of Kinesis Money, said, “A recent development, cryptocurrencies have become an extremely popular investment within the financial space. With its proven utility and universal value, Kinesis has brought forward a means for cryptocurrencies to be fully integrated into the wider economy as money, removing any and all barriers to its global adoption.
By enabling cryptocurrency spending via the Kinesis Virtual Card, we have provided individuals with a working solution to depreciating currencies. The Kinesis Virtual Card is the unification of everything we want to provide users.”
As inflation soars globally, people are looking for viable alternatives to the ever-depreciating dollar value. With the Kinesis Virtual Card, users can access the everyday utility of cryptocurrency in minutes via mobile, allowing them to leave failing economic systems without giving up their standard of living. Argentina, where inflation could reach one hundred percent by 2023, is one of the company’s target markets.
The card is compatible with ten of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and the Kinesis stablecoins, Gold (KAU) and Silver (KAG). In addition, Kinesis users receive 10% of monthly transaction fee revenue back at the end of each month through a system based on their usage.
Kinesis plans to release Kinesis Pro in the fourth quarter of 2023. Kinesis Pro is a platform for professional cryptocurrency traders that will feature high liquidity, institutional-grade security, and a wide variety of cryptocurrency pairs. With the introduction of Kinesis Pro, users can access an even wider variety of cryptocurrencies via the Kinesis Virtual Card.
Kinesis plans to continue implementing its card program internationally, with an American virtual and physical card program coming soon. The Kinesis Virtual Card gives digital assets new practicality, allowing people everywhere to escape the inflation-driven problems plaguing traditional currencies.