DUBAI — Since its conception at the start of 2018, Kinesis Money has established itself as a reliable digital currency based directly on one of the most stable commodities on earth, precious metals and more specifically gold and silver.
As Dubai is rapidly becoming the “Blockchain Oasis of the World”, with the government all set to launch its official cryptocurrency, emcash, in the New Year; the GCC is firmly establishing itself as a supporter of cryptocurrencies, having already launched a central bank licensed crypto exchange in the Persian Gulf.
With the Middle East also listed as the fifth largest buyer of gold in the world and the UAE as the second largest gold purchaser in all Arab countries. Thomas Coughlin, the CEO of Kinesis Money and ABX (Allocated Bullion Exchange), has tapped into this potential by introducing the efficiency of the blockchain system for gold trading.
The vision for Kinesis is to deliver an evolutionary step beyond any monetary and banking system available today. This is achieved by basing the Kinesis currencies 1:1 on directly allocated physical gold and silver. Use is incentivized by attaching a unique multifaceted yield system. This promotes the use of Kinesis as a medium of exchange while distributing back the wealth generated according to proportionate KVT (Kinesis Velocity Token) holdings and velocity.
The idea is to combine the gold standard of old with the decentralized blockchain technology of today, recreating a stable currency based on the world’s best historical store of value, gold. This is the first time that allocated gold ownership has delivered this kind of non-debt-based yield, so Kinesis have a lot of interest from the $7.8 trillion gold trading industry. By dividing the 0.45% transaction fees generated when people spend it, a yield is given to everyone involved in the monetary system, incentivizing its use as a medium of exchange.
The rising popularity of blockchain in the UAE, combined with the age-old Emirati reliance in gold as an asset, the Shariah compliant Kinesis stable coins have gained investor trust from big names in the UAE. — SG
