A new virtual card aims to provide an alternative monetary system by allowing users to pay using precious metals such as gold.
Money has launched the Kinesis virtual card, provided by Baanx, which allows users to spend their digitally allocated gold and silver in real-time with instant fiat conversion, anywhere that accepts Mastercard.
It says the new system could combat rapidly rising inflation, poorly performing assets and savings, and alarming levels of national debt around the world.
Against this context of diminishing trust in national financial systems, Kinesis says it is providing a fair and inclusive alternative built on the most stable and universal form of money: physical gold.
The Kinesis card will also allow people to benefit from the Kinesis Yield System. Users opening an account can spend Kinesis gold (KAU) and silver (KAG) with the card, which enables real-time conversion of assets into instant fiat currency, at the point of sale.
The technology is also available to anyone with a mobile phone, making it a useful and accessible tool for underbanked and unbanked demographics.
The Kinesis card is available in over 60 countries across Europe, the UK, Canada, Latin America and Oceania.
“For centuries, gold has been the foundation on which financial systems were built,” said CEO Thomas Coughlin.
“By digitising physical gold and allowing people to spend it anywhere via their card, we have provided individuals with a real solution. This comes at a time when the last couple of years have shown just how flawed paper money is… the fiat experiment has failed.
“Kinesis is a monetary system that gives everyday people the ability to make a complete transition away from the pitfalls of fiat.”
Garth Howat, CEO of Baanx, added: “This is another step to bridging the gap between fiat and digital assets.”