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 the USA, UK, Europe, Australia, Canada and most of Europe from today, then in one month’s time, it will be available globally.

“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.”

In Crypto: Premier League clubs discuss £30m-a-year Sorare NFT deal

Cryptocurrency shorts

A paper published by researchers from two universities in Barcelona has found that 97% of crypto projects launched on Uniswap are ‘rug pull’ scams. ‘Do Not Rug On Me: Zero-Dimensional Scam Detection’ suggests the simplicity of the blockchain platform and its lack of regulation are prime factors in this.

An NFT project launched by Justin Roiland, one of the creators of popular cartoon Rick and Morty, saw $14m in trading volume in just a few hours. The ‘Art Gobblers’ project, backed by Web3 venture firm Paradigm, aims to create a complex decentralised art ecosystem using NFTs.

Coinbase has joined crypto lobbying group Blockchain Association in asking for permission to support Ripple as a ‘friend of the court’ in the cross-border payment company’s case against the US Securities and Exchange Commission. This involves submitting supportive paperwork without being directly involved in the case.

Pixaera raises £5m for ‘Roblox-style EdTech metaverse’

Crypto prices

The overall market cap of the 21,600 coins is at $1.02 trillion at the time of writing (7am UK), a 1.3% increase in the last 24 hours.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.