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Kinesis Money and Allocated Bullion Exchange Explore Creating a Joint Commercial Blockchain Venture With Jakarta Futures Exchange in Indonesia
November 13, 2018 – London
Together, Kinesis and ABX have developed an evolutionary monetary system using real assets (gold and silver) as the basis for digital currencies. These currencies are transacted on the Kinesis Blockchain Exchange, a fork of the Stellar Network which is able to handle more than 3,000 transactions per second. The system is also integrated with mobile banking and fiat currency exchange services.
ABX, the world’s leading electronic institutional exchange for physical precious metals, has been working with JFX to expand gold investment opportunities in Indonesia. JFX is a leading exchange for gold futures contracts, and is now launching a spot physical Sharia Gold Contract, in partnership with ABX, having been granted approval by Indonesian regulators and the Indonesian National Shariah Board. A blockchain exchange version of gold-based currencies, through collaboration with Kinesis and ABX, is a natural extension of the JFX and Indonesian government vision.
The expanded partnership between JFX, Kinesis and ABX envisions an Indonesian blockchain exchange based on the technical advances of the Kinesis Blockchain Exchange.
This partnership is part of JFX’s future intention to create blockchain-based solutions in addition to existing infrastructure, allowing investors alternatives, in which to benefit from an increased ease, speed and security of transactions. The future development of this partnership propels institutional acceptance of blockchain technology, through the sharing of concepts, business models and technology solutions.
Stephanus Paulus Lumintang, President Director, Jakarta Futures Exchange, comments, “JFX is committed to providing the best solutions and services in the futures and derivatives industry. It’s increasingly become clear to us that the benefits of distributed ledge technology, or ‘blockchain’ will unlock tremendous amounts of value for Indonesia and Indonesian people.”
“Blockchain regulation in Indonesia is currently in progress, and it is quite an important, yet difficult task. However, JFX is ready to be a blockchain exchange company in Indonesia, in compliance with any legal and regulatory requirements.”
“Our future partnership with Kinesis and ABX will enable us to not only tap into these advantages but to create a secure and transparent blockchain network that provides a credible alternative to existing systems of exchange.”
Thomas Coughlin, CEO Kinesis, CEO ABX, comments, “The bespoke blockchain network that we developed creates a complete monetary system which enables real, physical assets to be transacted and exchanged digitally, at speed and at low cost. We believe that the integration of physical precious metals and distributed ledger technology offers tremendous value to the Indonesian market, with its dual interest in gold and in blockchain. We look forward to continuing our partnership with JFX to bring this to fruition.”
About Kinesis Money
Kinesis is a monetary system which is based on the traditionally stable commodities, gold and silver. The Kinesis Monetary System allows participants to mint their precious metals onto the blockchain using a bespoke process developed by Kinesis in partnership with Allocated Bullion Exchange, abx.com. Participants can then spend this physical bullion using the Kinesis debit card and the Kinesis eWallet. This system is made safe and reliable by strategic and technical partnerships with an institutional precious metals exchange and others.
The Kinesis Velocity Token is a utility token attached to the success of the Kinesis system, providing participants with a 20% share of all the transaction fees generated proportionate to their holdings of the limited 300k supply. Over 58,000 KVTs have been sold to date and are currently for sale to the public at USD1,000/KVT. KVTs are now in the public sale period, ending in March 2018. More information is available at kinesis.money.
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About Jakarta Futures Exchange
Jakarta Futures Exchange (JFX) is the first futures exchange in Indonesia, established on August 19, 1999 with the foundation to bring great benefits for business community and to provide hedging as well. The main role of JFX is to provide an exchange infrastructure for its members in order to be able to conduct futures transactions based on prices discovered from efficient interaction within the electronic trading system, according to the supply and demand nature.