New Crypto Backed by Gold and Silver Can Now Be Used to Buy Tickets to Sport Events

An “evolutionary” monetary system that uses physical gold and silver as the basis for digital currencies has unveiled a series of partnerships as it works to increase participation in its platform and gain support from governments.

Kinesis argues that backing cryptocurrencies with precious metals help to reduce the “severe price volatility” which have historically made them unsuitable for everyday use. Its coins can be loaded on to a debit card and quickly exchanged for fiat currency whenever a purchase needs to be made, and cash withdrawals are also going to be possible.

In a recent agreement, the Jakarta Futures Exchange (JFX) – a prominent futures and derivatives exchange group in Indonesia – expanded its memorandum of understanding with Kinesis and Allocated Bullion Exchange (ABX,) an established company on which much of the startup’s infrastructure is based.

The partnership is going to see the three parties work together to develop a blockchain exchange that is both based and regulated in Indonesia – giving investors alternatives while improving the “ease, speed and security of transactions.”

Following the announcement on Nov 13, Stephanus Paulus Lumintang, the president director of JFX, said: “It’s increasingly become clear to us that the benefits of distributed ledger technology, or ‘blockchain’, will unlock tremendous amounts of value for Indonesia and Indonesian people.

“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.”

Just the ticket

Kinesis’ partnership with JFX follows a tie-up with TicketSocket, an event management platform which provides professional sports teams and large venues around the world with sophisticated booking software.

As part of this deal, consumers are now going to be able to purchase tickets to events hosted on TicketSocket using Kinesis’ two digital currencies.