Thursday, May 23, 2024
ReportKinesis Money lists Shariah compliant digital currencies on Emirex

Kinesis Money lists Shariah compliant digital currencies on Emirex

Kinesis Money, a digital asset trading and payment services platform has listed its native gold (KAU) and silver (KAG) digital currencies on Dubai-based Shariah compliant Emirex exchange.

Kinesis’s physical bullion-backed currencies are certified Shariah compliant. According to the firm, the listing comes ahead of the launch of Kinesis Pro, a crypto trading platform, expected this year.

The listing provides an entry point for Emirex users to transfer their Kinesis gold and silver onto the Kinesis platform and access the transaction fee-based yields of the Kinesis Monetary System. On the platform, users receive a monthly return for holding, trading and spending their gold and silver-backed digital currencies.

Users will also be able to access the Kinesis Virtual Card, allowing the spending of gold, silver and crypto currencies with real-time fiat conversion.

Kinesis partnered with the Indonesian government in 2021 to launch PosGo Syariah, a physical gold-based digital Islamic product supported by the National Sharia Council. The Islamic mobile app integrates Kinesis’s technology and monetary system which enables Indonesians to manage their wealth, trade, save and transact in debt and interest-free gold bullion.

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