This is a followup on news we have covered here for awhile. Recently, Andrew Maguire posted this news on his Twitter feed. It is announcing the startup of "Kinesis". Andrew Maguire is a member of the Allocated Bullion Exchange (ABX) Advisory Committee.
Kinesis is a new effort at a gold and silver backed cryptocurrency with plans to expand beyond that. You can take a look at the detailed blueprint released for Kinesis here. Below is a key section from page 5 of the Kinesis blueprint (I added the underline for emphasis).
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"This model is highly revolutionary alone, however to take it the next step further, already in place is a highly disruptive retail and
institutional commercialisation strategy with unique distribution and committed adoption from day one of launch.
Pre-existing investment
commitments are in place for the Kinesis currency suite which will surpass the largest ICO to date by a significant multitude. Kinesis is being
developed and being brought to launch by a consortium of industry leading organisations in the precious metal trading, mining, refining,
exchange, technology, blockchain, mobile banking, vaulting, postal system and marketing spheres. From launch the system will have
extensive institutional and retail distribution, integration, liquidity and adoption.
Our liquidity, which will be provided by professional
bullion market participants and others, will enable billions of dollars of value to efficiently enter and exit the market. Direct and indirect
integrations will provide for immediate adoption into hundreds of millions of users."
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My added comments: I believe the paragraphs posted just above are a major key for readers to watch for as this product rolls out during 2018. When I originally tried to cover this story back in the summer of 2017, I was aware that there was supposed to be significant institutional support behind this concept at its launch. For whatever reasons, that launch was aborted.
Later the Allocated Bullion Exchange (ABX) released this news and this news that confirmed some of the information I had heard about back in the summer of 2017 (but did not publish since no public announcement was made at that time).
Now it appears that the ABX is ready to launch this new gold and silver backed cryptocurrency product during 2018 with a new partner called Kinesis. They plan an ICO (Initial Coin Offering) in mid 2018 which has a goal to raise $200 million in capital (see page 40 of the blueprint).
Based on the earlier news releases from the ABX cited above and the information on pages 5 and 20 of the Kinesis Blueprint document, I am assuming that Kinesis is saying that this product will launch with support from the Indonesian Post Office and with the support of an Islamic organization that claims to have 100 million members (refer to the chart on page 20 of the blueprint which says under "Kinesis Distribution Partners" -- "the largest Islamic organization in the world with 100 million members").
If this kind of support does indeed emerge as this product rolls out, then we will continue to follow this as a news item to cover for readers here. Obviously, that kind of support could impact the physical gold and silver markets.
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