Kinesis Offers Yield on Gold
Posted by Colin Lambert. Last updated: September 29, 2021
In what it claims is an “economic and industry first”, Kinesis Money has launched Holder’s Yield, a scheme where a portion of a yield pool held by the firm and currently at $17.5 million it says, will be distributed to people who hold gold or silver with the firm.
The firm says Kinesis Money is a “monetary system based on 1:1 allocated gold and silver”, it uses a blockchain to digitise holdings and keep track of everyone’s holdings. The scheme will be funded by transaction fees, of which 15% will be redistributed to holders in gold and silver every month, the firm says.
The firm adds that it stores its metals in “world-leading non-bank vaults” and covers all storage and insurance costs, something holders of gold normally have to cover.
“The Holder’s Yield is not just an industry first, it’s an economic first that renders traditional methods of storing gold obsolete,” says Thomas Coughlin, CEO of Kinesis. “The yield that we distribute is based purely on transaction fees, meaning it can only generate a positive return – and with our growth, this will only keep growing. By turning the economic model on its head, and distributing some of our profits, we are creating a fairer and more ethical environment for our users to promote and encourage the use of digital gold.”