Kinesis Virtual Card program temporarily paused

The card program provider for the Kinesis Virtual Card, BAANX, is migrating to a new card issuer. During the migration, the Kinesis Virtual program will be temporarily paused and Kinesis users will be unable to use their cards - with immediate effect.

The new issuer has the capacity to expand the availability of the card globally, including new key target regions, and introduce a physical card option.

Unfortunately, Kinesis was not informed of the migration in advance, however, we are supporting BAANX in expediting the process in any way we possibly can. The migration is already underway, leveraging BAANX’s existing relationship with the new issuer to ensure a smooth transition.

The evolving risk policy of third-party suppliers is an inherent challenge in the industry. To combat this, Kinesis is working with multiple additional solutions for the card program to diversify our provision in the event of future disruptions. These programs involve Kinesis collaborating directly with issuers, providing enhanced control and significantly reducing third-party risk, ensuring uninterrupted provision of the Kinesis card program.

We are temporarily suspending new applications for the Kinesis Virtual Card. Current users are now unable to use their existing virtual cards.

As all funds are held in the Kinesis account, not on the Kinesis Virtual Card itself, there is no possibility of your funds becoming stuck. However, your personal account executive (AE) will be in touch to work through any support issues you may have.

We will update Kinesis users as soon as BAANX have provided a timeline for the completion of the migration.

We apologise for the inconvenience this may cause and appreciate your understanding and patience during this transition.

Thank you,

The Kinesis team

 

[Lozion]

I asked

Good call. Since no one answers on the K side..

 

[Dante Roman]

Good call. Since no one answers on the K side..

Begs the question why no quarterly? Initial thoughts was delayed due to something imminent they wanted to include, but now doesn't seem the case. So why not just do what the usually do - here's what we achieved, here's what we have planned coming up, and in as much or little detail as they choose.

Or announce no more quarterlies.

Avoiding it to avoid the VDC issue isn't the way imo

 

[goodgreen]

Around a month to relaunch apparently

I guess the multiple assurances that we would be told when a timeline was available were a lie. It's pathetic that the only way to find out is to call the subcontractor.

This whole ordeal stinks to high heaven. Kinesis lost what little credibility they had left in my book.

 

[Dante Roman]

I guess the multiple assurances that we would be told when a timeline was available were a lie. It's pathetic that the only way to find out is to call the subcontractor.

This whole ordeal stinks to high heaven. Kinesis lost what little credibility they had left in my book.

How accurate the ETA I was provided I don't know

 

[CrypticMystic]

I asked

Baanx? An AE? Whom did you ask?

 

[Dante Roman]

As I replied earlier - Baanx

 

[Craigly]

Who did you ask??

 

[CrypticMystic]

As I replied earlier - Baanx

I didn't see it, interesting.

 

[datsunking1]

Begs the question why no quarterly? Initial thoughts was delayed due to something imminent they wanted to include, but now doesn't seem the case. So why not just do what the usually do - here's what we achieved, here's what we have planned coming up, and in as much or little detail as they choose.

Or announce no more quarterlies.

Avoiding it to avoid the VDC issue isn't the way imo

That's all we're asking for....

 

[Dante Roman]

Around a month to relaunch apparently

"..excited about what's coming in the weeks ahead"

 

[Lozion]

Whats the latest for restart?

 

[Yvanoff]

Am I the only one asking himself:'were is the relaunch for the virtual card?
Seems that everyone here is all excited about this metalback and isn't interested anymore about when the f# we do get the card back?

 

[Uchiki]

Latest info here:

Kinesis Card launch​

Kinesis is set to launch an enhanced card program, enabling users across key regions to spend gold, silver, and cryptocurrencies.

Scheduled for launch shortly, this program is anticipated to drive significant adoption, with a competitive fee structure and promotional offerings that provide cardholders with tangible rewards and benefits.

We are excited to share more details soon and have plans in place to reward early adopters of the new card program.

I doubt that we'll get anything more specific than that before it relaunches.

 

[Yvanoff]

Latest info here:


I doubt that we'll get anything more specific than that before it relaunches.

Had a online chat with support about more info. They cannot say anything about when or how the virtual card will return. Even not if it will be this year or next.
Strange company

I told her:' why would I keep my money here?'
It's just the same as buying PHAG, SLV, or PSLV and hold it in my broker account?

Could not give any serious answer back.
Just telling me to move my silver =gold out and close my account

 

[Uchiki]

' why would I keep my money here?'
It's just the same as buying PHAG, SLV, or PSLV and hold it in my broker account?

While you wait

• you have zero storage cost vs ETF fees
• plus some Holder yield shavings
• redeemability if you want it

You can now also add to your balance via the Merchant Metalback scheme using your bank debit or credit card for things that you'd be buying anyway.

If the card is really a deal breaker, come back when it's in place.
It sounds like it will be an attractive option.

 

[Yvanoff]

While you wait

• you have zero storage cost vs ETF fees
• plus some Holder yield shavings
• redeemability if you want it

You can now also add to your balance via the Merchant Metalback scheme using your bank debit or credit card for things that you'd be buying anyway.

If the card is really a deal breaker, come back when it's in place.
It sounds like it will be an attractive option.

Metalback isn't working in my country. Not active yet.
So, this isn't helping me nada.

We will see....

 

[Rhyno]

plus some Holder yield shavings

I love the branding implication of gold "shavings"... somone in marketing please pick up on that

 

[AlM]

Why not keep it in Kinesis to diversify and secure your holdings, storage fee-free, while earning yields?

Taking it out, then putting it back in, will incur fees anyway, while the purchase power of KAU & KAG are likely to increase in the next years and a means of spending should soon be available again.

Where else in this space is the road map so stacked? Nowhere. I keep looking.

 

[AlM]

By coincidence I'm on a Zoom call about silver demand vs supply for solar etc.

I thought the shortfall was scary, but wow!

Don't sell your silver.

 

[Yvanoff]

Why not keep it in Kinesis to diversify and secure your holdings, storage fee-free, while earning yields?

Taking it out, then putting it back in, will incur fees anyway, while the purchase power of KAU & KAG are likely to increase in the next years and a means of spending should soon be available again.

Where else in this space is the road map so stacked? Nowhere. I keep looking.

Yes, that's the only reason why I leave it at Kinesis:

diversify and secure your holdings