Two companies are in partnership to enable people to buy tickets to sports events using cryptocurrency. These are Kinesis Cayman, an exchange platform and Jakarta Futures Exchange (JFX), a futures exchange company. Their aim is to encourage the regular use of virtual currencies in the real world.
Cryptocurrency Backed by Gold and Silver
Kinesis believes that its suite of virtual currencies which are backed by precious metals are less volatile than other cryptocurrencies. As a result, they can be applied more frequently in everyday transactions due to their stable price. Therefore, an efficient way of spending these digital assets has been developed.
Here, the digital assets can be loaded on a debit card which means you can spend them almost everywhere. Also, they can be converted to fiat money. According to its developer, this is a “game-changing digital monetary system” which has made precious metals to be available for everyday use.
Partnership to Allow Sports Tickets to be Paid With Cryptocurrency
In line with that, the Kinesis Cayman and JFX companies are using an event platform known as TicketSocket, to actualize this vision. TicketSocket is a web application that outlines professional sports leagues and venues. It also features festivals such as music, food, and cultural festivals. The platform enables a customer to make bookings to these events.
Based on the partnership, tickets can now be bought using either of Kinesis’s virtual currency. The currencies are KAU and KAG and they are backed by Gold and Silver respectively. Both tokens utilize the Stellar blockchain network that has been said to be capable of handling over 3,000 transactions per second as well as transaction confirmations.
Stablecoins Pose Less Risk Than Other Cryptocurrencies
Ryan Case, Kinesis Money’s chief commercial officer, said that crypto enthusiasts who want a stable virtual currency that is backed by gold or silver can now use it in the real world. They can purchase tickets to watch their favorite performer or sports team. Moreover, the stablecoins pose fewer risks compared to other digital assets that are more volatile.
Recently, the company Ivy developed a system of payment that will enable Australians to pay bills online using Bitcoin. The same is the case for the online food store, where Zimbabweans can now purchase common food items using the digital asset. In comparison with Kinesis’s tokens, the duo uses a volatile cryptocurrency while the latter uses a stablecoin to allow users to make purchases.