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CoolWallet have announced another new partnership for 2020 as they team up with the online exchange platform for physical bullion, Kinesis.
The partnership will see CoolWallet delve into the precious metals trading market as this is the core focus of Kinesis who offer two native tokens that are backed by gold and silver. The way this works is that the two tokens, KAU (for gold) and KAG (for silver), are based on a 1:1 allocation and so 1 KAU is equal to 1 gram of gold and 1 KAG is equal to 1 ounce of silver.
Therefore, when you invest in either of these two tokens, you will be essentially investing in precious metals. These gold and silver weights physically exist in fully insured vaults that are scattered worldwide where security and accountability are guaranteed. Due to the nature of both these tokens, they are considered stablecoins as they are backed by these reserved assets.
Before this new partnership, there were three elements that make-up Kinesis’ business model. These are detailed by CoolWallet as follows:
Now we that you have grasped the concept of the Kinesis, the question to ask is how exactly will they and CoolWallet being working together going forward? Well, simply, the answer is the Kinesis CoolWallet which will now become the fourth product offered by Kinesis. This will be a hardware wallet which aims to simultaneously keep your assets safe and at hand for you to use.
This new CoolWallet will assist the latter of these two areas via matching it up with a smartphone app, CoolBitX, which will be supported on both iOS and Android device. Via this, you will be able to benefit from mobility and convenience of accessing your Kinesis tokens, both KAU and KAG via these two combined.
Meanwhile, the security features on the CoolWallet that have long made the hardware wallet as the preferred choice for hundreds of traders will remain intact and ensure safety. As such, what this partnered project aims to achieve overall is more immediate access to the benefits of the Kinesis while being assured of the security of one of the leading crypto wallets on the market.
This partnership is the second partnership they have confirmed following the announcement that they would also be working with another leading exchange platform, OKEx, back in January.
It seems CoolWallet are keen to extend these types of industry internal partnerships, with the platform noting that, “partnerships like these really drive the importance of security in the industry forward and we hope to bring more just like it in the future!”