Multi-Currency Deposits now available on the Kinesis Money Platform

Article by Natalie Laz - Shared from Kinesis

Kinesis has introduced an additional 9 fiat currency deposit options, available on the Kinesis Platform from today.

We have extended our current fiat deposit options, which now include a wider range of major currencies. In addition to our existing US Dollar, British Pound Sterling, and Euro options, Kinesis platform users will now be able to make USD deposits using 9 additional native currencies that will be automatically converted and added to your USD balance.

You can currently access Multi-Currency deposits through the Kinesis Money desktop interface, with the Kinesis mobile app adding the functionality at the beginning of July. For the time being, app users can simply access the multi-currency deposit via the desktop deposit function.

Now accepting 12 Foreign Currencies for USD deposits:

How does it work and what are the key differences?

The 3 fiat currencies that are used on the Kinesis Exchange marketplace are GBP, EUR, and USD, with the US Dollar as the default option. Kinesis users can still deposit their money EUR-to-EUR and GBP-to-GBP, with the process for depositing British Pound and Euro remaining unchanged.

Kinesis system participants, wishing to make a deposit using one of the above native currencies can do so and will have their money automatically converted into US Dollars. A favorable mid-market rate will be applied with our foreign exchange banking partners OCBC Indonesia, and the funds then added to your USD balance.

The depositing dropdown menu is now accessible through the ‘Deposit’ icon within the Kinesis Money desktop interface.

How do Multi-Currency deposits benefit Kinesis users?

The Multi-Currency integration delivers greater accessibility and simplicity for Kinesis users, who can now experience the benefits of depositing their money in a more streamlined, efficient, and cost-effective manner.

By offering a wider array of depositing options to choose from, Kinesis localizes the customer experience and enhances the convenience level for existing platform users, by allowing them to choose their local currency at the point of deposit.

Importantly, the latest platform update brings greater access and value to Kinesis users globally, enabling them to deposit money in their preferred currencies.

Article by Natalie Laz - Shared from Kinesis

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