Jakarta Futures Exchange, the leading futures and derivatives exchange group in Indonesia, announced an expanded Memorandum of Understanding with Kinesis Money and Allocated Bullion Exchange. With the partnership, Jakarta Futures seeks to develop an Indonesian based and regulated blockchain exchange using Kinesis technology.
Kinesis is a monetary system which is based on the traditionally stable commodities, gold and silver. The Kinesis Monetary System (JFX) allows participants to mint their precious metals onto the blockchain using a bespoke process developed by Kinesis in partnership with Allocated Bullion Exchange (ABX).
This evolutionary monetary system in which real assets are used as the basis for digital currencies, are transacted on the Kinesis Blockchain Exchange, a fork of the Stellar Network which is able to handle more than 3000 transactions per second. The system is also integrated with mobile banking and fiat currency exchange services.
ABX, the world’s leading electronic institutional exchange for physical precious metals, has been working with JFX to expand gold investment opportunities in Indonesia. JFX is a leading exchange for gold futures contracts, and is now launching a spot physical Sharia Gold Contract, in partnership with ABX, having been granted approval by Indonesian regulators and the Indonesian National Shariah Board. A blockchain exchange version of gold-based currencies, through collaboration with Kinesis and ABX, is a natural extension of the JFX and Indonesian government vision.
The expanded partnership between JFX, Kinesis and ABX envisions an Indonesian blockchain exchange based on the technical advances of the Kinesis Blockchain Exchange.
This partnership is part of JFX’s future intention to create blockchain-based solutions in addition to existing infrastructure, allowing investors alternatives, in which to benefit from an increased ease, speed and security of transactions. The future development of this partnership propels institutional acceptance of blockchain technology, through the sharing of concepts, business models and technology solutions.