Bitmart will soon be listing Kinka Gold’s $XNK token. It’s the second time $XNK, a representative gold asset, is available on a CEX. Users can trade, invest and use gold on-chain, taking advantage of its availability as the RWA boom continues in the wider crypto market.
$XNK deposits on Bitmart opened on the 6th of March at 10AM UTC, followed by trading ($XNK/$USDT) and withdrawals commencing 24 hours later, on the 7th of March.
The price of each $XNK token is pegged directly to the price of gold, with 1 $XNK equivalent to one fine troy ounce of gold that meets LBMA standards. The gold is premium, 99.9% pure, and issued by a subsidiary of UNBANKED, INC., a Japanese trading house that has been trading gold for over 40 years. The gold is regulated for use on the Osaka Exchange, and the token represents redeemable ownership of the gold itself.
With the increasing vulnerability of fiat currencies, with the majority losing value against gold, investors are turning to gold as a safe haven asset. $XNK is thus a way for gold traders to keep their portfolios integrated in on-chain environments, and a way for investors who would otherwise not be able to access gold or invest in it an easy route to gain exposure to the world’s most reliable hedge.
$XNK is available OTC from Kinka Gold directly, but its launch on BitMart lets traders worldwide start taking advantage of the asset and to use it as a safe haven for their portfolios as volatility in the crypto market increases.
Unlike other stablecoins, which are backed by sometimes opaque treasury reserves, and pegged to the price of fiat currencies. $XNK is 100% backed by audited reserves that are regulated by the Japanese FSA, making it a sensible choice for any investor looking to preserve value in their portfolio.
About Kinka
Kinka (symbol: $XNK) is a digital asset backed by gold on the Ethereum blockchain. 1$XNK is equivalent to 1 troy ounce of gold, and is available for exchange to gold bullion.
$XNK is issued by a subsidiary of UNBANKED, INC., which is listed on the Tokyo Stock Exchange.
Furthermore, even if the company goes bankrupt, the gold bullion owned by $XNK holders is legally protected, as a bankruptcy-remote firm.
About Bitmart
Bitmart is a leading global cryptocurrency exchange that offers services in 180+ countries and offers over 1500 digital assets and tokens for trade. Founded in 2017, it has offices in China, Korea and the United States.