SINGAPORE, SEPTEMBER 18, 2024 — Cardano is set to welcome the first prominent gold-backed token, Kinka Gold ($XNK), into its blockchain ecosystem. Kinka’s gold-backed token will arrive with the close tactical, technical, and strategic support of EMURGO, one of Cardano’s founding entities as a technology provider.

The adoption of blockchain tech is continuing at a breakneck pace. More and more financial institutions worldwide are recognising the vital importance of on-chain economies and their disruptive potential on global money markets, particularly in the case of representative and reserve-backed tokens. 

Kinka is a subsidiary of UNBANKED, INC., a publicly-listed neofinance services company in Japan that is opening up worldwice access to on-chain economies. $XNK is a gold-backed token, with each token representing one ounce of premium Japanese gold that meets all LBMA (London Bullion Market Association) standards. This gold is designated for use on the Osaka Exchange and is securely held in bankruptcy-remote vaults worldwide.

The launch of the first gold-backed token can serve as a catalyst for other real-world asset (RWA) tokens, while also offering a stable gold-pegged currency suitable for use in jurisdictions where fiat-backed stablecoins fall outside regulatory frameworks. Additionally, it potentially opens avenues for increasing the liquidity and use cases of gold by integrating the yellow metal into Cardano’s broader DeFi ecosystem, including lending, collateral, and payment use cases.

EMURGO is deeply committed to advancing the utility of Cardano and Web3 technologies in real-world applications. Our collaboration with Kinka to support the technological foundation of a gold-backed digital asset on the Cardano blockchain helps bridge the gap between traditional assets and the blockchain. This partnership also further unlocks lucrative potential for many new business use cases in real-world asset tokenization,” said EMURGO founder and CEO Ken Kodama.

Through this partnership with EMURGO, the next generation of gold ownership will begin,” says UNBANKED Director Chris Lane. “The $XNK token is more than just about owning gold, but about using it in whole new ways that help power up the modern digital economy. Cardano’s low transaction fees and its massive community support create the perfect synergies to further the on-chain movement

To issue its gold-backed tokens on the Cardano blockchain network, Kinka Gold will leverage EMURGO’s asset tokenization platform, a solution to seamlessly transform new real-world assets into digital tokens, unlocking new opportunities for financial growth and operational efficiency. 

About UNBANKED

UNBANKED, INC. is a financial services company focused on creating a more inclusive and transparent global financial system through digital assets and decentralized technologies. Its gold tokenization project, Kinka, brings forth high-caliber on-chain gold for the next era of finance.

To learn more, visit https://unbanked.jp/.

About EMURGO

EMURGO is a blockchain technology company and a founding entity of the Cardano blockchain that provides products and services to drive the adoption of Cardano’s Web3 ecosystem. Originally established in Japan, EMURGO exists to facilitate commercial growth of the Cardano ecosystem and unlock the full potential of the ecosystem through partnerships, investments, education, and infrastructure development. 

To connect and learn more, visit https://emurgo.io.

Disclaimer 

You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by EMURGO, UNBANKED, INC., or KINKA to invest.