Cardano Welcomes Gold-Backed Kinka Token ($XNK) with Support from EMURGO
2024-09-21

Cardano’s blockchain will soon feature its first major gold-backed token, Kinka Gold ($XNK), thanks to a partnership between the token’s issuer and EMURGO, a founding entity of Cardano. 
EMURGO is a company that plays a crucial role in the Cardano ecosystem, focusing on the commercial development and adoption of blockchain technology. It works to drive the growth of Cardano by creating applications, tools, and services that make the blockchain more accessible and useful for businesses, developers, and users. EMURGO is responsible for forging partnerships with enterprises, developing blockchain-based solutions, and promoting Cardano’s adoption in various industries. It also invests in and supports startups and projects that align with Cardano’s vision, helping to build out the ecosystem and foster innovation.
According to EMURGO’s press release, This new token represents one ounce of premium Japanese gold, meeting the standards of the London Bullion Market Association (LBMA), and will be securely stored in global vaults. The introduction of Kinka Gold opens up new possibilities for using gold in decentralized finance (DeFi) applications, such as lending and payments.
Kinka Gold is a project led by UNBANKED, INC., a publicly-listed neofinance company from Japan. The launch of this token aims to extend gold’s role beyond traditional financial markets, with $XNK integrated into Cardano’s DeFi ecosystem, providing new liquidity and stability in markets where fiat-backed stablecoins may not be viable.
EMURGOis supporting the technical aspects of this launch, using its asset tokenization platform to ensure seamless issuance of Kinka Gold on the blockchain. This project marks a key step in merging traditional financial assets with blockchain-based ecosystems.
Ken Kodama, CEO of EMURGO, emphasized the groundbreaking nature of this collaboration, highlighting the growing role of blockchain technology in transforming traditional asset management. He described the potential of Kinka Gold as a bridge between gold and the modern financial world, allowing for new business applications in real-world asset tokenization.
Chris Lane, Director at UNBANKED, highlighted the significance of launching on Cardano, particularly praising the blockchain’s efficiency, low fees, and active user base. He noted that $XNK is set to change how gold can be utilized in the evolving digital economy, moving beyond ownership and into practical applications for financial growth.
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