Kinka Gold (XNK), a cryptocurrency backed by high-quality gold, is expanding its reach by launching on the Cardano blockchain.
This move, supported by Cardano's founding member EMURGO and UNBANKED Corporation, represents a significant step towards integrating real-world assets (RWA) into Cardano's ecosystem.
Discover how this development could impact the world of blockchain and DeFi.
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Kinka Gold (XNK) Now Available on the Cardano Blockchain
The launch of Kinka Gold (XNK), a gold-backed cryptocurrency, on the Cardano (ADA) blockchain has been officially announced.
Kinka Gold (XNK) is a crypto asset backed by high-quality gold that meets the standards of the London Bullion Market Association (LBMA). Each token is designed to correspond to one troy ounce of gold securely stored in vaults.
Initially, XNK was an ERC-20 token issued on the Ethereum blockchain. However, this new development signifies its expansion onto the Cardano blockchain as well.
Collaboration with EMURGO and UNBANKED for Cardano Integration
The launch of Kinka Gold (XNK) on the Cardano blockchain is being facilitated by EMURGO, one of the founding members of Cardano.
They are collaborating with Kinka, a subsidiary of UNBANKED Corporation, which is listed on the Tokyo Stock Exchange's Standard Market. EMURGO will provide the technical support needed to issue the token on Cardano's blockchain.
The introduction of Kinka Gold (XNK) could pave the way for the implementation of other real-world assets (RWA) on the Cardano blockchain.
By integrating Kinka Gold into Cardano-based decentralized finance (DeFi) services, there is potential to enhance the liquidity and utility of gold through various applications such as lending, collateralization, and payments.
Chris Lane, a director at UNBANKED, commented on the XNK launch on Cardano, saying, "Cardano's low transaction fees and vast community support create the perfect synergy to accelerate on-chain activities."
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