Gold Tokenization Coming to Cardano Through Partnership with Kinka Gold
EMURGO, a founding partner of Cardano, has announced a partnership with Kinka Gold (XNK), a subsidiary of a Japanese neo-financial services company, to launch gold tokenization on the Cardano blockchain. This collaboration marks a significant milestone for Cardano as it integrates its first major gold-backed token, XNK, with EMURGO playing a key role as a technology partner.
Kinka Gold’s XNK token is backed by premium Japanese gold that meets the highest LBMA standards. Each ounce of gold backing the token is designated for use on the Osaka Exchange and securely stored in vaults located worldwide to ensure protection from bankruptcy. The introduction of XNK on the Cardano blockchain ecosystem is poised to revolutionize the industry by enabling the creation of other real-world asset tokens (RWAs) and offering a gold-backed stablecoin that can be utilized in jurisdictions where traditional fiat-backed stablecoins are restricted.
Moreover, the integration of gold into Cardano’s DeFi ecosystem is expected to enhance liquidity and expand the utility of the platform. This strategic move has the potential to drive further growth in the blockchain economy and reinforce Cardano’s position as a leading blockchain platform.
Image: The Cryptonomist