Cryptocurrency

First Tranche of Kinka Gold Available to Trade on CoinW Exchange

Anticipating the increased retail need for on-chain, tokenized gold, Kinka Gold has begun issuing the first wave of its gold-back ERC-20 token, $XNK. The token is first being made available for trade on CoinW, with traders able to trade gold-pegged tokens on the 19th of February, starting at 10AM UTC.

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 Daiichi Commodities, 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.

In absence of regulated fiat-backed stablecoins – the $XNK will provide a compelling alternative to Japanese crypto traders.

The $XNK launch also heralds exciting new opportunities for physical gold in the world of crypto-finance, DeFi, and wider blockchain applications. $XNK will let previously untapped liquidity held in physical gold reserves to be utilised in DeFi, whilst also giving traditional finance institutions a way to hold gold on-chain cheaply and efficiently.

The low cost of storing and sending $XNK is a huge advantage over its legacy predecessor, physical gold, and Kinka Gold hopes through issuance of its token that gold access can be opened up to more retail investors of gold. All $XNK tokens are fully redeemable for real physical gold from bankrupt-remote vaults.

Daiichi Commodities is one of Japan’s largest and most prestigious gold trading houses, having handled gold for over 40 years. Their foray into the crypto market represents an exciting future for the world’s oldest and most stable asset. With increasing crypto adoption by traditional finance and increased retail appetite for gold in light of its continued stability in contrast to massive inflation of fiat currencies, Kinka Gold’s issuance couldn’t be more timely.

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About Kinka

Kinka is a gold-backed digital asset on the Ethereum blockchain which is issued by a subsidiary Daiichi Commodities. It is bankrupt-remote and is issued in accordance with Japanese regulatory bodies. The token, $XNK, is equal to one fine troy ounce of gold, and is redeemable in kind.

About CoinW

 CoinW is a world-class cryptocurrency exchange founded in 2017 that provides spot, future, margin, and other trading services.

The post First Tranche of Kinka Gold Available to Trade on CoinW Exchange appeared first on Blockonomi.

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