Cardano hosts Kinka Gold: the gold-backed token catalyst for RWA

Cardano welcomes Kinka Gold (XNK) into its blockchain ecosystem, the new gold-backed token that acts as a catalyst for the Real-World Asset (RWA) market. Behind XNK, as the technology provider, is Emurgo, one of the founding entities of Cardano. 

Cardano and Kinka Gold (XNK): the launch of the new gold-backed token as a catalyst for the RWA market 

News from Cardano, ready to host a new entry: the new token Kinka Gold (XNK), backed by gold and supported by Emurgo.

XNK can serve as a catalyst for other real-world asset tokens (RWA), while also offering an alternative stablecoin to those pegged to fiat currencies.

“Kinka’s on-chain gold, of bullion quality, is coming to @Cardano! We are excited to unveil our tactical, technical, and strategic partnership with @emurgo_io, one of the founding entities of Cardano, to distribute and integrate $XNK into the ecosystem. To learn more”

Kinka is a subsidiary of UNBANKED, a neofinance services company listed on the stock exchange in Japan that is opening up access to on-chain economies to the world. 

Each XNK token represents an ounce of premium Japanese gold that meets all the LBMA standards (London Bullion Market Association). The gold is intended for use on the Osaka Exchange and is securely stored in remote vaults for failures worldwide.

Behind the Kinka Gold project, there is the tactical, technical, and strategic support of Emurgo, one of the founding entities of Cardano, as a technology provider.

Cardano and Kinka’s gold-backed token as a catalyst for the RWA market

As anticipated, behind the usability of the new XNK on Cardano, there is the market of Real-World Asset (RWA). 

In practice, through XNK, the sector will be able to access an alternative stablecoin still backed by gold, suitable for use in jurisdictions where fiat-backed stablecoins do not fall within regulatory frameworks. 

Not only, Kinka Gold also wants to increase the liquidity and use cases of gold by integrating the yellow metal into the broader Cardano DeFi ecosystem, including use cases for loans, collateral, and payments.

In this regard, the director of UNBANKED, Chris Lane, commented: 

“Thanks to this partnership with Emurgo, the next generation of gold ownership will begin. The XNK token is not limited to owning gold, but uses it in completely new ways that help empower the modern digital economy. Cardano’s low transaction fees and the enormous support of its community create the perfect synergies to promote the on-chain movement.”

The tokenization of Kinka Gold on the Cardano blockchain will be executed on the Emurgo platform. 

The crypto update Leios

In these days, Charles Hoskinson has declared that the crypto update Leios will transform the Cardano blockchain, making it faster than Solana. 

In practice, the main objective of Leios is to increase the number of transactions that the network can process, making it more competitive. Specifically, Leios introduces a series of innovations that optimize the transaction validation process, thus reducing waiting times and increasing the capacity to handle large volumes of data. 

Not only that, the update also aims to improve the security and energy efficiency of the Cardano Blockchain. 

In this sense, Hoskinson sees the future of Cardano more optimistic, managing to perform better than Solana and even Ethereum.

At the time of writing, Cardano (ADA) is worth $0.34 and is in a 4% pump in the last 24 hours. The 11th crypto should see its market cap quintuple before it can surpass at least SOL, currently positioned in fifth place in the ranking.