Tokyo, Japan, Feb 19, 2024, ZEX PR WIRE, CoinW has announced the listing of Kinka Gold’s $XNK token. The launch marks the first time $XNK, a representative gold asset, is available on a CEX, and traders seem certain to take advantage of its availability as the RWA boom continues in the wider crypto market.
$XNK deposits on CoinW opened on the 18th of February at 10AM UTC, followed by trading ($XNK/$USDT) and withdrawals commencing on Monday, the 19th of February, 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.
With the increasing vulnerability of fiat currencies, with the majority losing value against gold, investors are turning to gold as a safe haven asset. $XNK is thus a way for gold investors to keep their portfolios integrated with Web3, and a way for investors who would otherwise not be able to access gold or invest in it an easy route to gain exposure to the world’s most reliable hedge.
$XNK is available OTC from Kinka Gold directly, but its launch on CoinW creates the avenue for the traders worldwide to start taking advantage of the asset and to use it as a safe haven for their portfolios as volatility in the crypto market increases.
Unlike other stablecoins, which are backed by sometimes opaque treasury reserves, and pegged to the price of fiat currencies. $XNK is 100% backed by audited reserves that are regulated by the Japanese FSA, making it a sensible choice for any investor looking to preserve value in their portfolio.
About Kinka
Kinka (symbol: $XNK) is a digital asset backed by gold on the Ethereum blockchain. 1$XNK is equivalent to 1 troy ounce of gold, and if you hold a certain amount or more, you can exchange it for gold bullion.
$XNK is issued by a subsidiary of Daiichi Commodity Co., Ltd., which is listed on the Tokyo Stock Exchange.
Furthermore, even if the company goes bankrupt, the gold bullion owned by $XNK holders is legally protected.
About CoinW
CoinW is a world-class cryptocurrency exchange founded in 2017 that provides spot, future, margin, and other trading services. Based out of Dubai, UAE, CoinW has a global presence with 16 localized trading service centers spanning 13 countries.
The Post On-Chain Gold Is Here – $XNK to Be Listed on CoinW first appeared on ZEX PR Wire
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