Tokyo Stock Exchange Standard-listed unbanked inc. announced that it will withdraw from its gold-backed crypto asset business. The withdrawal follows deteriorating profitability and the failure to expand sales channels, and the liquidation of related subsidiaries is scheduled for completion by the end of March 2027.
unbanked inc. decided to withdraw from its gold-backed crypto asset business. With weak sales continuing and efforts to expand sales channels failing to produce results, the company determined that it would be difficult to secure profitability. It expects the financial impact to be immaterial.
Revenue from the bullion business was ¥8.043 billion in the fiscal year ended March 2026, while revenue from the crypto asset being discontinued accounted for less than 0.1%. The gold-linked token Kinka (XNK), which had been sold previously, was offered to residents outside Japan and was not offered to residents of Japan.
The final deadline for submitting buyback and bullion exchange requests for Kinka is 17:00 on 30 October. The 3 related subsidiaries will proceed with dissolution and liquidation in stages from November, with completion scheduled by the end of March 2027. In August, the company had also been subject to a withdrawal suspension imposed by major banks amid conflict among its management team.