unbanked inc. announced that it will discontinue the gold-backed crypto asset Kinka business and dissolve and liquidate the 3 related companies. The final deadline for buyback and bullion exchange requests for the Ethereum version is the end of October, after which all recovered tokens will be burned and handling of the token will end.
On the 16th, unbanked inc.'s Board of Directors resolved to discontinue the Kinka business. Kinka began issuance in 2022 through a subsidiary in the British Virgin Islands. In September 2024, the company pursued a Cardano version, but abandoned plans to sell it after the US dollar-linked stablecoin USDA could no longer be handled on centralized exchanges and sales on decentralized exchanges were abandoned from a legal compliance perspective. A final deadline was set for the Ethereum version in October, and the entire Cardano version was scheduled to be burned during October.
After discussions on future policy, the management team under the new structure decided to discontinue the Kinka business. Revenue of the issuer had been negligible over the latest 3 fiscal years. Kinka (BVI), Ltd. recorded revenue of ¥9,000 in the fiscal year ended March 2024, ¥725,000 in the fiscal year ended March 2025 and ¥26,000 in the fiscal year ended March 2026. As a result, the assets and profit positions of Gold Management and Gold Fund also contracted, and the 3 related entities will be dissolved and liquidated in stages from November 2026 through March 2027.