The hybrid blockchain business solution, XDC Network —formerly known as XinFin— has expanded its presence in the Japanese market through a partnership with SBI VC Tradea cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.
On May 31, XDC Network announced its incorporation into the cryptocurrency exchange subsidiary of SBI.. The exchange’s CEO, Fumiki Ozaki, confirmed the news:
“We are delighted to expand our cryptocurrency offering with the addition of XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our clients’ trading experience.”
In March 2023, the XDC token became one of the top 5 winning altcoins, rising 54% in 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and cross-chain atomic transfers of tokens. Also complies with the ISO-20022 messaging standardan internationally accepted standard for electronic data interchange between financial institutions.
Recently, the XDC Network decided to decentralize the governance of the blockchain by forming a decentralized autonomous organization. Following implementation in May, the community will decide the distribution of ecosystem funds to promote development. XDC Network co-founder Atul Khekade commented on the new announcement:
“We are delighted to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan is a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability and reducing costs.”
SBI is also increasing its presence in key cryptocurrency markets. In September 2022, it received a license to operate in Singapore. Previously, one of its entities, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.
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