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The enterprise hybrid blockchain solution, XDC Network \u2014 formerly known as XinFin \u2014 has broadened its presence in the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.\u00a0<\/p>\n
On May 31, the XDC Network announced that it would be added to SBI\u2019s crypto exchange subsidiary. The exchange\u2019s CEO, Fumiki Ozaki, confirmed the news: <\/p>\n
\u201cWe are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers’ trading experience.\u201d<\/p><\/blockquote>\n
In March 2023, the XDC token\u00a0became one of the top 5 altcoin gainers<\/a>, rising 54% in 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols and atomic cross-chain token transfers. It also complies with the ISO-20022 message standard, an internationally accepted standard for electronic data interchange between financial institutions.<\/p>\n
Related: <\/em><\/strong>Japan launches digital yen pilot project after second successful proof-of-concept<\/em><\/strong><\/a><\/p>\n
Recently, the XDC Network decided to decentralize the governance of the blockchain by forming a decentralized autonomous organization. After deployment in May, the community will decide on the distribution of ecosystem funds to promote development. XDC Network co-founder Atul Khekade commented on the newest announcement:<\/p>\n
\u201cWe are thrilled 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.\u201d\u00a0<\/p><\/blockquote>\n
SBI is also raising its presence in key crypto markets. In September 2022, it received a license to operate<\/a> in Singapore. Earlier, one of its investees, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products<\/a> with a physical settlement.<\/p>\n
Magazine: <\/em><\/strong>Home loans using crypto as collateral. Do the risks outweigh the reward?<\/em><\/strong><\/a><\/p>\n<\/div>\n