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XDC secures Japanese foothold through SBI partnership

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TL;DR Breakdown

  • The enterprise hybrid blockchain solution, XDC Network, is expanding its reach in the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of the Tokyo-based financial holding company, SBI.
  • The XDC token has experienced significant growth, becoming one of the top 5 altcoin gainers in March 2023 with a 54% increase over 30 days.
  • The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and cross-chain token transfers and is ISO-20022 compliant, an international standard for data interchange between financial institutions.

Under the banner of innovation and expansion, XDC Network, the enterprise hybrid blockchain solution previously known as XinFin, is paving the way for increased influence in Japan’s bustling financial markets.

This ambitious objective has been realized through its strategic partnership with SBI VC Trade, a reputable cryptocurrency exchange subsidiary of the Tokyo-based financial behemoth, SBI Holdings.

New horizons: XDC Network and SBI VC trade partnership

The collaboration was publicly confirmed on May 31, when XDC Network proudly announced its integration into SBI’s cryptocurrency exchange arm.

Fumiki Ozaki, the CEO of the exchange, expressed his delight at the prospect of offering XDC as part of their growing cryptocurrency portfolio.

Ozaki spoke highly of XDC Network’s value proposition for the trade finance market, emphasizing his belief that the addition will significantly enhance the trading experiences of its customers.

This partnership comes on the heels of the XDC token’s impressive performance, where it secured a spot among the top 5 altcoin gainers in March 2023. The token exhibited a remarkable surge, gaining 54% in just a month.

The XDC Network provides a versatile platform for financial innovation, with its blockchain supporting Ethereum Virtual Machine-compatible smart contracts, varied protocols, and atomic cross-chain token transfers.

It further adheres to the ISO-20022 message standard, a global benchmark for electronic data interchange between financial institutions.

The path to decentralization

In its continuous pursuit of groundbreaking developments, the XDC Network recently took a significant step towards decentralizing the governance of its blockchain.

This decision was implemented by establishing a decentralized autonomous organization, slated for deployment in May. As per this new structure, the XDC community will exercise its autonomy by determining the distribution of ecosystem funds, thus fostering sustained development.

Atul Khekade, co-founder of XDC Network, expressed his exhilaration at the partnership with SBI VC Trade, emphasizing the potential of the XDC ecosystem in Japan’s vital international trade hub.

Khekade conveyed his belief in the platform’s ability to streamline the trade sector by enhancing transparency, traceability, and cost-efficiency.

SBI: A power player in global crypto markets

This partnership also indicates SBI’s concerted efforts to establish a prominent footprint in vital crypto markets. In September 2022, the company secured a license to operate in Singapore.

In another progressive stride, Clear Markets, an investee of SBI, was approved by the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.

This partnership between XDC Network and SBI VC Trade symbolizes the melding of technological innovation and strategic expansion. As the ecosystem sets its roots deep into the Japanese market, its unique offerings promise to redefine the landscape of trade finance.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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