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Formerly known as XinFin, XDC Network’s enterprise hybrid blockchain solution is expanding its presence in the Japanese market by partnering with SBI VC Trade Co. Ltd, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.
On May 31, XDC Network announced that it will be added to SBI’s cryptocurrency exchange subsidiary. Cryptocurrency exchange CEO Fumiki Ozaki confirmed the news:
“We are excited to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network offers a unique value proposition in the trade finance market and we believe adding it will enhance our clients’ trading experience.”
In March 2023, XDC entered the top five altcoin gains, rising 54% in thirty days. The network supports EVM-compatible smart contracts, protocols, and atomic transfer of tokens between networks. It also complies with the ISO-20022 message standard, an internationally recognized standard for electronic data interchange between financial institutions.
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Recently, XinFin decided to decentralize blockchain governance by forming a DAO. After deployment in May, the community will be able to decide on the distribution of ecosystem funds to promote development. As Atul Hekade, co-founder of XDC Network commented on the latest announcement:
“We are very excited to partner with SBI VC Trade and introduce the XDC ecosystem to the Japanese market. Japan is an important hub for international trade and our blockchain platform aims to optimize this sector by increasing transparency, traceability and reducing costs.”
SBI is also expanding its presence in key crypto markets. In September 2022, she received a license to work in Singapore. Previously, one of its investors, Clear Markets, received approval from the US Commodity Futures Trading Commission to offer physical-settled OTC derivatives for cryptocurrencies.