Enterprise hybrid blockchain solution XDC Network — formerly known as XinFin — has expanded its presence in the Japanese market through a partnership with SBI VC Trade, the cryptocurrency exchange subsidiary of Tokyo-based SBI Financial Holdings.
On May 31, XDC Network announced that it will be added to the SBI cryptocurrency exchange. The exchange’s CEO, Fumiki Ozaki, confirmed the news:
“We are excited to expand our cryptocurrency offering by adding XDC to our exchange. The XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance the trading experience for our clients.”
In March 2023, the XDC token became one of the top 5 biggest gainers for another cryptocurrency, up 54% in 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and cross-chain atomic code transfers. It also complies with the ISO-20022 messaging standard, which is an internationally accepted standard for the exchange of electronic data between financial institutions.
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Recently, the XDC Network decided to decentralize the management of the blockchain by forming a decentralized autonomous organization. After publication in May, the community will decide to distribute ecosystem funds to promote development. XDC Network co-founder Atul Khikadi commented on the new announcement:
“We are excited to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan is an important center for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability, and lowering costs.”
SBI is also increasing its presence in major crypto markets. In September 2022, I obtained a license to work in Singapore. Earlier, Clear Markets, one of its investees, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter cryptocurrency derivatives products with physical settlement.
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