Cryptocurrency exchange XDC Network has partnered with Tokyo-based financial holding company SBI to expand into Japan. Its native token is up 28% amid the news.
The cryptocurrency exchange branch of SBI, formerly known as XinFin, said on May 31 that it will integrate enterprise hybrid blockchain technology. The exchange’s CEO, Fumiki Ozaki, claims to improve the trading experience for consumers and introduce a new value proposition in the trade finance industry.
The network allows for cross-chain transfers of atomic token and execution of smart contracts written in a language compatible with the Ethereum Virtual Machine. It also follows the internationally recognized standard for electronic interchange of financial data, ISO-20022.
The network’s co-founder, Atul Khekade, discussed the company’s enthusiasm for collaborating with SBI VC Trade and the platform’s mission to simplify the Japanese trading industry by increasing transparency, traceability, and reducing costs.
XDC price action
The XDC token used to access the XDC network saw a 7-day increase of 34%, making it among the biggest gainers of the week. XDC was trading at $0.0408 as of publication and has seen a 28% increase in price valuation in a day of trading as of press time. The current market value of the asset is $564.6 million.
XDC predictions
The XDC Network has also implemented a decentralized autonomous organization to control the network’s blockchain. When work begins in May, local residents can allocate environmental funding to grow as they see fit.
(embed) https://www.youtube.com/watch?v=Ix0yr8D9RSE (/embed)
SBI is expanding into the underlying cryptocurrency markets as it was granted an operating license in Singapore in September 2022, and one of its portfolio companies, Clear Markets, was granted permission by the US CFTC to sell crypto derivatives with physical settlement over the counter.