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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 financial holding company SBI.
On May 31, XDC Network announced that it would be added to the crypto exchange subsidiary of SBI. Fumiki Ozaki, CEO of the exchange, confirmed the news:
“We are pleased to expand our cryptocurrency offerings by adding XDC to our exchange. The XDC network brings a unique value proposition to the trade finance market, and we are confident that its addition will enhance the trading experience for our customers.
In March 2023, XDC token became one of the top 5 altcoins with an increase of 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 messaging standard, which is an internationally accepted standard for electronic data interchange between financial institutions.
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Recently, XDC Network decided to decentralize the governance of the blockchain by creating a decentralized autonomous organization. Following deployment in May, the community will decide on the distribution of ecosystem funds to fuel development. Atul Khekde, co-founder of XDC Network, commented on the latest announcement:
“We are thrilled 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 facilitate this by providing transparency, traceability and reducing costs. The area has to be organized.
SBI is also increasing its presence in major crypto markets. In September 2022, it got a license to operate in Singapore. Earlier, one of its investors, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with physical settlement.
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