XDC Network, formerly XinFin, has expanded its presence on the Japanese market through a partnership with SBI VC Trade, a subsidiary of SBI, a Tokyo-based financial holding company.
On May 31, XDC Network announced that it would join SBI’s subsidiary crypto exchange. The CEO of the exchange, Fumiki Ozaki, has confirmed the news:
“We are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers’ trading experience.”
In March 2023, XDC climbed 54% in thirty days to become one of the top five altcoin gainers. The network supports EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers.
Additionally, it conforms to the ISO-20022 message standard, an internationally recognized standard for electronic data interchange between financial institutions.
Recently, XinFin established a DAO to decentralize the blockchain’s governance. After May’s deployment, the community can determine how to distribute ecosystem funds to promote growth.
The co-founder of XDC Network, Atul Khekade, commented on the most recent announcement:
“We are thrilled to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan is a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability, and reducing costs.”
SBI is also expanding its presence on major cryptocurrency exchanges. It was granted a license to operate in Singapore in September 2022.
Earlier, the U.S. Commodity Futures Trading Commission authorized one of its portfolio companies, Clear Markets, to offer over-the-counter crypto derivatives products with tangible settlement.
