XDC Network gets Japanese foothold via partnership with SBI subsidiary

The enterprise hybrid blockchain solution, XDC Network — formerly known as XinFin — has broadened its presence in the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI. 

On May 31, the XDC Network announced that it would be added to SBI’s crypto exchange subsidiary. The exchange’s CEO, Fumiki Ozaki, 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, the XDC token became one of the top 5 altcoin gainers, rising 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 message standard, an internationally accepted standard for electronic data interchange between financial institutions.

Related: Japan launches digital yen pilot project after second successful proof-of-concept

Recently, the XDC Network decided to decentralize the governance of the blockchain by forming a decentralized autonomous organization. After deployment in May, the community will decide on the distribution of ecosystem funds to promote development. XDC Network co-founder Atul Khekade commented on the newest 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 raising its presence in key crypto markets. In September 2022, it received a license to operate in Singapore. Earlier, one of its investees, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.

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