XDC Network

<p>Japanese financial services company SBI Holdings has successfully established “SBI XDC Network APAC” in Japan, following through on an intended joint venture with TradeFinex, the driving force behind the XDC Network.</p><h2 id="header-0">JV company formation</h2><p>At the end of September, the two companies <a href="https://coinnesslive.page.link/XHw9vx6mBFeGfba18" rel="noopener noreferrer nofollow">outlined</a> the starting point of an intended collaboration. Only three months later, SBI has come back with an update, a <a href="https://www.sbigroup.co.jp/news/2023/1227_14320.html" rel="noopener noreferrer nofollow">press release</a> published on Dec. 27, to detail the progress that has been made thus far.</p><p>According to that document, the companies established joint venture corporate entity SBI XDC Network APAC Co. Ltd. on Dec. 18. Among the directors of the new company is the President of BITPoint Japan, a wholly owned subsidiary crypto exchange business of SBI.</p><h2 id="header-1">Majority stakeholder</h2><p>SBI will be the majority stakeholder in the venture, holding 60% of the company’s shares while Dubai-based TradeFinex will be the minor partner, with a 40% shareholding. The press release outlines that the stakeholders will “work to expand the use case using the blockchain technology of the XDC Network in global economic activities centered on trade finance and cross-border payments, not just the handling of tokens.”</p><p>With that, this enterprise-focused blockchain initiative aims to elevate the efficiency of trade finance. Going forward, it endeavors to broaden the applications of XDC Network’s blockchain technology in global economic activities, with the emphasis remaining on trade finance and cross-border payments.</p><p>The XDC Network, inaugurated in 2017, is a community-driven platform tailored explicitly for trade finance and payments. It introduces a smart contract system that streamlines global trade operations by tokenizing real-world assets (RWAs) such as bonds, trade assets and trade documents. Operating on a high-speed, secure and cost-effective blockchain, XDC Network aspires to transform the landscape of trade finance.</p><p>SBI Group has been actively involved in various services related to the XDC Network, including being the first exchange in Japan to handle XDC tokens. This was made possible through a partnership with SBI VC Trade, a company within the SBI Group specializing in crypto asset exchange services.</p><h2 id="header-2">Corda platform proof of concept</h2><p>Logo design has been completed for the new entity, while a <a href="https://www.sbixdc.network/" rel="noopener noreferrer nofollow">website</a> has also been launched. Not wasting any time, the new company has already initiated a proof-of-concept (PoC) experiment. The experiment involves connecting the XDC Network with the Corda platform from SBI R3 Japan and the Corda Bridge from IMPEL GLOBAL.</p><p>The PoC experiment revolves around conducting fiat payments generated by business-to-business transactions in XDC via Corda and the Corda Bridge. Leveraging a hybrid blockchain with both private and public characteristics, the objective is to attempt to offer a seamless one-stop service that settles both private and public aspects simultaneously.</p><p>The company claims that this approach achieves an efficient and smooth payment method for cross-border transactions, including international trade, outshining conventional fiat currency transactions.</p>

SBI and TradeFinex establish ‘SBI XDC Network APAC’

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