Introduction
SBI Holdings and TradeFinex have announced a joint venture to promote the adoption of the XDC Network, an enterprise blockchain compatible with the Ethereum Virtual Machine (EVM), in Japan.
TradeFinex and XDC Network
TradeFinex, based in the United Arab Emirates, operates its own decentralized platform on the XDC Network for trade finance originators to connect with banks and lending institutions. The platform offers blockchain-based trade finance products, such as invoicing, letters of credit, purchase order finance, and supply chain finance.
About XDC Network
The XDC Network is a layer 1 network that is compatible with the Ethereum Virtual Machine. It utilizes smart contracts and employs a delegated proof-of-stake mechanism to achieve fast transaction times, low gas fees, and high transaction per second capacity.
Native XDC Token
The XDC Network operates using its native XDC token, which serves as a reserve cryptocurrency for third-party decentralized applications running on the network. The token has multiple use cases, including DApp payment settlements, micropayments, transaction costs, and smart contract deployment and settlement.
TradeFinex's Collaboration and Recognition
TradeFinex has collaborated with organizations such as the World Trade Organization, International Chamber of Commerce, and various government agencies to explore how blockchain can enhance the speed, transparency, costs, and traceability of trade finance. The World Trade Organization has recognized TradeFinex as a network that operates with both permissioned and permissionless characteristics.
Joint Venture Goals
The joint venture aims to localize XDC Network information and documentation in Japan, distribute XDC tokens to local cryptocurrency exchanges, and implement trade finance solutions throughout the Asia-Pacific region.
Japanese Government's Support for Cryptocurrency
Japan has recently expressed its intention to allow startups to raise funds through cryptocurrency token issuance instead of traditional stock listings. The country's Financial Services Agency also plans to amend the tax code related to cryptocurrencies in 2023, potentially offering exemptions from paying taxes on unrealized gains.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/is-binance-really-behind-commex-new-exchange-denies-ownership-but-skepticism-remains
