XDC Network Expands Presence in Japanese Market Through Partnership with SBI VC Trade
The XDC Network, formerly known as XinFin, has made significant strides in the Japanese market by joining forces with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI. This collaboration marks a crucial step in the expansion of the enterprise hybrid blockchain solution.
On May 31, the XDC Network announced its inclusion on SBI’s crypto exchange subsidiary, a development confirmed by Fumiki Ozaki, the CEO of SBI VC Trade. Ozaki expressed excitement about the partnership, stating;
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 experienced substantial growth, ranking among the top 5 altcoin gainers with a 54% increase in just 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and atomic cross-chain token transfers. Additionally, it adheres to the ISO-20022 message standard, an internationally accepted framework for electronic data interchange in the financial sector.
Notably, the XDC Network recently decentralized its blockchain governance by establishing a decentralized autonomous organization. With its deployment in May, the community will play a pivotal role in deciding the allocation of ecosystem funds to foster further development. Atul Khekade, co-founder of the XDC Network, expressed enthusiasm about the partnership, saying;
We are thrilled to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan serves as a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability, and reducing costs.
SBI has been actively expanding its presence in prominent cryptocurrency markets. In September 2022, it obtained a license to operate in Singapore, while 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 physical settlement.