SBI establishes joint venture with TradeFinex in Japan and begins experiments using virtual currencies XDC and Corda

Begin experiment

SBI Holdings, a major domestic company, announced on the 27th that it has established a joint venture with TradeFinex Tech Ltd. (hereinafter referred to as “TradeFinex”) of the United Arab Emirates (UAE), as announced in September of this year.

The company name is “SBI XDC Network APAC Co., Ltd.” (hereinafter referred to as “SBI XDC”), as originally assumed. In this announcement, they also announced that they have started a proof of concept (PoC) as their first project.

~ Announcement of establishment of “SBI XDC Network APAC” and start of demonstration experiment to connect “XDC Network” and “Corda” ~

As the first initiative of SBI XDC Network APAC, we will conduct a proof of concept (PoC) to connect “XDC Network” and “Corda” provided by our company SBI R3 Japan.#corda #xdchttps://t.co/CYV173CYjX

— SBI R3 Japan (@R3Sbi) December 27, 2023

connection: SBI and TradeFinex to establish joint venture in Japan to widely provide XDC Network

SBI XDC is located in Tokyo and was established on the 18th of this month. The business details are as follows.

• XDC Network Marketing and Business Development
• Consultation and marketing support for crypto asset (virtual currency) exchanges considering handling XDC
• Marketing and business development support for subnet developers

The XDC Network in the business description is a blockchain platform developed by TradeFinex to streamline trade finance. It is used as a smart contract system to facilitate global trade operations by tokenizing real assets (RWA) and trade assets, digitizing trade documents, etc.

XDC, the native token of XDC Network, was listed on SBI VC Trade in May of this year. In this announcement, in addition to handling XDC, the company will work to expand use cases using XDC Network technology in global economic activities centered on trade finance and cross-border payments.

Contents of the first project

The first project mentioned above is a demonstration experiment to connect XDC Network with Corda and Corda Bridge.

connection: Daiwa Securities, Progma, and SBIR3 collaborate to jointly verify the efficiency of digital corporate bonds

Corda is a blockchain provided by SBI R3 Japan Co., Ltd. Corda Bridge is a bridge provided by a US company called IMPEL GLOBAL.

The specific content of the demonstration experiment is to use XDC to settle fiat currencies in inter-company transactions via Corda and Corda Bridge. The announcement said, “By utilizing a hybrid blockchain that can be used for both private and public purposes, it will be possible to perform one-stop payments that include private areas such as transaction information and public areas such as value transfer.” Explaining.

If this system is put into practical use, it will be possible to improve the efficiency of transactions between businesses such as international trade compared to the normal case of using fiat currency, and make payments smoother.

Source: SBI

connection：Trade Finance x Blockchain -Introducing Corda Utilization Case Studies-

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