XDC Network Expands into Japan through Partnership with SBI Subsidiary

XDC Network Expands into Japanese Market through Partnership with SBI Subsidiary

The XDC Network, a prominent enterprise hybrid blockchain solution formerly known as XinFin, has strengthened its presence in the Japanese market by establishing a strategic partnership with SBI VC Trade, a subsidiary of Tokyo-based financial holding company SBI. This collaboration marks a significant milestone for XDC Network in expanding its reach and services.

On May 31, the XDC Network officially announced its inclusion on SBI’s cryptocurrency exchange subsidiary. Fumiki Ozaki, the CEO of SBI VC Trade, expressed his enthusiasm about the partnership:

“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 emerged as one of the top 5 altcoin gainers, demonstrating impressive growth of 54% within a span of 30 days. The network is equipped with Ethereum Virtual Machine-compatible smart contracts, protocols, and atomic cross-chain token transfers. Additionally, it adheres to the ISO-20022 message standard, an internationally recognized norm for electronic data interchange between financial institutions.

As part of its ongoing developments, the XDC Network recently implemented a decentralized autonomous organization (DAO) to decentralize the governance of its blockchain. With the deployment completed in May, the community will play a pivotal role in determining the allocation of ecosystem funds to foster further growth and development. Atul Khekade, co-founder of XDC Network, expressed his excitement about the partnership:

“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 enhancing transparency, traceability, and cost reduction.”

Notably, SBI has been actively expanding its presence in key cryptocurrency markets. In September 2022, the company obtained a license to operate in Singapore. Additionally, one of SBI’s investments, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with physical settlement.