SBI Holdings, a prominent Japanese financial services provider and partner of Ripple, has unveiled a partnership with TradeFinex, a UAE-based company that specializes in the XDC network.
🤯Big announcement
SBI Holdings Japan + @sbivc_official & #XDC Network using a @Cordablockchain Bridge (provided by Impel) Joint Venture🎉OFFICIAL: SBI XDC Network APAC Corporation
Expands XDC network technology, focused on trade finance and cross-border payments.… pic.twitter.com/7fBAobEUMx
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) December 27, 2023
They did that together established SBI
XDC Network uses smart contracts to tokenize and digitize tangible assets such as bonds and trade documents. This approach streamlines global trading activities. Furthermore, the network offers a hybrid blockchain that can be used in both private and public environments.
SBI Holdings is a steadfast supporter of XDC Network, which is evident from its crypto exchange subsidiary SBI VC Trade, which partnered with XDC Network in May. As the exclusive supporter of XDC tokens in Japan, SBI Holdings has expanded various services related to XDC to cater to its customer base.
This new collaboration aims to leverage the expertise and networks of SBI Holdings and TradeFinex to broaden the applications of the XDC Network in Asia Pacific.
The joint venture will provide marketing and business development assistance to XDC Network, along with support for exchanges looking to support XDC tokens.
The company, headquartered in Tokyo and with capital of 300 million yen, is led by Tomohiko Kondo, who also serves as president of SBI VC Trade as representative director. Other directors include Tadashi Yoshida, who oversees XDC Network in Japan, and Taku Tashiro.
SBI XDC Network APAC launches PoC
The company recently started a proof of concept (PoC) focused on integration Corda, a blockchain platform offered by IMPEL GLOBAL, with Corda Bridge. This Corda Bridge service facilitates seamless connectivity between Corda and XDC Network.
The purpose of the PoC is to demonstrate the effectiveness and seamless nature of using the XDC Network for international payments in B2B transactions, especially in international trade. This demonstration aims to highlight the benefits of traditional fiat currency payments.
Be one long-term partner of RippleSBI Group entered into a similar partnership with the San Francisco-based tech company in 2016 to launch SBI Ripple Asia.
Over time, SBI has consistently demonstrated its commitment to supporting Ripple, which is evident in recent initiatives aimed at strengthening their enduring partnership.
Despite its ongoing partnership with Ripple, the Japanese financial services company continues to broaden its presence in the digital asset world by bringing in other crypto-focused entities.
SBI Group is working to establish a strong position within the crypto industry, and these partnerships are steps toward realizing this goal.