Ripple Partner SBI Launches Joint Venture SBI XDC Network APAC with TradeFinex
SBI Holdings, a prominent Japanese financial services firm and partner of Ripple, has revealed a partnership with TradeFinex, a company based in the UAE specializing in the XDC Network.
🤯Massive 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 centered on trade finance and cross-border payments.… pic.twitter.com/7fBAobEUMx
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) December 27, 2023
Together, they’ve established SBI XDC Network APAC Co., a collaborative initiative with the goal of advancing the utilization of XDC Network’s blockchain technology across the Asia-Pacific region, with a specific focus on enhancing trade finance and facilitating cross-border payments.
XDC Network employs smart contracts to tokenize and digitize tangible assets like bonds and trade documents. This approach streamlines global trade operations. Additionally, the network provides a hybrid blockchain usable in both private and public settings.
SBI Holdings has been a steadfast advocate of XDC Network, which is evident in its crypto exchange subsidiary SBI VC Trade, which formed a partnership with XDC Network in May. As the exclusive supporter of XDC tokens in Japan, SBI Holdings has extended diverse services related to XDC to cater to its customer base.
This new collaboration aims to combine the expertise and networks of SBI Holdings and TradeFinex to broaden the applications of the XDC Network in Asia-Pacific.
The joint venture will offer marketing and business development assistance to XDC Network, along with support for exchanges seeking to support XDC tokens.
The venture, headquartered in Tokyo with a capital of 300 million yen, is spearheaded by Tomohiko Kondo, who is also the 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 has recently embarked on a proof of concept (PoC) aimed at integrating Corda, a blockchain platform offered by IMPEL GLOBAL, with Corda Bridge. This Corda Bridge service facilitates seamless connectivity between Corda and XDC Network.
The objective of the PoC is to showcase the effectiveness and seamless nature of employing the XDC Network for international payments in B2B transactions, especially in international trade. This demonstration aims to highlight the advantages of traditional fiat currency payments.
Being a long-term partner of Ripple, SBI Group formed a similar collaboration with the San Francisco-based technology 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 collaboration with Ripple, the Japanese financial services giant continues to broaden its presence in the digital asset scene by engaging 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 objective.
