- SBI Holdings and TradeFinex have formed a joint venture in Japan to promote the XDC Network, a blockchain focused on improving trade finance efficiency.
- The venture aims to localize XDC Network information in Japan, support crypto exchanges interested in handling XDC, and expand partnerships with other network layers.
- This collaboration comes as Japan shows increased openness to blockchain and cryptocurrencies, including potential regulatory changes and alternative fundraising methods for startups.
SBI Holdings Co., Ltd. has inked a Basic Agreement with TradeFinex Tech Ltd. The partnership aims to establish a joint venture in Japan to promote the XDC Network, a specialized blockchain designed to enhance trade finance efficiency. With its headquarters in Dubai and a global presence spanning the United States, Singapore, and India, the XDC Network is poised to make significant strides in trade finance, supply chain management, and cross-border payments.
XDC Network’s global footprint and SBI’s local strategy
Since its inception, the XDC Network has been laser-focused on streamlining trade finance. It has collaborated with global organizations like the World Trade Organization (WTO) and the International Chamber of Commerce (ICC). Moreover, the network has pioneered innovative solutions that improve transparency, reduce costs, and accelerate transactions in trade finance.
On the other hand, SBI Holdings has been a stalwart in the Japanese financial landscape. The company’s crypto asset exchange subsidiary, SBI VC Trade Co., Ltd., initiated a partnership with the XDC Network earlier this year. Consequently, it became the first exchange in Japan to handle the crypto asset XDC. Additionally, SBI VC Trade has been actively working to broaden the XDC Network’s footprint in Japan by enhancing trading conditions and adding features like staking and deposit/withdrawal services.
The joint venture’s multifaceted approach
The new joint venture aims to serve as a catalyst for the XDC Network’s growth in Japan. It will localize XDC Network-related information and offer support to crypto asset exchanges keen on handling XDC. Furthermore, the venture will seek to expand partnerships with subnet and layer-2 companies. It will also deploy a wide array of innovative trade finance solutions in the Asia-Pacific region, courtesy of XDC Trade Network Pte. Ltd.
This partnership comes at a time when Japan is showing increased openness to blockchain technology and cryptocurrencies. Recent reports indicate that the Japanese government is considering allowing startups to raise funds through cryptocurrency tokens, a departure from traditional stock listings. Additionally, Japan’s Financial Services Agency is contemplating changes to its cryptocurrency-related tax code, signaling a more proactive regulatory stance.
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