XDC Network, a cryptocurrency exchange, has teamed up with SBI, a financial holding company based in Tokyo, to expand its presence in Japan.
The announcement led to a 28% surge in the value of XDC’s native token. SBI’s crypto exchange branch, formerly known as XinFin, announced on May 31 that it would integrate XDC’s enterprise hybrid blockchain technology. The CEO of the exchange, Fumiki Ozaki, believes this integration will enhance the trading experience for users and provide innovative value in the trade financing sector.
📢 Banking Powerhouse SBI Commits to Empowering XDC, Expanding XDC Network's Footprint in Japan🌐💼
Read here: https://t.co/5yDK3GXZuE
We're thrilled to expand our ecosystem in Japan through this strategic partnership with @sbivc_official . Together, we'll revolutionize trade…
— XinFin (@XinFin_Official) May 31, 2023
The network enables seamless transfers of tokens across different blockchains and supports the execution of smart contracts compatible with the Ethereum Virtual Machine. Additionally, it adheres to ISO-20022, an internationally recognized standard for exchanging financial data electronically.
Atul Khekade, the co-founder of the network, recently expressed excitement about collaborating with SBI VC Trade. The platform aims to streamline the Japanese trade industry by enhancing transparency, traceability, and cost reduction.
Also Read This Related: XDC Network Achieves a Significant Milestone through Collaboration with SBI Japan
XDC Price Update
XDC, the token utilized on the XDC Network, saw a significant rise in value over the past seven days, increasing by 34%. This surge positioned it as one of the top performers of the week. As of now, XDC is trading at $0.0408 and experienced a 28% price increase within a single day of trading. Its current market cap stands at $564.6 million.
SBI has been actively expanding its presence in important cryptocurrency markets. In September 2022, it obtained an operating license in Singapore.
Additionally, one of its portfolio companies, Clear Markets, received permission from the United States Commodity Futures Trading Commission to sell crypto derivatives with physical settlement over the counter.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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