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SBI Holdings and TradeFinex form a key blockchain alliance

SBI Holdings

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TL;DR

  • SBI Holdings, a major Japanese financial firm, partnered with UAE-based TradeFinex to enhance blockchain technology use in Asia-Pacific.
  • The collaboration led to the creation of SBI XDC Network APAC Co., focusing on improving trade finance and streamlining cross-border payments.
  • XDC Network, notable for tokenizing real-world assets like bonds through smart contracts, brings a hybrid blockchain suitable for various industry applications.

SBI Holdings, a leading Japanese financial services conglomerate, has partnered with TradeFinex, a UAE-based firm specializing in the XDC Network. This collaboration has led to the formation of SBI XDC Network APAC Co., a joint venture promoting the adoption of XDC Network’s blockchain technology throughout the Asia-Pacific region. The primary focus of this initiative is to enhance trade finance and enable more efficient cross-border payments.

The XDC Network, known for its innovative use of smart contracts to tokenize and digitize real-world assets like bonds and trade documents, offers a streamlined approach to global trade operations. It features a unique hybrid blockchain, suitable for private and public sector applications, providing versatile solutions for various industries.

SBI Holdings: A pioneering force in blockchain

SBI Holdings has consistently supported the XDC Network, as evidenced by its crypto exchange subsidiary, SBI VC Trade, which partnered with XDC Network in May. Serving as the exclusive supporter of XDC tokens in Japan, SBI Holdings has broadened its range of services related to XDC to serve its clientele better. This longstanding advocacy highlights the company’s commitment to blockchain technology and its potential applications.

The new venture between SBI Holdings and TradeFinex aims to leverage their combined expertise and networks to expand the use of the XDC Network in the Asia-Pacific region. The joint initiative will provide marketing and business development support to XDC Network, assisting exchanges interested in supporting XDC tokens.

Leadership and objectives of the joint venture

Headquartered in Tokyo, the joint venture is capitalized at 300 million yen. It is led by Tomohiko Kondo, who also serves as the president of SBI VC Trade and as representative director. Other key directors include Tadashi Yoshida, who oversees the XDC Network in Japan, and Taku Tashiro. This leadership team brings together a wealth of experience and knowledge in financial services and blockchain technology.

The primary objective of this collaboration is to harness the strengths of both SBI Holdings and TradeFinex, creating synergies that will accelerate the adoption and application of blockchain technology in the region. By combining resources, expertise, and networks, the venture seeks to unlock new opportunities in trade finance and cross-border payments, providing innovative solutions to longstanding challenges in these sectors.
The partnership between SBI Holdings and TradeFinex marks a significant step forward in integrating and applying blockchain technology in Asia-Pacific. Through this joint venture, SBI XDC Network APAC Co., both companies aim to revolutionize trade finance and payment systems, leveraging the advanced capabilities of the XDC Network. This strategic alliance is set to play a pivotal role in shaping the future of blockchain technology in the region.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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