SBI Holdings Co., Ltd. has concluded a Basic Agreement with TradeFinex Tech Ltd., which promotes the XDC Network, an enterprise-specific blockchain with the goal of improving the efficiency of trade finance, to establish a joint venture in Japan.

With its operating head office in Dubai, United Arab Emirates, and communities and offices in various countries such as the United States, Singapore, and India, XDC Network is a layer-1 blockchain that is expected to be used in economic activities around the world, such as trade finance, supply chain management, and cross-border payments.

Since its inception, XDC Network has focused on improving the efficiency of trade finance and has worked closely with the World Trade Organization (WTO), the International Chamber of Commerce (ICC), and many other government agencies, as well as providing innovative solutions improving transparency and traceability in trade finance, reducing costs, increasing transaction speed, reducing credit risk, and reducing use of paper documents.

In the SBI Group, XDC Network and SBI VC Trade Co., Ltd. which operates a crypto asset exchange business in the SBI Group, concluded a partnership alliance to work together to expand the use of the XDC Network within Japan on May 11, 2023, and started handling the crypto asset XDC at its exchange, a first in Japan, on May 31, 2023. Even after the start of handling, SBI VC Trade is working to expand the presence of XDC by adding staking and deposit/withdrawal services and improving the trading environment for XDC in Japan.

The newly established joint venture will localize XDC Network-related information in Japan, provide support to crypto asset exchange companies that wish to handle XDC, expand partnerships with subnet/layer 2 companies, and provide a wide range of innovative solutions of the XDC Network by deploying trade finance solutions provided by XDC Trade Network Pte. Ltd., in the APAC region.