Plug and Play Selects XDC Network to Launch an Enterprise RWA Tokenization Accelerator
SUNNYVALE, Calif., Aug. 15, 2024 /PRNewswire/ -- Plug and Play has announced a new accelerator focused on real-world asset (RWA) tokenization on the XDC Network. This initiative is designed to drive innovation and accelerate the development of advanced RWA applications within the blockchain space.
The open call for the RWA Accelerator begins in December 2024. Up to ten startups will join a 3-month program, starting in March 2025, that focuses on RWA tokenization projects with targeted support and resources. The program will culminate in June 2025 at the Plug and Play Silicon Valley Summit, where startups will present their projects to Plug and Play and its network of investors and stakeholders.
"XDC Network already has a strong foothold in the RWA tokenization space. By establishing an enterprise RWA accelerator alongside Plug and Play, the network will gain a clear, strategic advantage that will greatly expand its reach and impact in RWA applications," says Billy Sebell, XDC Foundation Executive Director. "We are energized by Plug and Play's selection and onboarding process and look forward to working with the high-caliber candidates they attract to this program."
XDC Network is known for its cutting-edge blockchain technology and robust ecosystem in global trade and finance. The network has achieved significant milestones, including:
Integration with Securitize: XDC is one of only four networks working with Securitize, a leading provider of RWA tokenization solutions.
Support for tokenized treasuries: XDC hosts the $USTY token, representing access to a U.S. Treasury fund managed by BlackRock.
Trade Finance Participation: XDC is a member of the Trade Finance Distribution Initiative, which has set its sights on addressing the $5 trillion trade finance gap.
Involvement with ITFA: XDC has joined the International Trade & Forfaiting Association's Digital Negotiable Instruments Initiative.
Infrastructure support from Deutsche Telekom: Deutsche Telekom serves as an infrastructure provider, bolstering the blockchain's ability to support real-world asset (RWA) tokenization.
XDC Network has also led several key innovations, such as supporting some of the first trade finance tokens in 2022, and successfully converting a paper Bill of Lading to an electronic version in 2023. Additionally, in 2024, the XDC coin was successfully used to settle a transaction on R3's private Corda blockchain in a proof of concept.
"XDC Network, with its robust performance and leadership in RWA tokenization, is positioned to capture the next wave of the tokenized economy," said Maximillian Jungreis, Head of Crypto & Digital Assets at Plug and Play. "Being distinctly capable, connected, and still somewhat under-recognized makes XDC the ideal blockchain for this initiative. Their strategic partnerships with industry leaders like Securitize highlight the network's position and influence. This accelerator will drive enterprise adoption of RWA tokenization, providing startups with the resources to develop groundbreaking solutions. We look forward to collaborating with XDC Network and the exceptional startups that will join in this mission."
This partnership will foster the development of pioneering projects in RWA tokenization and contribute to the ongoing advancement of blockchain technology. Both Plug and Play and XDC Network are committed to driving innovation and delivering impactful solutions.
For more information about Plug and Play and XDC Network's partnership, please visit here.
About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
About XDC Network
XDC Network is a blockchain specifically developed to support trade finance and RWA tokenization. A highly optimized, EVM-compatible Layer 1, XDC Network reaches consensus through a delegated proof-of-stake (dPoS) mechanism, which allows for a transaction time of mere seconds, near-zero gas fees, and a high number of transactions per second (TPS).
Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases and provides state-of-the-art infrastructure for enterprise-grade blockchain applications.
Find more information about XDC Network by visiting XinFin.org or XDC.org.
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