XDC Network and R3 Corda complete inter-business settlement PoC
SBI XDC Network APAC, a joint venture with TradeFinex Tech, and SBI R3 Japan have successfully completed a proof-of-concept experiment that was previously announced in December 2023 as the JV’s first initiative.
The PoC demonstrated that value via digital assets can be transferred over different distributed ledger technologies (DLT), in this case, the XDC Network and the R3 Corda platform, as a form of payment to improve efficiency and facilitate inter-business settlement in trade transactions.
Furthermore, to deepen the collaboration between the XDC Network and Corda within the SBI Group and to expand the use cases of Corda Bridge, the ownership of the Corda Bridge used in this experiment will be transferred to the joint venture company SBI XDC Network APAC.
The partnership between the SBI Group and the XDC Network, which started on May 31, 2023, with the launch of the first domestic handling of the XDC cryptocurrency by SBI VC Trade, will enter its second year.
Through these initiatives, the partners aim to realize the construction of a new foundation that contributes to the efficiency and smoothness of inter-company settlements in trade transactions.
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