SBI to Work with a UAE Firm for a Crypto Venture in Japan
- SBI Holdings has partnered with UAE-based firm TradeFinex to promote adoption of XDC Network in Japan.
- The new joint venture is focused on trade finance utilizing the Ethereum Virtual Machine-compatible blockchain.
- One of the objectives of the venture is localizing information and documentation related to the XDC Network in Japan.
- The XDC Network is a hybrid blockchain platform that blends the features of both public and private blockchains.
SBI Holdings and TradeFinex are set to promote the adoption of the Ethereum Virtual Machine-compatible enterprise blockchain XDC Network in Japan through a new joint venture focused on trade finance.
As per the recent publication, the announcement specified that via the joint venture, SBI and TradeFinex aim to localize information and documentation related to the XDC Network in Japan, increase the availability of XDC tokens on local cryptocurrency exchanges, and implement trade finance solutions throughout the Asia-Pacific region.
The XDC Network, formerly known as XinFin Network, is a hybrid blockchain platform that blends the features of both public and private blockchains. It combines the transparency found in public blockchains with the speed and security characteristic of private networks.
Furthermore, it’s worth highlighting that TradeFinex has engaged in collaborations with prominent organizations such as the World Trade Organization (WTO), the International Chamber of Commerce, and various government agencies to explore blockchain applications. Now, SBI Holdings is also a part of the firm’s partners.
In a 2020 report, the World Trade Organization recognized TradeFinex as a network that operates in a dual capacity, being both permissioned and permissionless. It operates in a permissionless manner for public verification but employs permissioned access for selective data sharing.
The establishment of these joint ventures follows recent reports from Japan indicating that the government plans to allow startups to raise capital by issuing cryptocurrency tokens instead of resorting to traditional stock listings.
This represents a significant development in the country’s approach to fundraising and blockchain technology. In July, Japan’s Prime Minister, Fumio Kishida, made a noteworthy statement that has garnered the interest of technology enthusiasts. He stated that Web3 has the potential to completely transform the traditional structure of the internet and lead to significant societal shifts.
Following this statement, the Japan Blockchain Association (JBA) urged the government in August, to reconsider its cryptocurrency tax system, with the goal of creating a more conducive environment for the blockchain industry. The JBA argued that the current tax framework is hindering the development of Web 3.0 businesses in Japan.
As per an earlier report from BitcoinWisdom, the world’s largest crypto exchange, Binance, will debut stablecoins in the country in partnership with MUTB, a subsidiary of Mitsubishi UFJ Financial Group.