Chinese food company adds Bitcoin to balance sheet

Japanese Expansion Sees XDC Network Pair Up with SBI SubsidiaryThe XDC Network, a leading carbon-neutral, enterprise-grade hybrid blockchain solution formerly known as XinFin, is gearing up to make inroads into the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.On May 31, the Singapore-based team behind XDC Network announced its addition to SBI’s crypto exchange subsidiary, marking an important milestone in their expansion efforts. Fumiki Ozaki, CEO of SBI VC Trade, expressed his excitement about the partnership, stating, “We are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers’ trading experience.”Photo by Denys Nevozhai on UnsplashToken gainsThe XDC token has been gaining significant traction recently, becoming one of the top 5 altcoin gainers in March 2023 with a 54% rise in just 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also complies with the ISO-20022 message standard, which is widely accepted for electronic data interchange between financial institutions.This particular announcement on Wednesday has resulted in XDC token appreciation of 10% over the past 24 hours alone. At the time of publication, the project’s native token stood at a unit price of $0.03456.Ecosystem development decentralizationIn a move towards decentralization, the XDC Network recently established a decentralized autonomous organization to govern the blockchain. With its deployment in May, the community will have a say in the distribution of ecosystem funds to foster further development.While the project team behind the blockchain network believes the network itself to be decentralized, many projects in crypto have grappled with the difficult issue of governance. XDC Network’s DaoFin project exemplifies its efforts to achieve a more equitable and decentralized form of network governance.SBI delving deeper into cryptoAtul Khekade, Co-founder of XDC Network, expressed enthusiasm about expanding into Japan, stating: “Japan serves as a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability, and reducing costs.”SBI is also making strides to strengthen its presence in key cryptocurrency markets. In September 2022, it obtained a license to operate in Singapore, expanding its reach beyond Japan. Additionally, one of SBI’s portfolio companies, digital asset trading technology firm Clear Markets, received approval from the United States Commodity Futures Trading Commission (CFTC) to offer over-the-counter crypto derivatives products with physical settlement.In 2018, SBI partnered with crypto lender Amber in forming a joint venture company in order to take on the Japanese market. It pursued a similar strategy with crypto custody service provider Zodia Custody, forming a joint venture subsidiary to assist it in gaining exposure to the Japanese market.The partnership between XDC Network and SBI VC Trade signifies the growing interest in blockchain technology and cryptocurrency in Japan. By joining forces, XDC Network and SBI VC Trade aim to revolutionize the trade finance market by leveraging the transparency and efficiency of blockchain, ultimately benefiting businesses and consumers alike.With the shared vision of advancing the adoption of blockchain technology, both parties are poised to make a significant impact on the future of trade finance and digital asset trading.

Japanese Financial Giant SBI Extends Use of Ripple’s Remittance TechSBI Remit Co., Ltd., a prominent player in the international money transfer sector and a subsidiary of Japanese financial services conglomerate SBI Group, has unveiled a significant expansion of its collaboration with Ripple in Asia.Photo by Kanchanara on UnsplashPhilippines, Vietnam, and IndonesiaThe strategic alliance between the two companies will enable international remittance services utilizing Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.The partnership, announced via a statement published to SBI’s website on Wednesday, builds upon SBI Remit’s history of utilizing Ripple Payments for its international remittance services, which dates back to 2017. The company has been a pioneer in Japan, leading the way in offering an international remittance service that leverages XRP as a bridge currency between two sovereign currencies.This latest move underscores SBI Remit’s interest in furthering its exploration and use of XRP-based remittances. In 2021, it introduced a service targeting digital wallets in the Philippines, marking a milestone in using XRP for international remittances in Japan.Simplifying international remittancesThe newly introduced scheme aims to simplify the international remittance process significantly. The process involves SBI Remit initiating a customer’s remittance request, followed by SBI VC Trade facilitating real-time XRP transfers in response to the request. This dynamic approach has been made feasible through a strategic partnership with Tranglo Pte. Ltd., a long-standing Ripple partner. It ensures that customers receive their remittances in their respective local sovereign currencies.SBI emphasized the advantages of using XRP as a bridge currency, highlighting its ability to enable fast and cost-effective money transfers. XRP also boasts excellent scalability, allowing users to seamlessly send funds to Ripple’s global partners. SBI believes that this will enhance its competitiveness in the international remittance sector.Targeting important remittance marketsThe decision to target the Philippines, Vietnam, and Indonesia was not arbitrary. These countries have a substantial share of remittances channeled into bank accounts, making them ideal candidates for XRP adoption. SBI Remit anticipates that the introduction of the XRP-based remittance service will further accelerate cryptocurrency adoption in these nations.Yoshitaka Kitao, chairman and CEO of SBI Holdings, expressed the company’s commitment to transforming international remittance services. The press release also conveyed SBI Remit’s dedication to extending its reach beyond the initial three Asian countries. At the time of publication, XRP was trading at $0.5022.The significance of the announcement was not lost on retail investors with an ongoing interest in XRP. Taking to X (formerly Twitter) one wrote:“Everyone who says Ripple does not utilize XRP, and that nobody uses XRP is WRONG.”At Paris Blockchain Week earlier this year, Monica Long, President of Ripple, stated: “The past couple of years have been a real tipping point for institutional DeFi, where even the biggest of banks are embracing this technology as the future, and they have to adapt or die.” That statement is relevant when this latest expansion of the Ripple/SBI partnership is considered.SBI Remit’s expanded partnership with Ripple marks a significant step in the evolution of international remittance services. By harnessing the power of XRP as a bridge currency, SBI Remit aims to revolutionize cross-border transactions while targeting countries with substantial remittance markets.

Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT CampaignKorean crypto exchange Korbit said Thursday that it is participating in the Cambodia Youth Independent Tuk-tuk Transportation IG Group organized by the Good Neighbors Global Impact Foundation to help create jobs and support economic stability for youths in Kampot, southern Cambodia. To do so, the exchange has launched a campaign with Korean credit card company Shinhan Card and the Good Neighbors Global Impact Foundation to issue environmental, social, and governance (ESG) donation certificates minted as non-fungible tokens (NFTs).Photo by Markus Winkler on UnsplashTuk-tuks, or auto rickshaws, are the main mode of transportation in Cambodia, offering a larger job market for youths who are looking to become financially independent. Yoo Tae-hyun, Head of the Platform Business Group at Shinhan Card, expressed his hopes that the campaign will empower the youths and help them become more independent.Campaign participationShinhan cardholders who wish to participate in the campaign can select “Tuk Tuk Donation Certificate NFT Campaign” found under the Areumin section in Shinhan’s app service Shinhan pLay. They can then make a donation with their card or card points and apply for an NFT. Korbit said that it would airdrop all NFTs to donors at the end of the campaign in December, which can be verified on Korbit’s NFT marketplace and Shinhan pLay app’s MyNFT service. The images minted on the donation NFTs, which depict Cambodian youths on tuk tuks, are a contribution from Park Hye-geun, an artist who has worked on children’s books, educational materials, and more.Notably, during a memorandum of understanding (MOU) signing ceremony last Monday, the three entities opted for an NFT certificate confirming their partnership instead of directly signing a document as a means to further implement NFTs into their collaboration.Boosting ESG efforts“We are pleased to contribute to creating a trend of making donations through NFTs and will continue to uphold our ESG management to have a positive impact on society,” said Oh Se-jin, CEO of Korbit. Meanwhile, Hyun Jin-young, CEO of the Good Neighbors Global Impact Foundation, applauded Korbit’s efforts to promote a culture of donation and address global social issues through the use of NFTs. He also stated that he looks forward to various technological collaborations with Korbit in the future.Korbit has previously worked with Shinhan Card on various cultural and artistic ESG activities, such as hosting an art fair in April in Seoul, where some 200 artists showcased their artworks.