Tradeteq, a data, technology and software provider in the trade finance industry, today announced that it has partnered with Singapore’s eXchange inFinite (XinFin) Provide tokenized trade financing products to institutional investors and have completed the first transaction.
Limited Exchange (XinFin) is a Entrusted Proof of Stake Consensus Network (XDPoS), Supports hybrid relay bridging, instant block termination, and interoperability with ISO20022 messaging standards, making Xinfen’s hybrid architecture developer friendly.
This is the first complete end-to-end transaction that follows a unique set of regulatory guidelines and trade finance standards. The new product uses XDC Network’s blockchain technology to convert trade financing assets repackaged and distributed by Tradeteq into irreplaceable tokens.
Institutional investors can buy and sell these tokens, which represent the value of off-chain assets. This gives token holders legal rights to assets or asset packages.
On September 20, 202, the first transaction was made, and the invoice finance company Accelerated Payments was the asset originator. The transaction sets the standard for all future trade finance transactions based on NFT and tokenization, and it is expected that more promoters will join in the coming weeks.
In order to ensure the seamless and safe migration of these assets from off-chain products to on-chain tokens, Tradeteq and XinFin cooperate with traditional off-chain asset custodians and digital asset custodians.
“Trade finance is undergoing a revolution, and decentralized finance will play a key role in the future. This project showcases some of the innovative work that Tradeteq and its partners are doing to stay at the forefront of this rapidly changing industry.”
– Christoph Gugelmann, Co-founder and CEO of Tradeteq
The launch of the platform comes at a time when banks and institutional investors are increasingly seeking to add digital assets to their investment portfolios, develop back-end technology and custody solutions, and securely store asset support and local digital security tokens. It relies on the participation of companies, banks, promoters, and custodians, and represents a step forward in the tokenization of traditional fixed-income products and investment notes.
“By collaborating with multiple institutions and stakeholders operating in the global trade ecosystem, we are laying the foundation for the distribution of tokenized bank assets in a standardized and secure way through the hybrid blockchain ecosystem of the XDC network. Tradeteq Technology is essential to achieve this goal.”
– Billy Sebell, Head of XinFin Ecosystem