SBI works with UAE’s TradeFinex to set up joint crypto venture in Japan

Aimed at enterprise usage cases, TradeFinex is mostly focused on supplying blockchain-based trade finance products consisting of invoicing, letters of credit, purchase order financing and supply chain finance.A visual representation of TradeFinexs trade financing stack. Source: TradeFinex.The XDC Network is an EVM-compatible layer 1 network that features interoperable smart contracts. The token is intended to be utilized for a variety of usage cases, including DApp payment settlements, micropayments, deal expenses and smart contract release and settlement.TradeFinex has been included in partnerships with the World Trade Organization, International Chamber of Commerce and numerous federal government companies to explore blockchain as a method to overhaul the speed, openness, costs and traceability of trade finance.A report from the World Trade Organization in 2020 highlighted TradeFinex as a network that runs “as both permissionless and permissioned: permissionless for public verification, however permissioned for selective data sharing.