XinFin’s XDC Becomes the Leading Token of Value on The Corda Network Thanks to The DASL Crypto Bridge
LONDON, UK / ACCESSWIRE / March 31, 2021 / LAB577, an established software firm at the nexus of emerging technology and financial services, has today announced that XinFin FinTech, an enterprise-ready hybrid blockchain technology company is the first company to utilize the DASL Crypto Bridge. This bridge enables XinFin’s XDC to move from The XDC Network over to the public Corda Network to be used as a settlement token inside the Corda ecosystem.
DASL is an adaptable technology solution for digital assets, built on Corda and uniquely designed to be interoperable with other DLTs to allow for consolidation of technology over time. The launch of the first Corda to crypto bridge, powered by DASL, means that value can move freely between the Corda public network and other leading public blockchain networks.
With this unique bridging technology, data can be recorded privately on the Corda network, while limited data sets are transferred to the XDC public network- in essence, mitigating institutional risk and turning Corda into a hybrid network. By extension, this shared ledger will connect the XDC token with every other CorDapp on the public Corda Network.
“Regulatory agencies and financial institutions have selected both Corda and The XDC Network as suitable platforms to engage with blockchain technology. They did not just randomly throw a dart at a board,” said Atul Khekade, co-founder of XinFin.
This R3 Corda bridge also enables XinFin to significantly increase its interoperability within the Corda ecosystem, providing direct access to the business networks and financial institutions active on the Corda Network. These include the trade finance consortia operating on Corda. Such Corda network participants are especially relevant to XinFin’s TradeFinex platform.
Further, this enables XinFin to continue developing its vision of unifying siloed networks into one metaphorical tree with many branches. This tree finds its roots through the DASL to XDC network bridge — the first of its kind — which will work to support a Corda ecosystem where enterprises are provided full control over the privacy and speed of sensitive data and transactions, while public blockchain states allow for data to remain transparent and verifiable.
“Given the tremendous work XinFin have done to support their community and to support their cryptocurrency, they have become the leading token of value within the public Corda network. We are delighted to support XinFin with DASL to get the crypto bridge in place, making it a first for the public Corda network,” said Richard Crook CEO & Founder at LAB577.
DASL has a strong track record in providing accelerating technology solutions for digital asset ventures.
Atul Khekade explains: “We’re delighted to be able to demonstrate how XinFin and the XDC network are capable of not only crossing the bridge between different types of ledgers but also how the ecosystem is expanding. Through this first step, we are enabling interoperability with the Corda Network.”
The bridge is an important milestone in achieving interoperability and demonstrating the use cases underpinned by XinFin’s XDC network. With this step, XinFin and Corda open the door for more institutional participation in blockchain technology. These developments forecast a future where digital assets, such as the XDC token, operate as fuel powering a new decentralized financial experience.
“This truly is the first step towards the future of an inclusive financial system, where people can use these applications and tokens on different platforms and interoperate with each other — this is the financial system of the future,” concluded Khekade.
About DASL:
DASL is an adaptable technology solution to enable the future of financial services. It offers a production-ready, robust, finance grade application that can be used for tokenization of any type of underlying asset — a complete, hosted solution for the issuance, portfolio management, trading, and settlement of digital securities. Supported and maintained by the LAB577 team, a team with over 80 years of combined experience building and maintaining trading and risk systems in tier 1 financial institutions. For more information please visit: https://lab577.io/dasl/powered-by-dasl/
About XinFin Network:
The XDC Network — created by eXchange inFinite (XinFin) — is a delegated proof of stake consensus network (XDPoS), enabling hybrid relay bridges, instant block finality, and interoperability with ISO 20022 financial messaging standards, making XinFin’s Hybrid Architecture developer-friendly. XinFin Digital Contract (XDC) is the digital asset that powers the XDC hybrid blockchain network. The XDC token acts as a settlement mechanism for decentralized applications (dApps) built on The XDC Network. For more information please visit: https://xinfin.org/
For more information, please contact:
Katie Olver
Cryptoland for DASL
[email protected]
Billy Sebell
Head of Ecosystem Development for Xinfin North America
[email protected]
SOURCE: XINFIN FINTECH PTE. LTD
Originally published at https://www.accesswire.com.
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