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- Tokenized trade finance products will be available via XinFin – Tradeteq partnership.
- Accelerated Payments originated the first transaction on 20 September 2021.
Tokenized trade finance products will be available through Tradeteq’s partnership with Singapore’s exchange inFinite (XinFin) to institutional investors, and the first transaction has been completed. More so, in a first for the trade finance industry, this first end-to-end transaction adheres to an exclusive set of guidelines and standards.
Tradefeq is transforming trade finance assets, which they repackage and distribute, into non-fungible tokens using the enterprise-grade blockchain technology of XDC Network. In fact, a token representing an off-chain asset can be purchased and sold by institutional investors. By doing this, the token holder obtains legal ownership rights to the off-chain asset.
Accelerated Payments, a supplier of invoice financing, originated the first transaction on 20 September 2021. The NFT platform will likely see several additions soon, establishing the standard for future NFT-based platforms and tokenized trade finance transactions.
In addition, XinFin and Tradeteq have partnered with both an off-chain asset custodian and a digital asset custodian in order to ensure the smooth and secure migration of these assets.
As banks and institutional investors look to add digital assets to their portfolios and develop back-end technical and custody solutions, the launch of the platform emerges during a time when they are looking to safely store digital currencies and security tokens.
CEO’s Comments on XinFin – Tradeteq Partnership
Billy Sebell, XinFin’s Head of Ecosystem comments,
We are excited by the future potential of this ground-breaking partnership with Tradeteq… By working with multiple institutions and stakeholders operating in the global trade ecosystem, we are laying the groundwork for the distribution of tokenized bank-owned assets in a standardised and secure manner through the XDC Network’s hybrid blockchain ecosystem.
Moreover, “the partnership reinforces Tradeteq’s mission to provide trade financing assets to a broader range of investors in the digital age,” said Christoph Gugelmann, Co-Founder and CEO of Tradeteq. Gugelmann also adds that decentralized finance will continue to play a major role in future trade finance, as it is undergoing a revolution. Aside from this, to stay ahead of this rapidly-changing industry, Tradeteq and its partners are undergoing some innovative work through this project.
Founder and CEO of Accelerated Payments Ian Duffy explained that the partnership between XinFin, Tradeteq and Accelerated Payments ensures complete transparency, accountability, and liquidity for investors as well as their recipients. More so, this step is an indication of how the team is able to disaggregate the invoice discounting industry, which in turn opens the doors to wider access to funders and recipients.