Cordite Society launches Corda Network digital currency

Tuesday 20 October 2020 11:34 CET | News

Cordite Society, a co-operative society registered in the UK, has launched XDC, the first Corda Network digital currency, according to the official press release.

The company has leveraged the existing UK legal structure for mutual societies to operate a digital currency, providing the first onshore legal structure for decentralised finance (DeFi). XDC, is an exchange token, released onto the Public Corda network, a publicly available internet of Corda nodes operated by network participants.

The token enables users to buy and sell goods within the public Corda network, such as settle securities, invoices, trade finance and more. Each node represents a legal entity, identified by a trusted identity certificate. This ensures that XDC meets the G20 sanctioned FATF standards on digital assets to mitigate AML/CTF risks, a challenge that Ethereum-based DeFi projects continue to be unable to address.

XDC proves that the necessary decentralised finance (DeFi) legal structure is already available for financial institutions to come together around a common goal, such as a currency or distributed exchange, like a uniswap platform.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: DeFi, stablecoin, cryptocurrency, Token, Cordite Society, UK, Corda, blockchain, R3, CBDC
Categories: DeFi & Crypto & Web3
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3

Industry Events