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.
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