R3's public Corda Network gets its first token 'XDC' for DeFi and CBDC projects
October 20, 2020, 8:10AM EDT
1 min read
Cordite Society, a co-operative society registered in the U.K., has launched "XDC" — the first token built on R3's public Corda Network.
XDC is designed to meet requirements of decentralized finance (DeFi) projects, as well as stablecoins and central bank digital currencies (CBDCs), Cordite Society said in a release shared with The Block on Tuesday.
XDC is an "Exchange Token as defined by the UK’s FCA guidance as a 'means of exchange... a decentralized tool for buying and selling goods and services without traditional intermediaries,” according to its whitepaper. Cordite Society said XDC meets the G20-sanctioned Financial Action Task Force (FATF) standards on digital assets to mitigate anti-money laundering (AML) risks — a challenge that Ethereum-based DeFi projects continue to be unable to address.
"As financial institutions look to build digital security platforms for digital security issuance, trading, settlement, custody within the Corda ecosystem, they can leverage the Cordite codebase to create their own digital assets in an institutional-grade, enterprise-ready and regulatory friendly framework," a spokesperson for Cordite Society told The Block.
As for DeFi, they can build decentralized exchanges similar to Uniswap, said Cordite Society. "Projects can not only comply with AML/CTF standards but ensure transactions are kept private between parties which is a requirement in most commercial and financial settings," said the co-operative society.
BCB Prime Services, Europe's crypto payment services provider that works with Coinbase, Galaxy and Kraken, will provide over-the-counter liquidity and custody services for XDC.