Thursday March 04, 2021
Bitcoin (BTC) $48,279.00   Ether (ETH) $1,527.05
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Vendor Technology

XinFin and Trace Financial to provide blockchain powered counterparty risk mitigation

Published by CryptoNinjas.net
04/19/2019
XinFin and Trace Financial to provide blockchain powered counterparty risk mitigation

Trace Financial, a financial messaging and integration provider for global financial institutions and an integration partner for SWIFT MT-MX messages, has signed a partnership agreement with the XinFin Network through its Abu Dhabi Global Markets (ADGM) sandbox entity.

XinFin is an open source enterprise-ready Hybrid blockchain for global trade and finance. It combines the power of public and private blockchains with interoperable smart contracts.

As a part of this partnership, TradeFinex Tech Ltd. will offer Trace Financial’s flagship product, Transformer, through XinFin Network masternodes. Transformer performs financial message mappings using any format including financial standards such as SWIFT MT-MX, ISO 8583, MT1X, MT5X, MT7X, etc.

During the PoC stages, XinFin will extend Transformer to financial institutions that run XinFin Network masternodes in the testnet environment. Financial institutions will be able to make use of Mycontract.co platform built over XinFin Network to relay legacy financial messaging to a blockchain identity in the form of a smart contract that enables counterparty risk mitigation of different type of financial instruments through secondary markets.

Going forward, the Transformer will help financial institutions convert their traditional messaging formats for financial instruments into a blockchain recorded identity that enables counterparty risk mitigation through secondary market channels.

Excited over the partnership, Paul Ruskin, Director of Business Development at Trace Financial said, “Transformer is used extensively by financial institutions for their financial instruments messaging transformations. We are happy to engage in a partnership with ADGM regulated TradeFinex Tech Ltd. that will blockchain-enable the traditional financial messaging on an ISO20022 standard; mapped as a digital identity on KYC-enforced XinFin Network.”

Atul Khekade, Director of TradeFinex Tech Ltd. and Co-Founder of XinFin Network said, “We are excited to partner with one of the leading companies in financial instruments messaging. XinFin Network will complement the legacy financial instruments messaging by making it interoperable with XinFin Network, an enterprise-friendly blockchain network focused towards solving problem points in global trade and finance. Counterparty risk mitigation remains a challenge for financial instruments globally and we need to set up an easy-to-use platform in a compliant environment for financial institutions to quickly go through PoC and Pilot projects via our sandbox environment with Abu Dhabi Global Markets.”

The XinFin hybrid blockchain employs Delegated Proof of Stake (DPoS) Consensus which brings singularity of validator nodes (full nodes) into the picture, making the whole network more democratic, more trustworthy, more stable, and more self-sustainable. Masternodes are benefitted in the form of reputation building, enhanced reliability, increased incentive gains, and capability to deploy their own dApp/use case on the network.

TradeFinex, a dApp based on top of the XinFin hybrid blockchain network, is an open standard protocol for global trade and finance aiming to mitigate counterparty risks by enabling financial instruments to be more interoperable and liquid. An Open API platform ready to connect, TradeFinex has initiated a consortium with open invitations to address peer-to-peer trade finance and asset tokenization of real-world assets. TradeFinex invites Global Public Investors (GPIs), regulators, fintech companies, and financial and government institutions for the same.

32
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

XinFin appoints Copper for blockchain asset custody
Featured

XinFin appoints Copper for blockchain asset custody

01/27/2020
XinFin upgrades web browser based smart contract development app
Vendor Technology

XinFin upgrades web browser based smart contract development app

12/09/2019
XinFin partners with AiX for the creation of tokenized bonds
Vendor Technology

XinFin partners with AiX for the creation of tokenized bonds

04/04/2019
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

03/04/2021
DEX aggregator 1inch integrates Bitquery's API-powered crypto trading data

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

03/02/2021
Creators of crypto wallet Exodus files with SEC to allow purchase of its stock with bitcoin

Creators of crypto wallet Exodus file with SEC for $75M public offering

03/03/2021
CasinoCoin to migrate to XRP Ledger amidst rebranding

CasinoCoin to migrate to XRP Ledger amidst rebranding

03/01/2021
SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

03/02/2021
iGaming platform Royale to integrate API3 to verify on-chain crypto-to-fiat price exchange

iGaming platform Royale to integrate API3 to verify on-chain crypto-to-fiat price exchange

03/04/2021
Crypto exchange KuCoin opens beta test on new 3x leveraged BTC and ETH tokens

Crypto exchange KuCoin opens beta test on new 3x leveraged BTC and ETH tokens

03/04/2021
Decentralized cloud Akash Network integrates with Equinix Metal

Decentralized cloud Akash Network integrates with Equinix Metal

03/04/2021
Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

03/04/2021
DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

03/04/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version