As of July 2020, about 80% of Italian Banks were using R3’s Corda Blockchain to exchange data and this market may play a crucial role in driving the adoption of the XDC coin.
R3 has launched the XDC Coin, coming off as the first digital currency for the public Corda network developed by R3. According to the report of the announcement made by R3, the XDC coin is designed to follow regulatory compliance while giving better access for decentralized finance applications to launch on the Corda Blockchain.
Per the report, R3 will be creating as much as 1 million XDC Coins or tokens to power inventions on the public Corda network while members of R3 Cordite Society will henceforth vote on the XDC Coin supply as well as other governance modalities. The Cordite Society was established as a cooperative society organization in the United Kingdom and formed with the aim to leverage UK’s legal provisions for mutual societies. The society is tasked with the development and operational governance of the XDC coin.
Richard Crook, Cordite Society’s Chief Executive Officer, said:
“XDC is a digital currency in its own right. It is issued as an exchange token to Cordite Society members, and as it’s minted or created, will be evenly distributed amongst those cooperative society members.”
As the Cordite Society is currently welcoming new members, Richard noted that members will have no challenge meeting with the regulator’s compliance demands as the companies involved in the Cordite decentralized autonomous organization (DAO) will have compliance fused in as R3 designed the Corda network such that each node represents a legal entity, identified by a trusted identity certificate.
The R3 XDC coin is thus poised to fulfill the Financial Action Task Force (FATF) demands as it relates to Anti-Money Laundering and customer’s privacy.
“Regulators have set the requirements for what a digital currency needs to be, and that’s exactly where XDC fits in,” said Crook. “It meets the requirements of most jurisdictions as a digital currency and is therefore a step ahead. We’re a next-generation Bitcoin or XRP.”
R3 XDC Coin May Have a Ready Market
R3 is a digital company geared towards designing and deploying of Decentralized Ledger Technologies (DLT) to power operating systems for financial services. The organization has seen enough patronage, particularly from the banking sector as Coinspeaker earlier reported. As of July 2020, about 80% of Italian Banks were using R3’s Corda Blockchain to exchange data and this market may play a crucial role in driving the adoption of the XDC coin.
The designed use case for the XDC coin to serve as a DeFi bridge as well as the governance token for DeFi apps that run on the network may further drive the increased adoption of the token. And the uniqueness of the XDC token drawing from the legal advantages of the structure of its parent company will further improve its massive adoption.
“It takes us back to that ability for legal entities to come together and share equity or debt and work together for a common aim,” Crook said. “That’s why cooperatives were created in the first place. And that’s why we are showing that with XDC, you can mix the legal and the technology components to solve this DeFi requirement set.”
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
