Banking blockchain consortium R3 will release a digital currency in the Corda ecosystem. The token, named XDC, will be suitable for DeFi applications and for launching central-bank digital currencies, CoinDesk reports.
The issuer will be Cordite Society, a UK-registered organisation. In the initial phase, one million XDC will be issued — they will underpin the operation of applications on the Corda Network.
“XDC is an autonomous digital currency. As a settlement token, it will be distributed evenly among Cordite Society members,” said the organisation’s CEO, Richard Kruk.
According to him, Cordite operates on a DAO principle. Each network node is a legal entity possessing a special certificate. This structure guarantees that XDC complies with regulators’ requirements for digital assets.
“All services in the financial sector must address customer identification from the outset while ensuring participants’ privacy,” Kruk said.
Custody and OTC liquidity provision for the token will be provided by the institutional platform BCB Prime Services.
Earlier, R3 updated its “morally outdated” bond-trading principles with LedgerEdge on Corda. The tool uses blockchain, artificial intelligence and enclave computing.
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