R3 launches FATF-compliant DeFi token
The trend of mastering the decentralized finance (DeFi) space has reached corporate blockchain consortia. A group of former bankers behind the R3 consortium and blockchain platform Corda have announced XDC digital currency.
As reported by CoinDesk, XDC is released on the public version of the Corda blockchain. It was created with the requirements of regulators and “will open the door to various DeFi applications based on distributed ledger technology.” In the first phase, 1 million XDC will be released to ensure the functioning of applications in the Corda Network.
“XDC is a digital currency in its own right. It is being issued as an exchange token for members of the Cordite Society and will be evenly distributed among them, “said former RBS banker and Cordite CEO Richard Crook..
Each node in the Corda Network will be represented by a legal entity, the identity of which will be confirmed by a special certificate. Firms that take part in the management of Cordite through a decentralized autonomous organization will automatically be subject to all necessary checks. According to Crook, this will meet the requirements of the Development Team. financial measures to combat money laundering money (FATF), which cannot be matched when launching Ethereum-based DeFi applications.
“Regulators have set requirements for digital currencies, and XDC meets these standards. It meets the requirements of most jurisdictions as a digital currency, and therefore we are one step ahead. We are the next generation Bitcoin or XRP, says Crook. – All services in the financial industry should solve the problem of customer identification from the start, while ensuring the privacy of participants. Today there are many DeFi projects, but if their technology does not solve this problem, they seem to ignore the requirements and ask for harassment by regulators. “.
In addition, according to Crook, the XDC code can be used to launch digital currencies of central banks based on Corda.
UK-based institutional platform BCB Prime Services working with Bitstamp, Coinbase, Galaxy and Kraken to provide OTC liquidity and storage services for XDC.
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