UK-registered co-operative, Cordite Society, has launched XDC on R3‘s public Corda. XDC is now the first digital currency on R3’s public Corda Network.
On the 20th of October, Cordite Society revealed details on the newly launched token to The Block. According to the co-operative society, XDC will meet the requirements for DeFi projects, stablecoins, and central bank digital currencies.
In addition, the society mentioned XDC’s goals in its whitepaper. Notably, the digital currency is set to provide a store of value and serves as a medium of exchange. Also, Cordite Society said XDC aims to “stimulate early, collaborative, and active participation in the Corda community.”
Also, XDC is designed to help other projects on the Corda Network and support the Corda community’s development.
The whitepaper also revealed that XDC meets the standard of the G20-sanctioned Financial Action Task Force (FATF) on digital assets to mitigate risks related to anti-money laundering.
Speaking to The Block, a spokesperson for Cordite Society said:
“As financial institutions look to build digital security platforms for digital security issuance, trading, settlement, custody within the Corda ecosystem, that can leverage the Cordite codebase to create their own digital assets in an institutional-grade, enterprise-ready and regulatory friendly framework.”
Furthermore, The Block added that Europe’s crypto payment services provider BCB Prime Services would provide over-the-counter liquidity and custody services for XDC.
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