XDC launched as first digital currency for Corda blockchain
The Cordite Society has launched XDC, which is the first native token for the Corda Blockchain. XDC is a token that allows people or companies to buy and sell over the Corda Blockchain, such as contracts, invoices, securities, and other goods and services. XDC can also be used for DeFi applications, and would allow entities to cooperate towards a shared platform like a uniswap platform, or distributed exchange.
Ben Wyeth, the Director of the Cordite Society, told media,
“The roll-out of XDC demonstrates that the public Corda blockchain network is suitable for enterprise and financial institutions who want to enter the DeFi space, solving the technical and regulatory challenges faced by other technologies.”
Why it matters: The DiFi boom is pushing developers to create new ways for people to connect, and this may be one of the biggest things to push larger institutions into the crypto space. Transactional platforms don't require a tremendous amount of faith in the means of transaction, much as people don't think much about how their Visa card works – they just care that the ATM gives them cash. This is likely going to be the case in the DeFi space, but with added features like yields on deposits, which are hard to find in the established banking system due to insane central bank policies. The real question now is which platforms will thrive, as the world is unlikely to need a throng of DeFi networks.
