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Following a flurry of new partnerships, protocol integrations, and exchange listings, the price of XDC rocketed to a new all-time high.
The integration of digital currencies with daily business activities will bring new users into the ecosystem and provide a boost to on-chain activity, making enterprise adoption of blockchain technology an important long-term goal of the cryptocurrency community.
XinFin Network (XDC), an industry-ready hybrid blockchain system specifically built to optimise international trade and finance, is one protocol that has gained traction in terms of enterprise adoption.
Data from TradingView shows that after hitting a low of $0.0673 on July 20, the price of XDC rallied 190% to establish a new all-time high at $0.1952 on Aug. 21.
The accession of the XDC Network to the global TFD Initiative, the debut of the decentralised email solution LedgerMail, and a growing network of partners and listing exchanges are three reasons for the growing momentum behind XinFin.
Adoption by a worldwide trade network
The addition of the XDC network to the global Trade Finance Distribution (TFD) Initiative, a consortium of trade originators, credit insurers, and institutional funders on a mission to increase automation and transparency in asset trading and risk distribution, was one of the most significant developments for the XDC network.
XinFin XDC Network – a network utility providing smart contract technology to produce cryptographic tokens – the First Blockchain Company to Join the Global TFD Initiative.https://t.co/NaOaRGuhOZ pic.twitter.com/kTKEMmQfZp
— ITFA (@ITFAworldwide) August 23, 2021
The advent of the XDC Network, according to André Casterman, Chair of the Fintech Committee of the International Trade and Forfaiting Association (ITFA), “enables the organisation to bridge the $19 trillion trade financing asset class with any form of funder through tokenization and digital assets.”
This integration is significant for XinFin because it connects them with some of the world’s largest financial institutions and leading service providers, including AIG, Santander Asset Management, ING Bank, the International Chamber of Commerce, Standard Bank, Commonwealth Bank of Australia, Texel Group, and Lloyds Bank.
The TFD Initiative’s overarching purpose is to build a more robust trade finance ecosystem by defining new technology-based market practises and transaction data specifications to improve trade flow accessibility and openness.
LedgerMail is the world’s first decentralised email service.
Another cause for XDC’s rise was the Aug. 4 release of LedgerMail, the “world’s first decentralised email service” powered by the XDC network.
Industrial Revolution 4.0 has officially started!
— LedgerMail (@LedgerMail) August 4, 2021
According to the project’s Twitter feed, its mission is to provide the “highest level of security, privacy, encryption and prevention from email attacks in a decentralized way.”
Demand for the service got off to a hot start with the total number of signups surpassing 50,000 within the first week an new users also received 10 free XDC for signing up.
Partnerships and exchange listings
XDC adoption has also risen in recent weeks thanks in part to new partnerships for the network as well as several new exchange listings.
One of the bigger partnerships was its integration with Shopping.io, an e-commerce project that enables users to pay with cryptocurrencies for items on Amazon, eBay, Walmart and Etsy using. As an added perk, purchases made using XDC receive a 2% discount and users who also hold Shopping.io’s native SPI token can receive an extra 12% off.
XDC also partnered with HAPI, an on-chain cybersecurity protocol for decentralized finance (DeFi) products that helps to increase security and help prevent hack attempts.
🎊We are excited to announce that HAPI Protocol will be integrated on @XinFin_Official
👉 XinFin’s XDC Network is a leading hybrid blockchain protocol designed to support institutional use in asset tokenization and decentralized finance.
🔖Details here: https://t.co/trZNwiq9tw
— HAPI | Onchain Cybersecurity Protocol for DeFi (@i_am_hapi_one) August 17, 2021
HAPI is a set of cross-chain smart contracts that are embedded into DeFi products and it allows them to reach a new security level.
Several recent exchange listings have also benefited XDC as increased access has led to increases in its 24-hour trading volume. These include its July 8 addition to SimpleSwap and a July 31 integration with Simplex.