Singapore-based hybrid blockchain firm XinFin (www.xinfin.org), in association with Assocham, launched its marketplace platform, TradeFinex (www.tradefinex.org) at the 2nd Global Summit on P2P Digital Asset System Summit held in Delhi, India. As a part of this association, XinFin will extend its TradeFinex platform to Assocham’s network of 300+ trade associations and 450,000 members to minimize inefficiencies in trade and finance.
Powered by their XDC Protocol, the launch of TradeFinex platform will enable peer-to-peer contracting between financiers, suppliers and beneficiaries thereby, minimizing the role played by intermediaries. The hybrid nature of XinFin’s blockchain technology implements a decentralized but highly secure transaction platform that can be used with existing laws of the land and payment rails or in an approved jurisdiction using underlying XDC tokens.
DS Rawat, Secretary General ASSOCHAM said, “We are happy to inaugurate TradeFinex beta platform at our event. The adoption of Blockchain Technology in India is at a nascent stage and therefore requires an enhanced level of understanding about its applications, ethical, legal, and regulatory issues.”
Sameer Dharap, VP Blockchain Applications at XinFin said, “The launch of TradeFinex will allow beneficiaries to get their projects financed at globally competitive rates, while financiers can track the progress of their projects at real-time and suppliers can overcome problems like uncertainty and volatility of supply chain. This will not only increase transparency and overall efficiency but also help reduce the global financial and infrastructural deficit.”
All users of TradeFinex can drive bottom line benefits by using the blockchain based platform to escrow based smart contracts between beneficiaries, financiers and suppliers. The payment terms can be linked to customized smart contract milestones, triggered upon delivery of goods/services. The platform will partner will government bodies, export councils, banks and other players for a blockchain based ecosystem.
XinFin focuses towards enterprise use cases of blockchain technology using native token called XDC. TradeFinex helps buyers secure capital at globally competitive rates, gives suppliers visibility on global tenders and customer base and provides financiers real time visibility on their investments using Blockchain. Launched in 2017, XinFin has already expanded its client base across Singapore, India, USA, Europe and currently working on 10+ pilot projects across aviation, travel, banking, supply chain management among others.