While the heavyweights on the crypto market hardly move, one network clearly stands out: XDC. The EVM protocol is conquering the Japanese markets.
Within the last 24 hours, the price of XDC Network (XDC) has skyrocketed by almost 30 percent. At the time of writing, the cryptocurrency is trading at 0.039 US dollars. One potential reason for the explosive growth: expansion into the Japanese market.
Through a partnership with crypto exchange SBI, the EVM protocol is looking to expand its presence. XDC supports protocols and atomic cross-chain transactions (atomic swaps) via EVM-compatible smart contracts. In addition, the network says it operates under an internationally recognised standard for electronic data exchange between financial institutions.
Japan is a crucial hub for international trade. The XDC blockchain aims to "streamline this sector through improved transparency, traceability and cost reduction", the press release says. "XDC Network offers a unique value proposition to the trade finance market and we believe its addition will enhance our clients' trading experience," the SBI CEO said in a press release.
With the price explosion, XDC's market capitalisation has risen tremendously in a few days. Currently, the Ethereum token even ranks ahead of the recently launched Sui network.
