XDC Trade Network has achieved remarkable milestones in facilitating the conversion of paper Bills of Lading (BL) to electronic BL (eBL) through their innovative solution in a first ever transaction of its type in close co-operation with its ecosystem partners.
Alongside this accomplishment, XDC has also provided essential capital to support the trade transaction.
Working in collaboration with their ecosystem partners, Network has successfully delivered the following groundbreaking technical and trade financing achievements:
Converted a paper BL to electronic BL on TradeTrust using DocuTrade and safe keep with MAS regulated custodian in Singapore
Shipper tokenised the eBL and fractionalise the same
Capital provisioning against fractionalised eBL for the shipment duration of 7 days
Participants in the pilot –
TradeFlow Capital Management Pte Ltd for the USD TRADE FLOW FUND SP – Shipper
Propine – Digital asset custodian.
TradeFinex – Institution liquidity provider.
Solution used in the Pilot –
XDC Trade Network (market place for trades finance)
DocuTrade by Yodaplus (to digitise trade documents)
TradeTrust utility by IMDA (MLETR compliant standards)
This is the 1st transaction over XDC Trade Network which showcased how liquidity can be availed from an alternative financier by tokenising a real-world asset. TradeFlow Capital (shipper) was able to raise liquidity as soon as the ship sailed. This gave them a cash flow of 7 days (transit time) and ease of transaction as the trade documents were digitally created making it easy to verify and transfer. Commodity shipped was COPPER MILBERRY SCRAP for green recycling and value of the transaction was USD 150K.
No comments yet