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InvoiceMate Performs First Private Credit Transaction On XDC Network Blockchain Using TradeFinex Open Source Web3 Standards

Published Dec 26, 2023 15:03 Updated Dec 26, 2023 16:11
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© Reuters. InvoiceMate Performs First Private Credit Transaction On XDC Network Blockchain Using TradeFinex Open Source Web3 Standards

Benzinga - In a major milestone, InvoiceMate has wrapped up a successful pilot initiative, showcasing the seamless tokenisation of an invoice using the XDC blockchain protocol. The project harnessed the power of TradeFinex's open-source smart contract standards.

In a groundbreaking transaction, InvoiceMate showcased the potential of obtaining liquidity by tokenising a Real World Asset (RWA). Acting as the loan originator, InvoiceMate secured funds for client H & H International LLC through the tokenisation of essential documentation including the invoice. This streamlined process resulted in a cash flow of $FXD 100,000 (FXD) for a 60-day period. $FXD is a fully decentralised stablecoin soft pegged to US Dollars and overcollateralised with the $XDC token using the Fathom Protocol and primarily focused on for RWA DeFi use cases. The success underscores the efficiency and innovation of blockchain-powered financing in traditional finance.

InvoiceMate successfully achieved the following milestones:

  • Converted a paper-based invoice into an electronic invoice.
  • Tokenisation and fractionalisation of the electronic invoice.
  • Capital provisioning against the fractionalised electronic invoice for a 60-day period using FXD stablecoin.

Participants in the pilot included:

  • InvoiceMate: Loan Originator & Tech Facilitator
  • H & H International LLC: Client
  • Eclipton: Institutional Digital Asset Custodian
  • TradeFinex : Open Source Smart Contracts Standard Reshaping the Trade Finance and Private Credit Landscape

Solutions used in the pilot:

  • TradeFinex: Resource for open source Smart Contract standards for RWA focused in Private Credit Solutions
  • Blockchain Network: XDC Network is an Enterprise-Grade, Open-Source Blockchain Protocol.
  • $FXD: Stablecoin soft pegged to USD and overcollateralised using the $XDC token
  • Eclipton: Institutional Digital Asset Wallet to customise as well as on/off ramp for stablecoin FXD to USD and vice versa.

This pilot transaction is an important milestone in the partnership between TradeFinex and InvoiceMate, a FinTech with a platform focused on Invoice Financing.

Muhammad Salman Anjum, CEO of InvoiceMate said, “This successful transaction represents the first step in our collaboration with TradeFinex using XDC Network. We are actively exploring the XDC Network as the blockchain protocol for future pilots within our invoice financing platform."

"Deploying smart contracts powered by the XDC protocol allows us to address the MSMEs funding gap in trade finance. We look forward to scaling up Private Credit deal flow with like-minded partners and establishing standards within the RWA space using Powerful Smart contract Standards created by Tradefinex." commented Chen Shanlong, Marketing and Partnerships Lead of XDC Network and TradeFinex.

Mahesh Kumar, CEO of Eclipton added, “Eclipton's core value is to bring more use cases to the blockchain and crypto industry, offering access to a wide range of financial instruments, including stocks, crypto, bank accounts, and cards, all in one place. The collaboration with XDC and Invoicemate further strengthens Eclipton's commitment to expanding blockchain applications and fostering financial inclusion through innovative solutions.”

About InvoiceMate

InvoiceMate is the world’s first blockchain-based invoice management system, ensuring trust and efficiency at every stage of invoice processing. The blockchain and AI powered system ensure transparency across the whole invoice journey from invoice creation, approval, payment, and financing.

About TradeFinex

TradeFinex.org - An institutional grade ISO20022 compliant non-custodial protocol for Trade Finance built on standardization and built-in liquidity of XDC Network via Fathom dollar (FXD).

TradeFinex ensures a truly open-source and decentralized environment for originators, banks, institutions and users.

About XDC Network

The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain, operational since 2019 focusing on Enterprise use cases such as Trade Finance, Payment and RWA tokenization. More details at: Xinfin.org

About Eclipton

Eclipton.com is a Digital Custodian and Exchange, forming a crucial part of the comprehensive cryptocurrency ecosystem designed to provide financial freedom through AI. Eclipton's services encompass on and off-ramp solutions in over 8 countries and access to over 100,000 traditional instruments and crypto instruments. Eclipton's payment gateway helps Web3 on and off-ramp with one-click integration, inbuilt risk management, and auto-settlement features.

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

InvoiceMate Performs First Private Credit Transaction On XDC Network Blockchain Using TradeFinex Open Source Web3 Standards
 

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