As per the latest reports, Tradeteq, a technology service provider for trade finance asset distribution has completed its most-talked world’s first trade finance-based non-fungible token (NFT) transaction, on Singapore-based eXchange inFinite’s (XinFin) XDC network.
This aforesaid new transaction took place with Accelerated Payments, a Dublin-headquartered invoice finance company as the asset originator. During executing the transaction, the trade finance assets were transformed into NFTs by leveraging the XDC network’s blockchain technology. This enables the institutional financial backers to purchase and sell the tokens that demonstrate the value of an off-chain asset as well as provides the token holders with the lawful entitlement.
Accelerated Payments Founder and CEO Ian Duffy said in the report, “The joint effort between XinFin, Tradeteq, and Accelerated Payments ensures a complete & transparent chain from investors to the beneficiary of funding with reliability and liquidity. This significant step highlights the ability to separate the invoice discounting industry and construct ways for facilitating access to a broader range of finance providers and beneficiaries, offering a platform that can scale globally.”
Tradeteq was established in 2018 and enables originators to bundle trade finance instruments into standardized ventures, which can be purchased and sold through the private networks and settled as normal fixed income products, as per the reports.
The business has essentially dealt with the bank to the capital market channel, which has concentrated on the repackaging of open account instruments into fungible notes, which are then sold to organizations like fund managers, insurers, and investors, as per the report.
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