According to Cointelegraph, Japanese financial conglomerate SBI Holdings has announced that it has established a joint venture, SBI XDC Network APAC (hereinafter referred to as SBI XDC), with TradeFinex, the local operator of the United Arab Emirates' Layer 1 project XDC. SBI XDC is already undergoing proof-of-concept testing." In September, SBI announced plans to establish a joint venture with TradeFinex.
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