LAB577, a software firm at the nexus of emerging technology and financial services, has today announced that XinFin FinTech, an enterprise-ready hybrid blockchain technology company is the first company to utilize the DASL Crypto Bridge.
This bridge enables XinFin’s XDC to move from the XDC Network over to the public Corda Network to be used as a settlement token inside the Corda ecosystem.
DASL is an adaptable technology solution for digital assets, built on Corda and uniquely designed to be interoperable with other DLTs to allow for consolidation of technology over time. The launch of the first Corda to crypto bridge, powered by DASL, means that value can move freely between the Corda public network and other leading public blockchain networks.
With this unique bridging technology, data can be recorded privately on the Corda network, while limited data sets are transferred to the XDC public network— in essence, mitigating institutional risk and turning Corda into a hybrid network. By extension, this shared ledger will connect the XDC token with every other CorDapp on the public Corda Network.
“Regulatory agencies and financial institutions have selected both Corda and the XDC Network as suitable platforms to engage with blockchain technology. They did not just randomly throw a dart at a board,” said Atul Khekade, co-founder of XinFin.
XinFin (XDC) + Corda
This R3 Corda bridge also enables XinFin to significantly increase its interoperability within the Corda ecosystem, providing direct access to the business networks and financial institutions active on the Corda Network. These include the trade finance consortia operating on Corda. Such Corda network participants are especially relevant to XinFin’s TradeFinex platform.
Further, this enables XinFin to continue developing its vision of unifying siloed networks into one metaphorical tree with many branches. This tree finds its roots through the DASL to XDC network bridge — the first of its kind — which will work to support a Corda ecosystem where enterprises are provided full control over the privacy and speed of sensitive data and transactions, while public blockchain states allow for data to remain transparent and verifiable.
“Given the tremendous work XinFin have done to support their community and to support their cryptocurrency, they have become the leading token of value within the public Corda network. We are delighted to support XinFin with DASL to get the crypto bridge in place, making it a first for the public Corda network,” said Richard Crook CEO & Founder at LAB577.
The bridge is an important milestone in achieving interoperability and demonstrating the use cases underpinned by XinFin’s XDC network. With this step, XinFin and Corda open the door for more participation in blockchain technology.