Zoth Concludes Two Successful Supply Chain Financing Pilots in LatAm Funded By $FXD on XDC Network blockchain

[Dubai, DECEMBER 22, 2023] Zoth, a Web 3 fixed income marketplace, has completed its successful Supply Chain Financing (SCF) pilots via the tokenisation of invoices using the XDC blockchain protocol.The pilots used TradeFinex’s open source smart contract standards and were funded using $FXD, a fully decentralised stablecoin softpegged to US Dollars and overcollateralised with the $XDC token using the Fathom Protocol. $FXD is primarily focused on Real World Assets (RWA) DeFi use cases.

Zoth, featured the potential of obtaining financing by tokenising RWA for its collateralised transactions. Serving as the loan originator, Zoth secured funds for its clients, a fintech which offers factoring solutions based out of Columbia and a leading revenue-based financing platform operating in Brazil, through the tokenisation of essential Supply Chain Financing documentation including invoices. This streamlined process resulted in a cash flow of $FXD 100,000 (FXD) for each institutional client. The success underscores blockchain-powered efficiency of Web3 financing.

“These successful pilots are just the first steps in our collaboration with using TradeFinex smart contract standards. We are actively exploring to scale FXD1Bn in liquidity through our cooperation with XDC”, said Pritam Dutta, Founder of Zoth,

Added Chen Shanlong, Marketing and Partnerships Lead of XDC Network and TradeFinex,

“Deploying TradeFinex smart contracts powered by the XDC protocol allows us to address the MSMEs funding gap that is especially pronounced in Latin America. We look forward to pushing the RWA Web3 narrative with Zoth using the Powerful Smart contract Standards created by Tradefinex.”

TradeFinex dApp – Settings standards in Supply Chain Finance and Trade Finance

Zoth dApp – An on-chain fixed income marketplace

Zoth successfully achieved the following milestones:

  • Converted paper-based invoices into electronic invoices.
  • Tokenisation and fractionalisation of the electronic invoices.
  • Capital provisioning against the fractionalised electronic invoice for a 90-day period using FXD stablecoin.

Participants in the pilot included:

  • Zoth: Loan Originator & Web3 platform
  • TradeFinex : Open Source Smart Contracts Standard Reshaping Trade Finance and Supply Chain Finance
  • Eclipton: Institutional Digital Asset Custodian

Solutions used in the pilot:

  • Resource for open source Smart Contract standards for RWA focused Private Credit Solutions
  • Blockchain Network : XDC Network is an Enterprise-Grade, Open-Source Blockchain Protocol.
  • SFXD: Stablecoin soft pegged to USD and overcollateralized 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.

These pilots are important milestones between TradeFinex and Zoth, which is based out of Singapore using the XDC Network protocol and $FXD as one of its stablecoins.

About Zoth

Zoth is an on-chain marketplace which brings fixed income opportunities, offering high yield from RWAs. The platform enables businesses in emerging markets to access vital capital for their growth and expansion needs.

About TradeFinex

TradeFinex – 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.

 

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