Financial transaction

Tradeteq, XinFin team on NFT trade finance

Tradeteq, which provides technology for the distribution of trade finance assets, has completed what it calls the first trade finance-based non-fungible token (NFT) transaction, Global Trade Review reported.

The transaction was made on Singapore’s eXchange inFinite (XinFin) XDC network, according to the report. The transaction was completed with Accelerated Payments, a Dublin bill finance company, as the originator of the assets. Trade finance assets have been transformed into NFTs with blockchain technology from the XDC network, and institutional investors will now have the ability to buy and sell the tokens, which represent the value of an off-chain asset and give to holders of tokens a legal right.

“The collaboration between XinFin, Tradeteq and Accelerated Payments completes the chain from investor to funding recipient with full transparency, accountability and liquidity,” said the founder and CEO of Accelerated Payments. Ian duffy in the report. “This milestone demonstrates the ability to disaggregate the bill discount industry and paves the way for access to a much broader range of funders and beneficiaries, providing a platform that can really scale to scale. ‘global scale.’

Tradeteq was launched in 2018 and allows originators to bundle trade finance products into standardized investments, which can be bought and sold through private networks and settled as common fixed income products, the report says.

The company has mainly worked on the bank-capital market channel, which has focused on repackaging open-account instruments into fungible banknotes, which are then sold to entities such as fund managers, insurers and investors, according to the report.

In other NFT news, a British man will likely be the first to own an NFT Mastercard.

Read more: UK cardholder may own very first NFT Mastercard

The credit card company announced on September 16 that it is holding a raffle for UK cardholders to win the NFT, which was created in partnership with José Mourinho, a professional football manager and former player. .

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