R3 Corda Network Set to Go DeFi With XDC Digital Currency

A group of former bankers building on R3’s public Corda Network are touting the first digital currency for that ecosystem, dubbed XDC.

Announced Tuesday, the Cordite Society, a co-operative registered in the U.K., released the XDC crypto token on public Corda, the open-source version of R3’s network. The new regulation-friendly cryptocoin will open the door, say its creators at Cordite, to various decentralized finance (DeFi) applications running on Corda’s distributed ledger technology (DLT).

R3 began life as a pay-to-join DLT consortium of big banks, which over time realized the value of hosting a large developer community and created the open-source Corda Network alongside the commercial version of the software.

In fact, the idea of a “Corda Coin” was floated at last year’s CordaCon, the annual developer gathering, but only as a research project at that time. Now a reality, the Cordite Society will be minting the first run of 1 million XDC to lubricate applications on Corda. This cooperative is taking advantage of existing U.K. legal structures for mutual societies, a provision also used by DeFi risk mitigation platform Nexus Mutual.

“XDC is a digital currency in its own right,” said ex-RBS banker and Cordite CEO Richard Crook. “It is issued as an exchange token to Cordite Society members, and as it’s minted or created, will be evenly distributed amongst those cooperative society members.”

The XDC and Cordite Society announcement is timed to coincide with this year’s CordaCon event. R3 did not return requests for comment by press time.

Read more: 85% of Italian Banks Are Exchanging Interbank Transfer Data on Corda

Crook said membership for the newly-convened Cordite Society is now open, and members will vote on the rate of supply of XDC and other points of governance going forward. Firms participating in the Cordite decentralized autonomous organization (DAO) will have compliance baked in, Crook added, since R3 designed the Corda…

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