Propine Swells Support for Fathom Dollar's FXD Stablecoin, Bridging Trade Finance Divide

Singapore-based digital asset custodian Propine announces support for Fathom Dollar's (FXD) stablecoin, designed to bridge the trade finance gap. Backed by the XDC network token and RWA, FXD offers a stable transaction medium and store of value in the $30 trillion global trade finance market. This partnership with Propine, a Monetary Authority of Singapore-licensed custodian, enhances FXD's liquidity, accessibility, and compliance standards, positioning it as a key solution for addressing the trade finance gap faced by small and medium-sized enterprises.

Propine Extends Support to Fathom Dollar's FXD Stablecoin, Bridging the Trade Finance Gap

Singapore, May 2nd, 2024 - MAS-regulated custodian Propine has announced its support for Fathom Dollar's FXD, a stablecoin pegged to the US dollar and designed to address the $5 trillion trade finance gap. This development positions FXD at the forefront of real-world assets (RWA), leveraging the transformative power of blockchain to enhance global trade finance operations.

Propine, a prominent digital asset custodian licensed by the Monetary Authority of Singapore, caters to large institutional clients, providing secure and scalable solutions for storing and trading digital assets.

FXD, a stable-price cryptocurrency, is backed by the XDC network token and real-world assets, including trade finance assets. It has emerged as a use case-driven solution amidst growing concerns over the trade finance gap, which has been a significant barrier to global trade, particularly affecting small and medium-sized enterprises (SMEs).

By offering a stable and reliable medium for transactions and a store of value, FXD aims to facilitate essential functions in the $30 trillion global trade finance market. These include cross-border transactions, borrowing against receivables, and transforming trade finance into an alternative investment class for non-banks.

"Propine is committed to facilitating the swift and secure adoption of digital assets and cryptocurrencies by institutional investors and regulated businesses," said Tuhina, Propine's Founder and CEO. "We have adopted compliance and security standards that serve as industry benchmarks. As the industry continues to expand, we see significant potential to further serve as a trusted partner for organizations seeking to enter the space seamlessly and securely."

Manuel Rensink of Fathom expressed his enthusiasm for the collaboration, stating, "Propine offers world-class services, and their battle-tested custody has been our choice. Their resilience during industry shockwaves is a testament to their strong governance, internal controls, and systems. They have consistently led innovation in the digital asset custody space and raised the bar. Propine's support for FXD is a game-changer, providing a seamless on/off-ramp service between digital assets and fiat currencies. This service is crucial for enhancing the liquidity and accessibility of FXD, making it an attractive option for businesses and financial institutions engaged in international trade."

Rensink emphasized, "The integration of Propine's custody solutions with FXD ensures that users can enjoy the highest security and compliance standards, essential in the highly regulated financial sector. As FXD gains traction, Propine's role in its custody and management will undoubtedly be a key factor in its success, marking a new era in integrating real-world assets with digital finance solutions."

About Propine

Propine is a licensed, audited, and insured digital asset custodian headquartered in Singapore. The company's mission is to transform the way digital assets are stored and traded by providing reliable, secure, and scalable solutions to institutional clients. Propine also enables investors to tokenize previously illiquid asset classes such as corporate bonds, real estate, private equity, funds, art, natural resources, and derivatives. The company is committed to supporting clients in unlocking their potential within a regulatorily compliant and legally robust framework.

For more information, visit Propine.com or connect on LinkedIn, YouTube, or X (Formerly Twitter).

About Fathom Protocol

Fathom is a liquidity protocol that allows users to deposit XDC tokens or RWA collateral and borrow FXD. This opens up programmatic financing solutions for individuals and businesses that were previously unavailable. Additionally, investors and savers can (re)invest their FXD for competitive yields. The Fathom DAO is governed by FTHM token holders who have voting rights on onboarding new collateral types, interest rates, and other protocol parameters. Fathom leverages the XDC network, an enterprise-grade blockchain, to position itself at the center of its Institutional DeFi ecosystem.

Visit fathom.fi for more information.

About XDC Network

XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain that has been operationally successful since 2019. The network employs a specially delegated proof-of-stake (XDPoS) consensus mechanism, enabling 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The XDC Network powers various blockchain use cases, including trade finance, payments, and RWA tokenization, offering security, scalability, and efficiency.

Explore xinfin.org and xdc.org for more insights.

Disclaimer

This press release is for informational purposes only and should not be construed as investment advice or an endorsement of any product or service. It is essential to conduct thorough research before making any investment decisions.