Blockchain Protocol XDC Raises $50M for Ecosystem Expansion

XinFin Digital Contract (XDC), a blockchain protocol focused on real-world global trade and finance applications, has secured $50 million in funding to boost its ecosystem development. 

According to the press release, its founders allocated some of their tokens to acquire the funds through a partnership with global alternative investment group LDA Capital Limited. 

LDA Capital Limited to Offer Strategic Counsel 

Aside from funding the protocol, the investment group will offer strategic counsel and support to the blockchain to strengthen its footprint and enable it to assume its position in the market. 

Speaking about the commitment, XDC  co-founder Atul Khekade stated that the protocol had received many requests from institutional investors in the past for partnership deals. 

“Though there have been many institutional funds eager to participate in the XDC Network over the years, we’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner,” he said. 

XDC to Expand its Ecosystem 

The new funds will help projects building in the XDC blockchain and accelerate the development of layer 2 applications based on the ecosystem. 

Ritesh Kakkad, another co-founder at XDC, noted that the funds would help fuel the network’s history and enable unprecedented growth of the layer 2 ecosystem across various blockchains to improve its Total Value Locked (TVL). 

Since its launch in 2019 as a carbon-neutral protocol with Ethereum Virtual Machine (EVM) compatibility, XDC has housed many projects. Some of these projects include decentralized exchanges (DEX), non-fungible token (NFT) marketplaces, metaverses, and other decentralized applications (dApps). 

The latest development comes just three weeks after the protocol announced its partnership with blockchain infrastructure provider Securrncy to integrate its flagship product dubbed Digital Asset Composer on XDC. 

The decentralized finance (DeFi) application was designed to enable institutional adoption of virtual assets through automated compliance and global interoperability.