Ripple competitor XinFin recently landed an ex SWIFT veteran to join their advisory team. André Casterman spent 20+ years with SWIFT, in which he led various technology innovations. XinFin believes the addition of André Casterman will help the company expand into the alternative finance industry. The XinFin blockchain includes a payment and settlement layer, powered by the XDC token.
André Casterman Joins XinFin
According to a recent announcement, the XinFin Network has added André Casterman to their advisory team. Casterman is a SWIFT veteran, spending 20+ years leading a handful of different tech innovations. During his time at SWIFT, Casterman focused on advancements in inter-bank payments, corporate payments, corporate treasury, and trade finance. In addition, Casterman was behind the institutional partnership involving SWIFT and the International Chamber of Commerce. With XinFin operating an enterprise grade blockchain for finance and global trade, the company hopes to continue expanding under the guidance of Casterman. Co-founder of XinFin, Atul Khekade stated that:
“We are delighted to welcome Andre Casterman to our advisory team. Andre’s guidance will help us extend the benefits of digital assets to the alternative finance industry. Collaboration with market participants is a priority for XinFin.”
Atul further stated that:
“There is a growing acceptance in the role that digital assets will play in the future digital economy. The most significant move is actually coming from the regulators themselves as some want to stay ahead of the curve and have therefore adapted their regulatory frameworks to support wider adoption of digital assets.”
What Is The XinFin Network
XinFin targets global trade and finance with its interoperable blockchain network. The blockchains infrastructure is able to facilitate tokenization, digitization, and instant settlement of trade transactions. In addition, the network is helping financial institutions enhance flexibility and liquidity pertaining to the current FX infrastructure. The XinFin network operates as a “hybrid blockchain,” meaning it offers the efficiencies of a public network plus the speed and security of private networks. XinFin has also been known for its extremely low fees due to permissioned consensus, which has become more valuable than mining. According to the company’s site, XinFin is currency working with financial entities like AiX, Circle, r3, and many others.
Ripple Competitor
Ever since the XinFin network surfaced, many viewed it as a direct competitor to Ripple. Both companies are utilizing permissioned infrastructure to work alongside traditional finance. In addition, XinFin and Ripple leverage a digital asset that gives institutions the ability to take advantage of cross-network transactions. Just like XRP is used by Ripple, the XDC token is a utility token that acts as a settlement tool for DApps built on the company’s hybrid blockchain. Both digital assets are extremely scalable, with XDC doing 2,000+ TPS and XRP doing 1,500. Despite Ripple supporting smart contracts through Codius, many argue that XinFin has laid better groundwork in terms of applying smart contracts in traditional finance.
With cross border payments being fundamentally broken, Ripple has stated numerous times that they believe XRP can replace the SWIFT payment system. Many investors have been looking for utility to kick in this year, but the lack of regulatory feedback and legal framework has continued to slow the advancements. With a SWIFT veteran like Casterman joining XinFin, it will be very interesting to see if any doors open. As mentioned above, Casteman had extensive experience working alongside the International Chamber of Commerce. It might not be a coincidence that the International Chamber of Commerce was recently talking about the advantages of XinFin in a recent report.
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