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Home»BITCOIN NEWS»XRP Ledger attracts next generation of Asian institutional validators
BITCOIN NEWS

XRP Ledger attracts next generation of Asian institutional validators

By Crypto FlexsMay 13, 20242 Mins Read
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XRP Ledger attracts next generation of Asian institutional validators
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Reuters reported on the 2nd (local time) that Infinite Block, a Korean virtual asset service provider (VASP), has joined XRP Ledger as a validator. name The Seoul-based company, led by CEO Koo-Tae Jeong, aims to facilitate the stable expansion of ledgers within Korea’s strict regulatory framework.

XRP Ledger gains another institutional validator in Asia

Infinite Block, founded by a group of Korea’s top regulatory and financial experts, secured its VASP license in 2023 after being the only one out of about 50 applicants to qualify. This credential is subject to international travel rules and anti-money laundering standards.

XRPL, a decentralized open source protocol active since 2012, has processed over 2.5 billion transactions. Among the major contributors to the ecosystem are Ripple, XRPL Foundation, and XRPL Labs. XRP, the basic token of the ledger, currently ranks 7th globally in terms of market capitalization among virtual assets.

Infinite Block’s entry into the validator ranks is considered an important step forward in strengthening the domestic blockchain environment and raising Korea’s status on the international stage. The company plans to pursue stable governance, ecosystem expansion, and corporate service provision while complying with domestic and international compliance standards.

CEO Jeong Gu-tae emphasized the strategic importance of this move. He said, “As a fully regulated trustee, we will provide blockchain regulatory support infrastructure suitable for the institutional characteristics of the Korean virtual asset industry.” “Based on thorough compliance with domestic and international regulations, we will contribute to protecting users and improving reliability.”

Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, welcomed this development. “We received a lot of attention from the Korean media. Infinite Block, a Korean VASP licensed custodian, is currently running a validator for the XRP Ledger. “We’re excited to see more and more institutional-level validators joining the Asian ecosystem!” Yoshikawa said this through social media platform

Infinite Block’s announcement is consistent with the participation of other organizations, attorney Bill Morgan said. guessed This is about the timing of similar news from SBI Holdings. “It can’t be a coincidence that SBI entities have just become validators,” Morgan said, hinting at a likely harmonious expansion of institutional support within the Asian ecosystem.

At press time, XRP was trading at $0.5045.

XRP price, 1 week chart | Source: XRPUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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