New Validator Joining XRP Ledger from Asia
Infinite Block, a Korean virtual asset service provider (VASP), recently announced its participation as a validator on the XRP Ledger. Led by CEO Jung Gu-tae, the Seoul-based company aims to support the stable growth of the ledger within Koreaโs strict regulatory framework.
Credentials and Compliance
Infinite Block, founded by a group of Koreaโs leading regulatory and financial experts, obtained a VASP license, being the sole qualifier among approximately 50 applicants in 2023. This achievement highlights the companyโs adherence to Koreaโs stringent virtual asset regulations, including the international Travel Rule and anti-money laundering standards.
- The XRP Ledger (XRPL) is a decentralized open-source protocol that has been active since 2012.
- Ripple, the XRPL Foundation, and XRPL Labs are key contributors to the ecosystem.
- XRP, the native token of the ledger, currently holds the seventh position globally in terms of market capitalization.
Strengthening the Blockchain Environment
Infinite Blockโs role as a validator is seen as a significant step in enhancing both the domestic blockchain environment and Koreaโs standing on the global stage. The company is committed to stable governance, ecosystem expansion, and providing services for corporations while maintaining compliance with domestic and international standards.
- CEO Jung Gu-tae highlighted the strategic importance of Infinite Blockโs involvement as a regulated custodial business operator.
- The company aims to provide blockchain regulatory support infrastructure tailored to the institutional characteristics of the Korean virtual asset industry while prioritizing user protection and regulatory compliance.
Industry Response
Emi Yoshikawa, Rippleโs Vice President of Strategic Initiatives, expressed her support for Infinite Blockโs participation as a validator on the XRP Ledger. She emphasized the importance of having more institution-grade validators from Asia in the ecosystem.
- The move by Infinite Block aligns with other institutional engagements in the region, prompting speculation about coordinated expansion efforts within the XRP Ledger ecosystem.
- Lawyer Bill Morgan noted the timing of this development in relation to similar news from SBI Holdings, suggesting a strategic alignment of institutional support in Asia.
Market Update
At the time of writing, XRP was trading at $0.5045, reflecting ongoing market dynamics and investor sentiment.
Hot Take: A Growing Presence in Asia
The addition of Infinite Block as a validator on the XRP Ledger signifies a growing institutional presence in the Asian blockchain ecosystem. With a focus on compliance and governance, the companyโs involvement is expected to contribute to the maturation and expansion of the XRP Ledger within the region.