XRP Ledger Attracts The Next Asian Institutional Validator

6 months ago 39

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Infinite Block, a Korean virtual asset service provider (VASP), has joined the XRP Ledger as a validator, according to a statement released by the company on May 13. The Seoul-based firm, led by CEO Jung Gu-tae, aims to foster the stable expansion of the ledger within Korea’s stringent regulatory framework.

XRP Ledger Gets Another Institutional Validator From Asia

Infinite Block, established by a group of Korea’s foremost regulatory and financial experts, notably secured a VASP license after being the sole qualifier among approximately 50 applicants in 2023. This credential underscores its compliance with Korea’s robust virtual asset regulations, including the international Travel Rule and anti-money laundering standards.

The XRPL, a decentralized open-source protocol active since 2012, has processed over 2.5 billion transactions. Among the prominent contributors to the ecosystem are Ripple, the XRPL Foundation, and XRPL Labs. XRP, the native token of the ledger, is currently ranked seventh globally in terms of market capitalization among virtual assets.

The entry of Infinite Block as a validator is seen as a significant step in both bolstering the domestic blockchain environment and enhancing Korea’s position on the international stage. The company plans to engage in stable governance, expand the ecosystem, and offer services to corporations, all while adhering to domestic and international compliance standards.

CEO Jung Gu-tae emphasized the strategic importance of this move. “As a fully regulated custodial business operator, we will provide blockchain regulatory support infrastructure suitable for the institutional characteristics of the Korean virtual asset industry,” he said. “We will contribute not only to user protection but also to enhancing the reliability based on thorough regulatory compliance, both domestically and internationally.”

Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, welcomed the development. “Hot off the press from Korea. Infinite Block, a VASP licensed custody company in South Korea, is now running a validator on the XRP Ledger. Great to see more and more institution-grade validators are participating in the ecosystem from Asia!” Yoshikawa stated via social media platform X.

The announcement by Infinite Block coincides with other institutional engagements, noted lawyer Bill Morgan, who speculated on the timing relative to similar news from SBI Holdings. “Can’t be a coincidence so soon after the SBI entity became an validator,” Morgan commented, hinting at a possibly coordinated expansion of institutional support within the ecosystem in Asia.

At press time, XRP traded at $0.5045.