Infinite Block, a licensed Virtual Assets Service Provider (VASP) in South Korea has enlisted on the XRP Ledger (XRPL) as a validator to participate in the governance of the leading blockchain network.
Ripple partner Catalyze Research made the disclosure on Monday, noting that the positive development is expected to contribute to the stable growth of the XRPL and XRPL builders within the South Korean region and internationally.
According to the update, Infinite Block plans to achieve this objective by offering XRP and XRPL-related services to both local and international entities in compliance with Korea’s unique and stringent regulations.
Reacting to the development, the firm’s CEO Jung Gu-tae emphasized Infinite Block’s commitment to enhancing the reliability of XRPL, prioritizing user protection and compliance with local and international regulatory standards.
He said: “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. We will contribute not only to user protection but also to enhancing the reliability of XRPL based on thorough regulatory compliance, both domestically and internationally.”
Related: Ripple Stablecoin to Launch on XRP Ledger and Ethereum in 2024
Infinite Block was granted its VASP license by the Korean Financial Services Commission (KFSC) in 2023. Of the 50 crypto firms that applied for the license at that time, Infinite Block was the only one to be endorsed by the KFSC.
Ripple’s Vice President of Strategy & Operation Emi Yoshikawa celebrated the presence of a licensed Korean validator in the XRPL ecosystem. “Great to see more and more institution-grade validators are participating in the XRPL ecosystem from Asia,” she remarked.
It bears mentioning that SBI VC Trade, the crypto exchange business of the Japanese finance giant SBI Holdings, launched a validator on the XRP Ledger on May 10, 2024.
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XRPL Validators Increases
XRPScan shows that the Infinite Block validator service has achieved full operational status at press time, maintaining an impressive agreement score of 99.9% in the past 24 hours.
Joining the XRPL network comprising 615 nodes and 125 validators per data available at press time, the VASP licensed custody company is on course to pursue stable governance participation and XRPL ecosystem expansion.
Among these node operators, approximately 35 are part of the default Unique Node List (dUNL), which includes prominent entities like Ripple, Bitrue, XRP Labs, Bitso, onXRP, and Bithomp amongst others.
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As XRPL validators continue to increase, the blockchain network powering the 7th-largest crypto currency by market cap XRP is expected to become more decentralized and secure in the future.
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