South Korea Firm Becomes XRP Ledger Validator

Emi Yoshikawa, Ripple’s Vice President of Strategy and operations, reacts to reports that Korean virtual asset provider Infinite Block is participating as a validator on the XRP Ledger (XRPL) network.

Infinite Block Becomes XRPL Validator

For context, Catalyze Research reported yesterday that Infinite Block has become the latest company to participate as a validator on the XRPL.

According to the announcement, the move will foster a stable XRP Ledger ecosystem growth trajectory within South Korea’s regulatory environment.

Besides expanding the XRPL ecosystem within Korea, Infinite Block aims to offer XRP and XRPL-related services to local and international corporations in a regulatory-compliant manner.

In the meantime, data from XRP Scan shows that Infinite Block’s validator service is fully operational with an agreement score of 99.9% over the past 24 hours.

Launched by a team of regulatory and financial experts, Infinite Block is a prominent crypto-related business in Korea.

Last year, the Korean Financial Services Commission granted a virtual asset services provider license to Infinite Block in early 2023. Of the 50 companies that applied for the license, Infinite Block was the only company that passed the evaluation exercise.

Ripple and Infinite Block Exec React

Commenting on the development, Infinite Block’s CEO Jung Gu-tae underscored the company’s dedication to boosting XRPL’s reliability by protecting users and adhering to local and international regulations.

Reacting, Ripple’s VP of Strategy & Operation celebrated the growing presence of high-quality Asian validators within the XRP Ledger ecosystem.

📣 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 XRPL ecosystem from Asia! https://t.co/1qed2uZkoz

— Emi Yoshikawa {X} (@emy_wng) May 13, 2024

XRPL Validators

The development comes a few days after SBI VC Trade, the crypto exchange arm of Japanese financial giant SBI Holdings became a validator in XRPL. As reported earlier, SBI VC Trade, which has showcased a longstanding support for XRP, aims to become a dUNL (default Unique Node List) validator in the network.

At press time, XRPL has more than 125 validators tasked with confirming the validity of transactions on the network. While there are currently over 125 validators, only about 35 of them are part of the dUNL list. Some validators in the dUNL list include Ripple, Bitrue, XRP Labs, Bitso, onXRP, and Bithomp, among others.

Meanwhile, XRPL currently boasts a total of 615 nodes, according to data from XRPL.org.