Japanese financial powerhouse, SBI Holdings, has further solidified its support for the XRP Ledger (XRPL) through the launch of a validator by its crypto exchange subsidiary, SBI VC Trade. This move signifies a significant step for XRP adoption in the Japanese market and grants SBI VC Trade a role in securing the network’s operations.
The announcement, made on the 10th of May, highlights SBI VC Trade’s long-standing belief in the potential of XRP. This faith has translated into the digital token becoming a prominent asset on the XRPL platform. The validator launched by SBI VC Trade is already operational, as confirmed by on-chain data.
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Understanding Validator Roles on the XRP Ledger
The XRP Ledger functions through a network of validators responsible for verifying the validity of transactions. These validators collectively maintain the integrity and security of the decentralized ledger. However, a specific group within this network holds a more influential position – the default Unique Node List (dUNL) validators.
The dUNL list, curated by the XRP Ledger Foundation and Ripple, comprises trusted validators with a greater say in amendments proposed to the XRPL’s operation. While individual validators can choose their trusted validator lists (UNLs), the dUNL list holds significant weight due to its endorsement by these key entities.
SBI VC Trade’s Aspirations for dUNL Inclusion
Currently, the XRPL boasts over 150 validators, including the newly launched SBI VC Trade validator. However, only a select few hold the coveted dUNL status. SBI VC Trade expresses its ambition to join this elite group after demonstrating a proven track record of reliable and secure validator operation.
This ambition stems from a desire to represent the collective voice of Japanese XRP holders on the XRPL. As outlined in the press release, SBI VC Trade aims to leverage its dUNL validator status (once achieved) to gather input from the Japanese XRP community through surveys. This feedback would then inform the firm’s voting decisions on any proposed amendments to the XRPL.
SBI Holdings’ Broader Commitment to the XRPL Ecosystem
Launching the SBI VC Trade validator is just one facet of SBI Holdings’ comprehensive support for the XRP Ledger. In January, the parent company announced plans to leverage the XRPL for issuing non-fungible tokens (NFTs). Additionally, SBI VC Trade spearheaded initiatives in July 2023 to bolster XRP adoption within the Japanese market.
These endeavors are a direct result of SBI Holdings’ strategic partnership with Ripple. This collaboration led to the creation of SBI Ripple Asia, a joint venture focused on harnessing RippleNet for cross-border remittance services across more than 70 countries.
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SBI Holdings holds a 60% stake in this venture, demonstrating their confidence in Ripple’s technology and its potential impact on global financial transactions.
SBI Holdings’ commitment to the XRP Ledger continues to grow with the launch of the SBI VC Trade validator. This move not only strengthens the XRPL network but also positions SBI VC Trade as a key player in shaping the future of the platform.
With aspirations for dUNL validator status and a dedication to representing the Japanese XRP community, SBI VC Trade is poised to make a significant contribution to the ongoing development of the XRP Ledger.
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