XRP Ledger Welcomes Another Big Player

Infinite Block, a prominent South Korean virtual asset service provider, has officially joined the XRP Ledger (XRPL) ecosystem as a validator. This development strengthens the network’s presence in Asia and underscores its commitment to regulatory compliance.

Catalyze Research first reported Infinite Block’s participation as an XRPL validator on May 13th, 2024. The company aims to contribute to the stable growth of the XRPL ecosystem within South Korea’s stringent regulatory framework. This fosters network stability and paves the way for Infinite Block to offer XRP and XRPL-related services to local and international corporations in a compliant manner.

Read Also: Expert Says XRP Cannot Be “Price Set”, Condemns Deceptive Price Hype Shared by People

Data from XRP Scan shows that Infinite Block’s validator node is already operational and performing well, maintaining an agreement score of 99.9% over 24 hours. Established by a team of regulatory and financial specialists, Infinite Block holds a distinguished position in the Korean cryptocurrency industry.

The firm was the sole recipient of a virtual asset service provider license from the Korean Financial Services Commission in early 2023, highlighting its commitment to regulatory adherence.

Industry Leaders React to the News

Infinite Block’s CEO, Jung Gu-tae, commented on this development and emphasized the company’s dedication to user protection and regulatory compliance. He stated their intention to leverage their role as a validator to enhance the overall reliability of the XRP Ledger.

Emi Yoshikawa, Ripple’s Vice President of Strategy and Operations, expressed enthusiasm about the growing number of high-quality validators joining the XRPL ecosystem from Asia. This signifies the continued global interest and adoption of the network.

A Growing Ecosystem with Global Representation

The addition of Infinite Block comes on the heels of another significant development for the XRP Ledger. SBI VC Trade, the cryptocurrency arm of Japanese financial giant SBI Holdings, recently joined the network as a validator. A long-time XRP proponent, SBI VC Trade also aims to become a default Unique Node List (dUNL) validator.

Read Also: APENFT Foundation Announced The Second Call of its $100 Million Art Dream Fund

Currently, the XRP Ledger boasts over 125 validators responsible for verifying the legitimacy of transactions on the network. However, only a select group of around 35 validators hold the prestigious dUNL status.

These designated validators play a crucial role in the network’s consensus mechanism. Some prominent names on the dUNL list include Ripple, Bitrue, XRP Labs, Bitso, onXRP, and Bithomp.

With the addition of Infinite Block, the XRP Ledger ecosystem continues to expand, now encompassing over 615 nodes globally. This geographically diverse network strengthens the XRP Ledger’s resilience and scalability, making it a compelling option for various blockchain applications.

---

Follow us on Twitter, Facebook, Telegram, and Google News