tl;dr
Infinite Block, a Korean virtual asset service provider, has become a validator on the XRP Ledger, aiming to support the ledger's expansion within Korea's regulatory framework. The company, known for its compliance with virtual asset regulations, plans to contribute to the domestic blockchain enviro...
In a significant development, South Korea's virtual asset service provider Infinite Block has joined the XRP Ledger as a validator. This move aims to support the ledger's expansion within Korea's regulatory framework, with the company planning to enhance the domestic blockchain environment and bolster Korea's international position.
Infinite Block, led by CEO Jung Gu-tae, has notably secured a VASP license, highlighting its compliance with Korea's stringent virtual asset regulations. The company plans to contribute to stable governance, ecosystem expansion, and the provision of services to corporations while adhering to domestic and international compliance standards.
Ripple's Vice President of Strategic Initiatives, Emi Yoshikawa, welcomed the news, expressing enthusiasm about the increasing participation of institution-grade validators in the XRP Ledger ecosystem from Asia. This development coincides with other institutional engagements in the region, hinting at a coordinated expansion of institutional support within the Asian ecosystem.
At the time of the announcement, XRP was trading at $0.5045. The addition of Infinite Block as a validator is seen as a significant step in reinforcing the domestic blockchain environment and elevating Korea's standing on the global stage.
The XRPL, a decentralized open-source protocol active since 2012, has processed over 2.5 billion transactions, with Ripple, the XRPL Foundation, and XRPL Labs being prominent contributors to the ecosystem. XRP, the native token of the ledger, currently holds the seventh rank globally in terms of market capitalization among virtual assets.
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