The XRP Ledger ecosystem has seen a further expansion as South Korea-based cryptocurrency service provider, Infinite Block, revealed its role as a validator on the XRP Ledger. This development, revealed in a recent announcement, marks a significant step towards strengthening the XRPL network’s infrastructure and fostering its growth.
Commitment to Regulatory Compliance
Infinite Block’s entry into the validator network shows its commitment to enhancing the XRPL network and providing XRP-focused services to a diverse range of corporations. The company’s status as a licensed virtual asset service provider by the Korean Financial Services Commission adds credibility to its role within the cryptocurrency space.
Infinite Block, a virtual asset custody company founded by experts well-versed in Korea’s financial regulations, is the sole company among approximately 50 applicants to secure a Virtual Asset Service Provider (VASP) license in 2023.
Infinite Block CEO Jung Gu-tae maintains the firm prioritizes regulatory compliance as it will bolster XRPL’s reliability. Gu-tae says the company’s actions aim not only to protect users but also to enhance the overall trustworthiness of the XRP Ledger, both domestically and internationally.
How Validators Aid XRP Ledger Network
Validators play a crucial role in the functioning of the XRP Ledger, acting as the backbone of the network. They help in determining which transactions are eligible for inclusion in the next block.
While unlike some other blockchain networks, such as Bitcoin or Ethereum, XRPL validators do not receive direct incentives for their participation, their role is essential for maintaining the integrity and efficiency of the network.
In addition to Infinite Block, other prominent entities have also joined the ranks of XRPL validators. SBI VC Trade, the cryptocurrency trading platform under Japanese financial giant SBI Holdings, recently announced its operation of an XRP validator, reflecting the interests and preferences of its customer base.
Furthermore, the XRP Ledger Foundation, a non-profit organization dedicated to supporting the development and adoption of the XRP Ledger, continues to expand its unique node list (UNL) with the addition of Anodos Finance.
This ongoing expansion of the validator network highlights the collaborative efforts within the XRP community to promote the growth and resilience of the XRPL ecosystem. Meanwhile, Crypto Vaguard recently teased the incoming upgrades in the XRP Ledger (XRPL) network including Decentralized Identity (DID).