SBI VC Trade, the cryptocurrency exchange arm of Japan’s financial behemoth SBI Holdings, has initiated a validator on the XRP Ledger (XRPL).
The team behind this Japan-based crypto exchange unveiled this strategic move through a press release this morning, underscoring their unwavering backing of XRP, a support that has propelled the digital asset to a pinnacle position on the platform.
As per the announcement, SBI VC Trade has already set its node operations in motion, with on-chain data confirming the operational status of the validator service at the present time. The overarching ambition for the company is to ultimately ascend to the status of a dUNL validator on the XRPL, affording it greater influence over amendments.
For context, a validator on the XRP Ledger verifies transaction legitimacy. However, a dUNL (default Unique Node List) validator is a reputable validator entrenched within an exclusive cadre, wielding considerable sway over the ledger’s functionality.
Although each validator can curate its UNL list, comprising validators it trusts, the most prominent dUNL list for the XRPL is one advocated by the XRPL Foundation and Ripple.
SBI VC Trade is setting its sights on becoming a dUNL validator. Data sourced from XRPScan reveals that the XRPL boasts over 150 validators, including SBI VC Trade’s recently launched addition. However, only a fraction of these validators are part of the esteemed dUNL list. Last March, the XRPL Foundation updated its list to incorporate the validator operated by xrpcafe founder Vet and two others.
SBI VC Trade aims to secure inclusion after demonstrating a consistent record of integrity and reliable operation. As outlined in the press release, part of the rationale behind this pursuit is to serve as a validator that echoes the collective voice of XRP stakeholders in Japan.
Furthermore, SBI VC Trade has divulged plans to furnish educational resources to empower the Japanese XRP community with a deeper comprehension of the XRPL’s mechanics and the essence of each amendment. Subsequently, the company will cast its vote on any amendment after gauging the sentiments of the Japanese community through surveys.
SBI Continues its Patronage of the XRPL
Additionally, the company underscored the contributions made by its parent company, SBI Holdings, to the XRPL ecosystem. In January, SBI Holdings unveiled intentions to issue NFTs on the XRPL. Last July, SBI VC Trade initiated a series of campaigns aimed at fortifying XRP’s presence within the Japanese market.
These contributions stem from SBI Holdings’ collaboration with Ripple, which culminated in the inception of a new subsidiary, SBI Ripple Asia, a collaborative venture leveraging RippleNet for remittance services across more than 70 countries. SBI Holdings commands a 60% stake in the firm, with Ripple holding the remaining 40%.
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