Infinite Block, a Korean virtual asset service provider (VASP), has joined the XRP Ledger as a validator, according to a statement released by the company on May 13. The Seoul-based company, led by CEO Jung Gu-tae, aims to foster the ledger’s stable expansion within Korea’s strict regulatory framework.
XRP Ledger gets another institutional validator from Asia
Notably, Infinite Block, created by a group of Korea’s leading regulatory and financial experts, was awarded a VASP license after being the only one to qualify from approximately 50 applicants in 2023. This accreditation highlights its compliance with Korea’s strict regulations on virtual assets, including the international travel rule and anti-money laundering standards.
XRPL, a decentralized open source protocol active since 2012, has processed over 2.5 billion transactions. Major contributors to the ecosystem include Ripple, the XRPL Foundation, and XRPL Laboratories. XRP, the ledger’s native token, is currently ranked seventh globally in terms of market capitalization among virtual assets.
Infinite Block’s entry as a validator is seen as an important step in strengthening the domestic blockchain environment and improving Korea’s position in the international arena. The company plans to engage in stable governance, expand the ecosystem and offer business services, while adhering to national and international compliance standards.
CEO Jung Gu-tae emphasized the strategic importance of the move. “As a fully regulated custody business operator, we will provide blockchain regulatory support infrastructure tailored to the institutional characteristics of the Korean virtual asset industry,” he said. “We will not only contribute to the protection of users, but also to the improvement of reliability based on rigorous regulatory compliance, both nationally and internationally. »
Emi Yoshikawa, vice president of strategic initiatives at Ripple, welcomed the development. “Hot off the press from Korea. Infinite Block, a VASP license guard company in South Korea, now runs a validator on the XRP Ledger. It’s great to see more and more institutional level validators participating in the Asian ecosystem! » Yoshikawa said via social media platform X.
Infinite Block’s announcement coincides with other institutional commitments, noted attorney Bill Morgan, who speculated on the timing in relation to similar news from SBI Holdings. “It cannot be a coincidence so soon after the SBI entity became a validator,” Morgan commented, hinting at a possible coordinated expansion of institutional support within the ecosystem in Asia.
At press time, XRP was trading at $0.5045.
Featured image from Shutterstock, chart from TradingView.com
