As an analyst with a background in finance and blockchain technology, I view Infinite Block’s decision to join the XRP Ledger as a strategic move that underscores the growing institutional adoption of Ripple’s decentralized financial ecosystem in Asia.
A South Korean virtual asset service provider named Infinite Block, headed by CEO Jung Gu-tae and based in Seoul, announced on May 13 that it has become a validator on the XRP Ledger. The company’s objective is to promote the steady growth of the ledger while navigating Korea’s complex regulatory environment.
XRP Ledger Gets Another Institutional Validator From Asia
As a researcher studying the virtual asset industry, I’ve come across Infinite Block, a trailblazing company founded by some of Korea’s leading regulatory and financial experts. In 2023, they were the sole applicant to successfully secure a VASP (Virtual Asset Service Provider) license among approximately 50 contenders. This achievement underscores their commitment to adhering to Korea’s stringent virtual asset regulations. Notably, they meet international Travel Rule and anti-money laundering standards, ensuring a responsible and compliant business environment.
Since its inception in 2012, the XRPL, a decentralized open-source protocol, has handled more than 2.5 billion transactions. Notable entities supporting this ecosystem include Ripple, the XRPL Foundation, and XRPL Labs. The native digital token of this ledger, XRP, currently holds the seventh position in global market capitalization among virtual assets.
As a crypto investor, I view Infinite Block’s entry as a game-changer for the local blockchain scene and a boost to Korea’s global reputation. My expectation is that this validator will bring about steady governance, broaden the ecosystem, and cater to corporate needs while adhering to both domestic and international regulations.
CEO Jung Gu-tae underscored the significance of this action by stating, “As a trusted custodian business operator, regulated in full compliance with the law, we will create an infrastructure for blockchain regulation tailored to the institutional needs of the Korean virtual asset market. This will not only ensure the safety of users but also boost credibility through stringent regulatory adherence, both within our borders and globally.”
Emi Yoshikawa, Ripple’s Vice President of Strategic Initiatives, welcomed the development. “Hot off the press from Korea. Infinite Block, a VASP licensed custody company in South Korea, is now running a validator on the XRP Ledger. Great to see more and more institution-grade validators are participating in the ecosystem from Asia!” Yoshikawa stated via social media platform X.
According to noted lawyer Bill Morgan, Infinite Block’s announcement aligns with other recent institutional engagements. He speculated on the timing in relation to similar news from SBI Holdings, suggesting it may not be a mere coincidence given that the SBI entity recently became a validator. Morgan implied a potential coordinated growth of institutional backing within Asia’s blockchain ecosystem.
At press time, XRP traded at $0.5045.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- RARE PREDICTION. RARE cryptocurrency
- NLS PREDICTION. NLS cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
- BCH PREDICTION. BCH cryptocurrency
2024-05-13 19:11