Japan’s major financial institution SBI assumes role as validator for the XRP Ledger

SBI VC Trade, the cryptocurrency exchange business of SBI Holdings in Japan, has launched a validator on the XRP Ledger (XRPL), according to a press release. The team behind the exchange has expressed its unwavering support for XRP, which has helped make it one of the most popular assets on the platform.
The announcement states that SBI VC Trade has already started its node operation, and on-chain data confirms that the validator service is now up and running. The ultimate goal for the firm is to become a dUNL validator on the XRPL, which would give it more influence over amendments.
A validator on the XRP Ledger verifies the validity of transactions, while a dUNL validator is a trusted validator that belongs to a select group with greater influence over the ledger’s operation. Although each validator can choose its own Unique Node List (UNL), the most significant dUNL list for the XRPL consists of validators recommended by the XRPL Foundation and Ripple.
Currently, there are over 150 validators on the XRPL, including the newly launched SBI VC Trade validator, but only a few of them are part of the dUNL list. SBI VC Trade aims to be included in this list once its validator has established a track record of integrity and stable operation. The firm hopes to act as a validator that represents the collective voice of XRP holders in Japan.
In addition, SBI VC Trade plans to provide educational resources to help the Japanese XRP community better understand the XRPL and the nature of each amendment. After gathering opinions from the community through surveys, the firm will cast its vote on any amendments.
SBI Holdings, the parent company of SBI VC Trade, has been actively supporting the XRPL ecosystem. Earlier this year, SBI Holdings announced plans to issue NFTs on the XRPL, and last year, SBI VC Trade launched campaigns to promote XRP in the Japanese market. These contributions are a result of SBI Holdings’ partnership with Ripple, which led to the establishment of SBI Ripple Asia, a joint venture that utilizes RippleNet for remittance services in over 70 countries.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.