- 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 firm, led by CEO Jung Gu-tae, aims to foster the stable expansion of the ledger within Korea’s stringent regulatory framework.
- Infinite Block was the sole qualifier among approximately 50 applicants in 2023, securing a VASP license and underscoring its compliance with Korea’s robust virtual asset regulations.
Infinite Block, a licensed Korean VASP, has joined the XRP Ledger as a validator, marking a significant step in bolstering the domestic blockchain environment and enhancing Korea’s position on the international stage.
XRP Ledger Gets Another Institutional Validator From Asia
Infinite Block, established by a group of Korea’s foremost regulatory and financial experts, notably secured a VASP license after being the sole qualifier among approximately 50 applicants in 2023. This credential underscores its compliance with Korea’s robust virtual asset regulations, including the international Travel Rule and anti-money laundering standards.
Impact on the XRPL Ecosystem
The XRPL, a decentralized open-source protocol active since 2012, has processed over 2.5 billion transactions. Among the prominent contributors to the ecosystem are Ripple, the XRPL Foundation, and XRPL Labs. XRP, the native token of the ledger, is currently ranked seventh globally in terms of market capitalization among virtual assets.
Strategic Importance of the Move
CEO Jung Gu-tae emphasized the strategic importance of this move. “As a fully regulated custodial business operator, we will provide blockchain regulatory support infrastructure suitable for the institutional characteristics of the Korean virtual asset industry,” he said. “We will contribute not only to user protection but also to enhancing the reliability based on thorough regulatory compliance, both domestically and internationally.”
Conclusion
The entry of Infinite Block as a validator is seen as a significant step in both bolstering the domestic blockchain environment and enhancing Korea’s position on the international stage. The company plans to engage in stable governance, expand the ecosystem, and offer services to corporations, all while adhering to domestic and international compliance standards.
