SBI VC, the crypto exchange arm of Japan’s top financial institution, SBI Holdings, announced its participation as a validator on the XRP Ledger (XRPL).
This move reflects the firm’s unwavering support for XRP, a cryptocurrency that has gained notable traction within its trading platform.
However, despite this bullish news and the mild uptick in the broader crypto market, XRP remains bearish. XRP currently trades around $0.503, with a nearly 2% decline in the last 24 hours
SBI VC Trade Reveals its Validator Goals
For context, validators serve as crucial gatekeepers on the XRP Ledger, tasked with verifying the legitimacy of transactions. However, not all validators are created equal.
The latest announcement reveals that SBI VC Trade has already started node operations on the XRPL. The firm aspires to become a dUNL (default Unique Node List) validator on the XRPL.
The dUNL validators are the most trusted and influential validators on the Ripple network. They boast significant influence over XRP Ledger operations.
Becoming a dUNL validator will allow SBI VC Trade to contribute and vote for ecosystem upgrades and amendments.
While the XRP Ledger accommodates various validators, inclusion in the dUNL list remains exclusive to validators demonstrating exceptional reliability and integrity. Beyond its validator endeavors, SBI VC Trade is also dedicated to supporting greater understanding and participation within the XRP community, particularly in its home country, Japan.
The institution has unveiled plans to provide educational resources to empower XRP stakeholders. This support aims to provide stakeholders with comprehensive insights into how the XRPL operates and the significance of proposed amendments.
Besides that, SBI VC Trade pledges to adopt a collaborative approach to governance within the XRP ecosystem. It mainly involves soliciting feedback from the Japanese XRP community through surveys and consultations.
By amplifying the voices of token holders in Japan, the institution aims to catalyze inclusive and transparent decision-making within the digital asset space.
Collaboration Between XRP Ledger and SBI VC Trade
Furthermore, SBI VC Trade highlighted its mother company, SBI Holdings, played a significant role in nurturing the XRP Ledger (XRPL) ecosystem. This commitment was seen in various initiatives undertaken in collaboration with Ripple, a leading blockchain and crypto industry player.
Early this year, SBI Holdings unveiled its intention to venture into the aspect of non-fungible tokens (NFTs) by leveraging the capabilities of the XRPL. This move reflected the company’s strategic vision to explore innovative applications within the digital asset industry.
Also, SBI VC Trade demonstrated its dedication to promoting adoption within Japan through a series of campaigns launched in July last year.
Notably, their collaborative efforts peaked at establishing SBI Ripple Asia, a joint venture to revolutionize cross-border remittance services. In the meantime, SBI Holdings maintains a controlling stake of 60% in SBI Ripple Asia, while the remaining 40% belongs to Ripple.
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