SBI VC Trade, a subsidiary of SBI Holdings, has commenced its role as a validator node on the XRP Ledger (XRPL). This move by SBI, a major player in Japan’s financial sector, underscores its commitment to playing a pivotal role in the governance and development of the ledger.
SBI Announces XRP Ledger Validator Launch
The news about the launch was shared by Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, via a post on X. Yoshikawa’s announcement highlighted the proactive approach taken by SBI VC Trade in aligning with the interests of its clientele who are holders of XRP, the native digital asset of the XRPL.”
SBI VC Trade (SBI Holding’s crypto exchange) just announced the launch of their validator on XRPL. She further commented, “In their announcement, they say that they intend to reflect the voice of XRP holders (their customers) through this validator. Great to see diverse approaches to running validators!”
???? SBI VC Trade (SBI Holding’s crypto exchange) just announced the launch of their validator on XRPL. You can see it here: https://t.co/RNYgY6uD5p
In their announcement, they say that they intend to reflect the voice of XRP holders (their customers) through this validator. Great… https://t.co/btVkDMk7SZ
— Emi Yoshikawa {X} (@emy_wng) May 10, 2024
In an official statement, SBI detailed their strategy behind operating a validator node. “By continuing to operate stably as a validator and having our achievements recognized by the community, we will be included in the list of trusted validators (UNL, Unique Node List) recommended by the XRP Ledger Foundation in the future,” the press note explained.
Being part of the UNL would allow SBI VC Trade more influence in the network, especially in voting on new features of the ledger. The company further elaborated on its goals to be a “validator that reflects the voices of the XRP holder community in Japan,” a reflection of its long-standing service to holders of the token.
SBI’s plans include conducting surveys to integrate customer opinions into their voting decisions for new features. Moreover, they intend to actively participate in the dissemination of information and education about new features and amendments, enhancing the ability of holders to make informed decisions that bolster the ecosystem.
Strategic Importance Of The SBI-Ripple Partnership
SBI Holdings has nurtured a significant partnership with Ripple, leveraging the latter’s blockchain technology for various financial applications, particularly through the joint venture SBI Ripple Asia. This collaboration, which started in 2016, is focused on enhancing cross-border payment services and optimizing banking transactions across Asia using Ripple’s technology.
President and CEO of SBI Holdings, Yoshitaka Kitao, has been a vocal proponent of XRP, often expressing a bullish outlook on its future in financial transactions. Under Kitao’s leadership, SBI has integrated the crypto asset into several of its services, promoting its adoption across its extensive financial network.
SBI VC Trade operating as a validator is a clear signal of SBI’s intent to leverage its influence to foster the growth and stability of the ecosystem. This development is expected to not only benefit SBI’s operations but also contribute to its robustness as an enterprise-grade blockchain solution recognized for its fast settlement, low cost and scalability.
At press time, XRP traded at $0.51671, down 30% since its high of $0.74 in mid-March.
Price remains below the triangle pattern, 1-week chart | Source: XRPUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Author: Jake Simmons
