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Japan’s SBI holdings is now an XRP ledger validator

By:
on May 10, 2024
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  • SBI VC Trade, under SBI Holdings, has launched a validator on the XRP Ledger.
  • The firm will educate the Japanese community on XRPL operations and amendments.
  • The development follows Ripple's partnership with Japan's HashKey DX.

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SBI VC Trade, a subsidiary of Japan’s financial behemoth SBI Holdings, has announced the launch of a validator on the XRP Ledger (XRPL). According to a May 10 press release, the company has started its node operations, and the validator service is active.

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SBI VC Trade aims to advance to becoming a dUNL validator on the XRPL, a role that would grant it increased influence over amendments to the ledger.

Validators on the XRPL are responsible for confirming the validity of transactions. A dUNL (default Unique Node List) validator is a part of a select group that holds significant sway over the ledger’s functions. 

Although each validator can select its UNL, which lists trusted validators, the dUNL list for the XRPL, recommended by the XRPL Foundation and Ripple, is notably influential.

SBI continues to back Ripple

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Additionally, SBI VC Trade plans to provide educational materials aimed at enhancing the Japanese XRP community’s understanding of XRPL operations and the details of amendments. The firm will make decisions on amendments based on community feedback gathered through surveys.

SBI VC Trade also underlined the contributions of its parent company, SBI Holdings, to the XRPL ecosystem. Notably, SBI Holdings announced in January its intent to issue NFTs on the XRPL. Furthermore, in July last year, SBI VC Trade initiated several campaigns to strengthen XRP’s presence in the Japanese market.

These initiatives are part of SBI Holdings’ collaboration with Ripple, leading to the creation of SBI Ripple Asia. The joint venture leverages RippleNet to offer remittance services across more than 70 countries. SBI Holdings owns a 60% stake in this venture, with Ripple holding the remaining 40%.

Amidst this backdrop, Ripple has also entered a partnership with HashKey Group’s Tokyo-based firm, HashKey DX. The collaboration is focused on launching business solutions powered by the XRP Ledger in Japan.

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