SBI VC Trade, Japan’s leading cryptocurrency exchange, has launched its validator on the XRP Ledger. The move aims to represent XRP holders’ voices and contribute to the ledger’s development.
SBI VC Trade announced the launch of its validator on the XRP Ledger on May 10, 2024. The exchange aims to achieve recognition by the XRP Ledger community through stable operations. Additionally, earning validator status enables inclusion in the Unique Node List (UNL) recommended by the XRP Ledger Foundation.
Representing XRP Holders’ Interests
SBI VC Trade’s mission extends beyond technical operation. The exchange aims to represent the interests of its XRP-holding clientele. This will involve collecting feedback through surveys, allowing customers to directly influence decision-making within the XRP Ledger. This positions SBI VC Trade as a champion for the Japanese XRP community.
Furthermore, registering as a validator grants SBI VC Trade voting rights on network upgrades and features. Inclusion in the coveted Unique Node List (UNL) remains a future goal, signifying recognition from the XRP Ledger Foundation. This step would further solidify the exchange’s role as a responsible influencer within the ecosystem.
“SBI VC Trade’s move to operate an XRP Ledger validator node is a commendable step towards greater decentralization,” stated Emi Yoshikawa, a prominent blockchain analyst. “Their involvement lends further credibility and reinforces Japan’s position as a crypto-forward nation.”
Yoshikawa also highlights SBI’s customer-centric approach, noting the alignment with the XRP Ledger’s strong community ethos.
Ripple’s Expansion in Japan
Ripple CEO Brad Garlinghouse has consistently praised Japan as a cryptocurrency-friendly jurisdiction. In 2020, he even suggested relocating Ripple’s headquarters to Tokyo before the SEC’s legal battle with the company.
More recently, in April 2024, Ripple expanded its presence in Japan by announcing a collaboration with Tokyo-based HashKey DX. The partnership aims to leverage the XRP Ledger for developing enterprise solutions for customers in Japan.
The launch of the new XRP Ledger validator marks a significant milestone in the adoption and development of the XRP ecosystem, particularly in Japan. As a prominent player in the cryptocurrency space, SBI Holdings’ commitment to representing XRP holders and contributing to the ecosystem’s growth is a promising development for the industry.
While still early days, SBI’s validator launch represents a positive step towards a more resilient, decentralized, and enterprise-ready XRP Ledger. As the governance model evolves, active participation from respected institutions like SBI VC Trade could shape a future where corporate and individual stakeholders collaborate in shepherding the ledger’s growth and innovation.
