Japan’s Finance Giant SBI Becomes XRP Ledger Validator

SBI VC Trade, the crypto exchange business of Japan’s finance giant SBI Holdings, launches a validator on the XRP Ledger (XRPL).

The team behind the Japan-based crypto exchange announced the move in a press release this morning, emphasizing their longstanding support of XRP, which has propelled the cryptocurrency to become one of the platform’s most favored assets.

According to the announcement, SBI VC Trade has already begun its node operation, with on-chain data confirming that the validator service is now operational at the reporting time. The overarching goal for the firm is to eventually become a dUNL validator on the XRPL, which would allow it to have more say on amendments.

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XRP レジャーのバリデータとして
ノード運用を開始❗
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SBI VCトレードでは、5月10日より、レイヤー１の分散型ブロックチェーンであるXRPレジャー上のバリデータとして、ノード運用を開始することをお知らせいたします✨… pic.twitter.com/PXborbOXvz

— SBI VC Trade (SBI VCトレード） (@sbivc_official) May 10, 2024

For context, a validator on the XRP Ledger confirms transaction validity. However, a dUNL (default Unique Node List) validator is a trusted validator that is part of a select group with more influence on the ledger’s operation.

While each validator can choose its UNL list, which comprises validators it trusts, the dUNL list most prominent for the XRPL is a list of validators recommended by the XRPL Foundation and Ripple. 

SBI VC Trade Aims to Become a dUNL Validator

Data from XRPScan shows that the XRPL has over 150 validators, including the recently launched SBI VC Trade validator. Nonetheless, of these 150 validators, only are part of the dUNL list. The XRPL Foundation updated its list last March to include the validator run by xrpcafe founder Vet and two others.

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SBI VC Trade looks to secure an inclusion after its validator has shown a track record of integrity and stable operation. As noted in the press release, part of the reason the firm seeks to achieve this goal is to act as a validator that reflects the collective voice of XRP holders in Japan.

In addition to this, SBI VC Trade has disclosed plans to present educational resources to help the Japanese XRP community better understand the workings of the XRPL and the nature of each amendment. Afterward, the firm will cast its vote on any amendment after considering the opinions of the Japanese community through surveys.

SBI Continues to Support the XRPL

Moreover, the company emphasized the contributions its parent firm, SBI Holdings, has made to the XRPL ecosystem. In January, SBI Holdings revealed plans to issue NFTs on the XRPL. Last July, SBI VC Trade launched a series of campaigns to help bolster the presence of XRP within the Japanese market.

These contributions resulted from SBI Holdings’ partnership with Ripple, which led to the launch of a new subsidiary, SBI Ripple Asia, a joint venture between both firms that leverages RippleNet for remittance services across over 70 countries. SBI Holdings holds a 60% share of the firm, while Ripple holds 40%.