By
Bena Ilyas
May 20th, 2024
SBI VC Trade aims to directly engage with the XRP Ledger, facilitating smoother transactions for its customers while actively contributing to the network’s growth by taking up the role of a validator.
Japanese financial powerhouse SBI Holdings has taken up the validator role for Ripple’s Layer 1 blockchain network the XRP Ledger (XRPL). In an announcement on Friday, the company said that starting from May 10, 2024, its crypto subsidiary SBI VC Trade will begin serving as a node operator for the protocol to bolster the ecosystem’s growth.
The Japanese financial giant has a long track record of utilizing XRP Ledger through Ripple Payments, a blockchain payment infrastructure provider that uses XRP to facilitate payments worldwide. Building on this history, SBI Holdings has expanded its relationship with the company through SBI VC Trade to become the latest node operator to join XRPL.
Empowering the Ecosystem
SBI VC Trade aims to directly engage with the XRP Ledger, facilitating smoother transactions for its customers while actively contributing to the network’s growth by taking up the role of a validator.
“This time, our company has begun operating the XRP Ledger as a validator, and by considering an operational system that reflects the voices of XRP holder customers, we will be able to utilize the XRP Ledger and handle XRP transactions more directly,” said SBI VC Trade.
In addition to joining the protocol as a validator, the company also aims to enter the list of trusted node operators known as the Unique Node List (UNL), a vital mechanism ensuring the network’s integrity. However, its contributions and achievements as a protocol node operator will determine whether the company will make the list.
The XRP Ledger community fully recognizes the UNL validators as trusted node operators, helping to safeguard the network against fraudulent activities. While the network boasts hundreds of validators, only a handful of trusted operators are voted by the network’s participants to join the list.
These lists are carefully selected by Ripple, Coil, and XRP Ledger Foundation based on their contributions, performance, identities, and dedication to improving the network’s integrity. The UNL node operators are trusted not to partake or conspire in fraudulent activities.
Championing XRP in Japan
If selected as a UNL operator, the company aims to directly influence the network growth and development within the Japanese XRP community. Once it meets the criteria and successfully joins the UNL list, the company will be able to participate in voting for upgrades and new features.
Additionally, SBI plans to represent the voices of XRP holders in Japan. The token is the native crypto of the Layer 1 blockchain network with strong backing from Ripple.
The company said it is committed to keeping XRP holders in the country up to speed on any changes or new features coming to the network. By providing education and information, SBI VC Trade aims to empower users to make informed decisions that benefit the ecosystem.
The crypto firm intends to back any amendments that stakeholders support, gathering their opinions through surveys and polls before making any decisions.