Bitrabo Editorial
SBI VC Trade, a subsidiary of SBI Holdings, has started operating as a validator node on the XRP Ledger (XRPL). This move showcases SBI’s dedication to contributing to the governance and progress of the ledger as a key player in Japan’s financial industry.
SBI’s Announcement of XRP Ledger Validator Launch
The launch announcement was made by Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, emphasizing SBI VC Trade’s proactive approach to align with the interests of XRP holders, who are its customers. She praised the initiative as a way to involve XRP holders in the validation process.
SBI VC Trade aims to represent the voice of XRP holders through its validator, as stated in their announcement. This diverse approach to running validators was acknowledged and appreciated for involving customers in the validation process.
In an official statement, SBI outlined its strategy behind operating a validator node to establish credibility within the XRP Ledger community and potentially be included in the list of trusted validators recommended by the XRP Ledger Foundation in the future.
Joining the Unique Node List (UNL) would grant SBI VC Trade more influence within the network, particularly in voting on new ledger features. The company plans to integrate customer feedback into their decision-making process and engage in educational activities to empower XRP holders with relevant information.
Strategic Significance of SBI-Ripple Collaboration
SBI Holdings has fostered a strong partnership with Ripple, leveraging its blockchain technology for various financial applications, notably through the joint venture SBI Ripple Asia. This collaboration, initiated in 2016, focuses on enhancing cross-border payment services and streamlining banking transactions in Asia using Ripple’s technology.
Yoshitaka Kitao, President and CEO of SBI Holdings, has expressed optimism about XRP’s role in financial transactions and integrated the crypto asset into various services within SBI’s extensive financial network. SBI’s involvement as a validator signals its commitment to supporting ecosystem growth and stability.
By actively participating as a validator, SBI VC Trade aims to enhance the ecosystem’s robustness, known for its rapid settlement, cost-effectiveness, and scalability. This move is expected to benefit the operations of SBI and contribute to establishing XRP as a reliable enterprise-grade blockchain solution.
As of now, XRP is trading at $0.51671, showing a 30% decrease from its peak of $0.74 in mid-March.