Infinite Block, the only South Korean crypto firm to secure a Virtual Asset Service Provider (VASP) license until now, has announced support for XRP Ledger (XRPL), the open-source, public blockchain designed by American fintech firm Ripple.
The newly announced support from Infinite Block opens the door for XRPL to enter the South Korean market and gain access to a new user base.
According to a post on X (previously known as Twitter), Infinite Block will expand XRPL-based custody services and “pursue the expansion of blockchain services through compliance with domestic regulations.”
[InfiniteBlock Custody, now supports XRPL]
InfiniteBlock(CEO, Gu-tae Jung) announced on the 21th that it will further expand ‘XRP Ledger(XRPL)’-based custody services and pursue the expansion of blockchain services through compliance with domestic regulations.
InfiniteBlock is… pic.twitter.com/yJZnkQlWGh
— Catalyze Research (@Catalyze_RS) June 24, 2024
Infinite Block “complies with all regulations not only for domestic projects but also when overseas services enter the country,” the X post noted, adding that the introduction of services like XRPL Custody, cross-border transactions, and grants in the region “will be safely entrusted.”
Gutae Jung, CEO of Infinite Block, stated that his firm became an XRPL validator last month and launched an XRPL-specific custody service. Jung added that by leveraging Infinite Block’s custody service, users will be able to interact with XRPL “through a highly reliable digital asset platform that is compliant with Korea’s unique regulatory environment.”
Emi Yoshikawa, the VP of Strategic Initiatives at Ripple, expressed enthusiasm for this new development, highlighting the “continued momentum of the XRP Ledger in Korea.” She added:
“With more enterprises entering the digital asset space, it’s critical for them to have access to reliable enterprise-grade digital asset platforms. Excited to see Infinite Block, the only licensed digital asset custody provider in Korea, unlocking opportunities for XRPL users in Korea.”
Infinite Block will also use its expertise in South Korean regulations to provide consultation on key XRPL initiatives and guide ecosystem builders. Leveraging XRPL, the South Korean firm hopes to establish a “transparent and fair operating system” for escrow, transfer, and storage services.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
