Ripple partners with BDACS to offer XRP custody in South Korea

Ripple Labs has strategically partnered with BDACS, a South Korean digital asset custody firm, to provide institutional-grade custody services for XRP (CRYPTO:XRP), Ripple USD (CRYPTO:RLUSD), and other digital assets in South Korea.

The partnership, announced on February 26, aims to capitalise on the growing institutional interest in crypto and aligns with the South Korean Financial Services Commission’s (FSC) regulatory roadmap for digital assets.

Under the agreement, BDACS will integrate Ripple Custody, Ripple's institutional crypto and digital asset custody solution, to securely store and manage digital assets for financial institutions.

Monica Long, President of Ripple, expressed enthusiasm about the partnership, noting South Korea's readiness for institutional crypto adoption.

She emphasised the importance of secure custody technology as enterprises prepare for increased crypto interest.

Harry Ryoo, CEO of BDACS, stated that his firm will provide secure and reliable custody services to support Ripple’s blockchain initiatives, ultimately enhancing and expanding the digital asset ecosystem.

Fiona Murray, Managing Director of APAC at Ripple, highlighted the partnership as a critical step in expanding the digital asset ecosystem, given the surging crypto market and new opportunities emerging under the FSC’s regulatory roadmap.

BDACS will offer custody support for XRP and RLUSD and is among the first licensed institutional custody providers in South Korea, enabling investors to securely trade various digital assets.

Ripple Custody anticipates the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.

This partnership is part of Ripple’s broader strategy to expand its offerings beyond payments.

Ripple has also unveiled a new roadmap for building an institutional decentralised finance (DeFi) ecosystem on the XRP Ledger blockchain network.

This includes a permissioned decentralised exchange (DEX), a credit-based DeFi lending protocol, and a new multi-purpose token (MPT) standard.

At the time of reporting, the XRP (XRP) price was $2.00.