Ripple’s Partnership With BDACS Pays Off as XRP Support Goes Live at Korean Crypto Custodian
Ripple’s partnership with BDACS, a regulated South Korean crypto custodian, has yielded its first tangible result: XRP is now available on BDACS’s platform. This launch, announced by BDACS on August 5th, marks a significant step for XRP’s institutional adoption in South Korea, where it’s considered a highly popular digital asset.
The collaboration, initially unveiled on February 26th, aligns with the South Korean Financial Services Commission’s roadmap to boost institutional participation in the country’s digital asset market. BDACS will offer custody services for XRP and RLUSD, Ripple’s US dollar-pegged stablecoin, leveraging Ripple’s secure institutional custody software. This initiative allows institutional clients in South Korea regulated access to XRP.
Beyond facilitating XRP and RLUSD custody, the partnership aims to support developers building on the XRP Ledger and to accelerate the adoption of tokenization and stablecoins. BDACS’s decision to partner with Ripple is rooted in projections forecasting substantial growth in the crypto custody market, potentially reaching $16 trillion in assets and encompassing 10% of global GDP tokenized by 2030.
Fiona Murray, Ripple’s Asia-Pacific managing director, highlighted the partnership’s timeliness, coinciding with increasing market activity and evolving regulatory landscapes in South Korea. BDACS CEO Harry Ryoo emphasized the firm’s commitment to providing secure and compliant custody solutions, thereby supporting Ripple’s blockchain initiatives.
The XRP Ledger, a layer-1 blockchain, is designed for cost-effective and scalable transfers of digital and tokenized assets. RLUSD, Ripple’s stablecoin, is intended for enterprise and financial institutions and maintains a 1:1 backing with US dollar reserves. BDACS’s involvement in other projects, including collaborations with Avalanche, Polymesh, Woori Bank, and participation in Busan’s blockchain regulation-free zone, underscores its commitment to the broader blockchain ecosystem.
The partnership with Ripple directly contributes to BDACS’s goal of expanding its institutional custody services within the Korean regulatory framework. As of August 6th, XRP’s price stood at $2.97, reflecting a 3.4% decrease over the previous 24 hours, according to CoinDesk Data.
