Ripple Expands Its Presence in the Asia-Pacific Region With a New Partnership in South Korea

San Francisco-based Ripple continues to expand its presence in the Asia–Pacific (APAC) region with a new partnership in South Korea.

San Francisco-based Ripple is expanding its presence in the Asia–Pacific (APAC) region with a new partnership in South Korea.

The partnership will see BDACS, a South Korean institutional crypto storage firm, integrate Ripple Custody to support institutional custody for XRP and Ripple’s US dollar-backed RLUSD stablecoin.

The partnership aims to capitalize on South Korea’s thriving crypto regulatory landscape, including the blockchain regulation-free zone in Busan. It also aligns with the Financial Services Commission’s (FSC) roadmap for regulatory approval.

“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone,” Ripple said.

The move is part of Ripple’s effort to expand its offerings beyond payments into other crypto-related sectors.

This partnership will also see both companies cooperate to foster the digital asset ecosystem.

“At BDACS, we are fully committed to providing the best-in-class infrastructure for the institutional adoption of crypto in Korea,” said Harry Ryoo, CEO of BDACS.

“We are excited to partner with Ripple to provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem.”

The total amount of custodied cryptocurrencies is expected to reach $16 trillion by 2030, according to an estimate by Chainalysis. This would equal about 10 percent of the world’s GDP.

As part of its broader push into custody, Ripple acquired crypto custody provider Metaco for a total of $250,000 back in May. Last October, the blockchain startup launched new services aimed at helping banks store digital assets on behalf of clients.

The XRP cryptocurrency could be finally ready to take off as Ripple makes further inroads into the mainstream arena amid speculation that the lawsuit with the U.S. Securities and Exchange Commission is about to end.

At press time, the coin is trading down 1.4% on the day at $2.14. Once bullish momentum returns, it won’t be long until XRP crosses the elusive $3 threshold and eventually reaches $10.