Ripple Labs Expands Into South Korea's Institutional Crypto Market with New Partnership

Ripple President, Monica Long, used X to point out how important institutional adoption of digital assets is in South Korea.

In a post on X, Monica Long, President of Ripple, highlighted the emerging importance of institutional adoption of digital assets in South Korea.

Announcing a new partnership with BDACS, a key digital asset custody firm in the region, to build up custody infrastructure for XRP, RLUSD, and other cryptocurrencies.

“Korea is setting the stage for a wave of institutional crypto adoption—very excited for Ripple Custody to plant another flag in APAC with @BDACSKorea for XRP and RLUSD. The importance for secure, institutional-grade custody technology can’t be overstated, especially as we continue to see strong interest from institutional investors in crypto products and services. Together with BDACS, we’re excited to be setting the foundation for the next chapter of digital assets in Korea 🇰🇷

Long shared her enthusiasm for how Ripple Custody will play a role in Korea’s evolving regulatory landscape and the growing interest in crypto services among institutions.

This partnership aligns with the Financial Services Commission’s (FSC) roadmap to encourage institutions to engage in the digital asset market.

“[The partnership will] integrate Ripple Custody, the leading digital asset custody and security technology, into BDACS’s state-of-the-art digital asset custody service for institutions in Korea. Through this collaboration, institutions will be able to securely store, manage and trade XRP, RLUSD and other digital assets in a compliant manner within the Korean market,” an excerpt from the press release reads.

Harry Ryoo, CEO of BDACS, added that the partnership will provide institutions with a secure platform for trading and storing digital assets in accordance with regulatory guidelines.

“We are thrilled to be partnering with Ripple to bring the best-in-class digital asset custody technology to institutions in Korea. Together, we will create an ecosystem that fosters innovation and drives the responsible adoption of digital assets in the region,” said Ryoo.

On the other hand, Fiona Murray, Managing Director APAC at Ripple, expressed her optimism for the partnership, which will allow Ripple to introduce its custody solution to institutional investors in Korea.

“We are excited to be partnering with BDACS to bring Ripple Custody to the Korean market. Together, we will provide institutions with the advanced technology and services they need to manage their digital assets securely and efficiently,” said Murray.

Korea’s changing regulatory focus is expected to accelerate the need for specialized custody services.

With recent news of corporate engagement in digital assets and the development of a regulatory framework for stablecoins, there is an emerging demand for secure custody solutions.

Moreover, BDACS is among the first institutions in Korea to provide these services, positioning itself as a leader in this growing market. By 2030, the global crypto market is expected to see crypto assets under custody reach $16 trillion. Secure custody technology is expected to be crucial for the digital asset ecosystem’s growth.