Ripple Labs Partners with South Korean Digital Asset Custodian BDACS to Support Institutional Custody for XRP and Ripple USD

Ripple Labs has signed a strategic partnership with BDACS, a South Korean digital asset custody provider, to support institutional custody for XRP and Ripple USD.

Ripple Labs is expanding its reach in the Asian market. The company has announced a strategic partnership with BDACS, a digital asset custody provider in South Korea, to support institutional custody for XRP and Ripple USD.

The partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC).

“South Korea is gearing up for a wave of institutional crypto adoption - very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD.”

Amid growing enterprise interest in crypto, institutional-grade custody is more crucial than ever.

As part of the partnership, BDACS will integrate Ripple Custody, the company’s solution for safeguarding crypto and digital assets, to provide a service to financial institutions in South Korea.

The integration will enable the safekeeping of various crypto assets, including XRP, Ripple USD (RLUSD) and other digital currencies.

The partnership aims to support the growing demand for crypto in the country.

“We are pleased to partner with BDACS to provide a seamless and efficient custody solution for institutional investors in South Korea. This partnership aligns with the FSC’s roadmap for the orderly participation of institutions in crypto-assets.”

The partnership also aims to strengthen the digital asset ecosystem in the region.

BDACS CEO Harry Ryoo noted his firm’s commitment to ensuring a secure infrastructure for institutional crypto adoption.

“We are honored to partner with Ripple to provide a best-in-class custody solution that meets the unique needs of financial institutions in South Korea.”

He added that the partnership will enable both companies to enhance and expand the digital asset ecosystem.

According to Ripple Custody, it expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.

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