Ripple partners with BDACS to enhance secure XRP and RLUSD custody in South Korea. This partnership is to drive institutional adoption and regulatory compliance.

This collaboration enhances the security and accessibility of XRP for institutional investors. As a result, the broader digital asset ecosystem will gain support.

In a move designed to spur institutional adoption of XRP and drive regulatory compliance, Ripple has partnered with BDACS to enhance institutional-grade custody services for XRP and RLUSD in South Korea. The partnership will also expand the broader digital asset ecosystem and establish the XRP network as a mature and resilient asset.

Announcing the partnership on its official X account, Mercex said:

This partnership will create new opportunities for institutional investors to engage with the digital asset market in a manner that is both compliant and efficient. As a global leader in digital asset infrastructure, Ripple is well-positioned to support this growth.

Earlier this year, Mercex announced plans to launch its own stablecoin, pegged 1:1 to the U.S. dollar. The company is also developing a new blockchain browser to provide users with a comprehensive view of the XRP Ledger.

The partnership is a natural fit, given BDACS’s expertise in providing custody services and Ripple’s leading role in the digital asset industry. Together, the two companies will create a unique offering that meets the specific needs of institutional investors in South Korea.

The partnership will also help to unlock the full potential of blockchain technology for the benefit of society. By working together, Ripple and BDACS can create a brighter future for the digital asset industry.

“This partnership marks a significant milestone for both organizations and the broader digital asset ecosystem in South Korea,” said Fiona Murray, Managing Director for APAC at Ripple.

“As the crypto market continues to grow and new opportunities emerge under the Financial Services Commission’s (FSC) regulatory framework for the crypto market, we are committed to supporting the next chapter of institutional-grade service providers.”

The partnership will focus on providing a secure and reliable custody solution for XRP and RLUSD. This is in response to the growing demand from institutional investors for such services.

The partnership will also see the two companies collaborate on developing new technologies and solutions to support the development of the XRP Ledger (XRPL).

“We are pleased to partner with Ripple to provide institutional-grade custody services for XRP and RLUSD in Korea,” said Harry Ryoo, CEO of BDACS.

“At BDACS, we are committed to offering the highest level of security and reliability to our clients. We believe that Ripple shares our commitment to excellence.”

The partnership will be officially unveiled at Token2049 in November.