Ripple Partners with South Korean Custodian to Support Institutional Crypto Adoption
Ripple Labs has announced a strategic partnership with BDACS, a South Korean digital asset custody provider, to support institutional custody for XRP and Ripple USD.
Partnership Details
The partnership, announced on February 26, will enable BDACS to integrate Ripple Custody, Ripple’s institutional crypto and digital asset custody solution, to safeguard XRP (XRP), Ripple USD (RLUSD), and other crypto assets for financial institutions in South Korea.
Ripple’s View on Institutional Grade Custody
Ripple president Monica Long highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto. "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," Long said in a statement.
Alignment with South Korean Regulatory Requirements
The partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC). Ripple stated that 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.
BDACS’ Commitment to Security
BDACS CEO Harry Ryoo emphasized his firm’s commitment to ensuring a secure infrastructure for institutional crypto adoption. "BDACS will 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," Ryoo said.
Ripple’s Expectations
Ripple Custody expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.
Roadmap for Institutional DeFi Ecosystem
Alongside the partnership with the South Korean crypto custodian, Ripple Labs unveiled a new roadmap for building an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain network.
Conclusion
The partnership between Ripple and BDACS is a significant step towards supporting institutional crypto adoption in South Korea. With this collaboration, the two companies aim to provide a secure and reliable infrastructure for institutional investors to participate in the digital asset market.
FAQs
- What is Ripple Custody?
Ripple Custody is an institutional crypto and digital asset custody solution provided by Ripple Labs. - What is the purpose of the partnership between Ripple and BDACS?
The partnership aims to support institutional custody for XRP and Ripple USD, enabling financial institutions in South Korea to securely and reliably participate in the digital asset market. - What is the expected growth of custodied cryptocurrencies by 2030?
Ripple Custody expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.
