- Ripple and BDACS team up for XRP custody in South Korea.
- Boosts institutional crypto adoption in APAC.
- Aligns with new South Korean regulations.
Ripple has partnered with Korean crypto custodian BDACS to provide institutional-grade custody for XRP and RLUSD in South Korea, enhancing its Asia-Pacific strategy.
This collaboration supports regulatory alignment and aims to boost institutional adoption of digital assets in Korea, potentially impacting XRP’s market dynamics.
Ripple’s partnership with BDACS, a leading Korean custodian, aims to expand XRP support in South Korea. This strategic collaboration aligns with regulatory requirements. It is significant for Ripple’s presence in the Asia-Pacific region.
Institutions involved include Ripple, known for its blockchain innovations, and BDACS, specializing in crypto custody. Ripple President Monica Long and BDACS CEO Harry Ryoo are key figures in this initiative. The focus is on delivering compliant custody solutions.
The partnership’s immediate effects involve increasing institutional engagement with Ripple’s XRP. It is set to reshape the crypto market dynamics in South Korea by aligning with influential financial regulations.
The financial implications include a shift towards secured and compliant digital asset management. Politically, it strengthens regulatory adherence to South Korea’s Financial Services Commission policies.
“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.” — Monica Long, President, Ripple
Ripple projects that global crypto custody will reach $16 trillion by 2030. This partnership’s potential regional impact includes boosting liquidity for XRP holders and establishing trust for regulated digital assets.
The Ripple-BDACS initiative represents a crucial step for digital asset ecosystems in Korea. Regulatory compliance fosters secure growth channels, ultimately setting a precedent for institutional crypto support and innovative blockchain solutions.
