- BDACS has launched institutional custody support for XRP in South Korea, marking a significant development in Ripple’s partnership
- The move aligns with South Korea’s regulatory roadmap for institutional crypto and builds on Ripple’s custody platform
- XRP’s availability through a regulated custodian could enhance long-term global institutional use beyond the Korean market
Ripple’s ongoing partnership with BDACS has resulted in the launch of XRP custody for institutional clients in South Korea, making a significant move in Ripple’s strategy to expand institutional use of its native token globally. The rollout is the first concrete outcome of a February agreement between Ripple and BDACS, marking a milestone in Ripple’s long-term regulatory alignment in the region.
XRP now available through regulated custodian
On August 5, BDACS, a licensed crypto custodian for South Korean institutions, officially launched its XRP custody services, enabling institutions to securely store and manage the digital asset in compliance with South Korea’s regulatory framework. The move follows a partnership announced earlier this year between Ripple and BDACS, which aims to help institutions in South Korea access regulated custodial services for XRP and Ripple’s U.S. dollar-denominated stablecoin, RLUSD.
This launch directly follows BDACS’s initial plan to support XRP, a leading asset in the South Korean market, with the backing of Ripple’s Custody platform. The addition of XRP to BDACS’s offerings not only expands the custodian’s services but also strengthens Ripple’s standing as a blockchain company shaping the regulatory landscape for crypto in South Korea.
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Strategic alignment with South Korea’s regulatory framework
The launch comes as part of South Korea’s broader goal to integrate digital assets into its institutional financial systems, a move signified by the country’s Financial Services Commission roadmap. BDACS’s commitment to comply with these regulations while supporting Ripple’s blockchain technology and digital currency initiatives further cements the country’s position as a growing crypto hub in Asia.
Fiona Murray, Ripple’s managing director for the Asia-Pacific region, noted that the collaboration with BDACS helps strengthen Ripple’s presence in the region. The partnership aims to foster developer activity on the XRP Ledger, promote stablecoin adoption, and expand tokenization use cases.
XRP’s institutional availability via BDACS aligns with growing global interest in tokenization, as market analysts project the value of crypto custody services could hit $16 trillion by 2030. This initiative positions XRP and Ripple as key players in this emerging space.
