South Korea’s BDACS, a top player in digital asset custody, has teamed up with Ripple to enhance institutional crypto storage. This move fits right into the country’s efforts to bring more financial institutions into the digital asset space, with support from the Financial Services Commission (FSC).
BDACS will provide secure custody for XRP and RLUSD, Ripple’s USD-backed stablecoin. The goal is to encourage use of RLUSD through XRPL’s network, expand the Asian footprint of cryptocurrency trading itself, and offer a desirable, SEC-compliant digital location within Busan City’s administrative sphere.
BDACS CEO Harry Ryoo emphasized the importance of secure custody solutions, saying, “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.”
BDACS is also integrating the network’s cutting-edge Ripple Custody technology. As more institutions enter the cryptocurrency space, it will be an easy way to keep digital assets safe while ensuring access and management are simple each and every time. The crypto custody market is expected to skyrocket, potentially reaching $16 trillion by 2030, with tokenized assets projected to make up 10% of global GDP.
For institutions looking to invest in crypto safely, BDACS will enable trading of XRP and RLUSD. XRP has long been recognized as a stable, payment-focused digital asset, while RLUSD is Ripple’s compliance-driven stablecoin designed for institutional use.
Fiona Murray, Ripple’s APAC Managing Director, called the partnership a crucial step in expanding South Korea’s digital asset ecosystem.
As the country moves toward clearer digital asset regulations, demand for secure custody solutions is expected to surge. BDACS, one of the first institutional-grade custody providers in South Korea, is also making moves in tokenized securities (STO) and real-world asset tokenization (RWA) through partnerships with Avalanche, Polymesh, and Woori Bank.
Also Read: Paytm Partners with Perplexity AI to power its App
