Ripple announces a strategic partnership with BDACS, a South Korea-based digital asset firm, to provide institutional-grade custody service for XRP and RLUSD.
Ripple unveiled the partnership today, noting that it aligns with South Korea’s Financial Services Commission’s (FSC) roadmap for regulatory approval. The roadmap aims to support institutional involvement in South Korea’s digital asset market.
Under the partnership, BDACS will utilize Ripple Custody to provide custody solutions for its supported digital assets, including XRP and RLUSD.
Today, we are partnering with BDACS to expand institutional crypto custody in South Korea: https://t.co/DhgeumFCn8@BDACSKorea will use Ripple Custody to provide secure infrastructure for XRP, RLUSD, and other crypto assets—supporting institutional adoption, XRPL developer…
— Ripple (@Ripple) February 27, 2025
Ripple Custody
Ripple Custody is an institutional-grade digital asset custody solution that offers bank-grade security for exchanges, custodians, and OTC desks. Recall that Ripple launched the solution in October 2024, allowing banks and fintech companies to safeguard digital assets on behalf of their clients.
This move is part of Ripple’s effort to expand its offerings beyond payments into other crypto-related sectors. In the latest announcement, Ripple forecasted that the custody market could reach a valuation of $16 trillion by 2030. This ambitious goal is driven by the company’s expectation that 10% of the world’s GDP would be tokenized by then.
Partners’ Expectations
The collaboration is expected to yield positive results in the long term, given the partners’ expertise in different sectors. For instance, Ripple has over 60 regulatory licenses globally and has deep expertise in tokenization, payments, and digital asset management.
BDACS ranks as one of the first licensed institutional custody providers that allows users to securely store and trade a diverse range of crypto assets, such as XRP, RLUSD, and AVAX.
Ripple and BDACS Execs React
Commenting on the development, BDACS’ CEO Harry Ryo remarked that its custody solution will support Ripple’s blockchain initiatives and also enhance the companies’ expansion within the digital asset ecosystem.
Fiona Murray, Ripple’s APAC Managing Director, expressed excitement about the collaboration as it expands the company’s custody solution into South Korea.
“Following the recent surge in the crypto market and new opportunities emerging under the FSC’s regulatory roadmap, we view this collaboration as a pivotal step in expanding the digital asset ecosystem,” Murray remarked.
In a statement on X, Ripple President Monica Long remarked that South Korea is gearing up for a surge in institutional crypto adoption. She emphasized that Ripple has ‘planted’ another flag in the APAC region following its partnership with BDACS.
According to her, institutional-grade custody solutions are essential, particularly as institutions prepare for an influx in crypto interest.
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