Breaking: Ripple and BDACS Team Up in South Korea! 🚀💰

Hey there, crypto enthusiasts! 🚀 Ripple just announced a major league partnership with BDACS, South Korea’s top-notch digital asset custody firm. This isn’t just any partnership; it’s a game-changer aimed at beefing up institutional-grade custody services and expanding the digital asset ecosystem, especially for XRP and RLUSD. 🤑

Monica Long, the President of Ripple, couldn’t be more thrilled. She tweeted: “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. The importance of secure, institutional-grade custody technology can’t be overstated, especially as enterprises prepare for an influx of crypto interest.” 🌟

This move aligns perfectly with the Financial Services Commission’s (FSC) roadmap for regulatory approval of institutional participation in the digital asset market. By securing XRP and RLUSD custody services for institutional investors, Ripple and BDACS aim to fuel the growth of XRPL developers and the broader ecosystem, expand use cases for Ripple’s stablecoin RLUSD, and take advantage of Busan’s blockchain regulation-free zone. 🏆

Harry Ryoo, CEO of BDACS, is all smiles: “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.” 🤝

The partnership will see BDACS deploying Ripple Custody — an institutional-grade software infrastructure designed for custodians, exchanges, and OTC desks to securely store, manage, and access digital assets with bank-grade security. Industry forecasts predict that total custodied crypto assets could hit a whopping $16 trillion by 2030, with 10% of the world’s GDP expected to be tokenized in the same timeframe. 📈

Fiona Murray, Managing Director of APAC at Ripple, emphasized the strategic importance: “We’re excited to partner with BDACS to bring Ripple’s custody solution to institutional investors in South Korea. With the crypto market surging and new opportunities emerging under the FSC’s regulatory roadmap, we view this collaboration as a critical step in expanding the digital asset ecosystem.” 🌍

BDACS will offer custody support for both XRP—the native asset on the XRPL—and RLUSD. The firm is among the first institutional-grade custody providers in the country, allowing investors to securely trade XRP, RLUSD, and other digital assets within Korea’s evolving regulatory ecosystem. BDACS has been expanding its global presence by focusing on tokenized securities (STO) and real-world asset tokenization (RWA), as well as forging alliances with major blockchain protocols like Avalanche and Polymesh. In December last year, BDACS entered a significant partnership with Woori Bank—one of Korea’s top commercial banks—to advance digital asset custody services. 🏦

Ripple’s push into South Korea builds on its growing momentum in the region. The company holds over 60 regulatory licenses and registrations worldwide, leveraging more than a decade of experience in the digital asset arena. Notably, earlier this week, DekaBank, a German financial institution managing approximately €377 billion in assets, launched crypto trading and custody services for institutional clients using Ripple Custody. 💰

At press time, XRP traded at $2.22. 📊

2025-02-28 07:16

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