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- Ripple collaborates with BDACS to boost crypto custody services for institutions in South Korea.
- The partnership aligns with the country’s regulatory push for institutional crypto adoption.
- Ripple Custody aims to provide secure storage and management for XRP, RLUSD, and other assets.
Ripple has announced a strategic partnership with BDACS to expand institutional crypto custody services in South Korea. According to Ripple, this collaboration aims to enhance secure infrastructure for XRP, RLUSD, and other digital assets in response to the country’s increasing institutional interest in cryptocurrency.
South Korea’s Institutional Market Sees Increased Crypto Custody Demand
The partnership aligns with South Korea’s regulatory roadmap, encouraging institutional participation in the digital asset space. The Financial Services Commission (FSC) has been pushing for frameworks that support institutions entering the market, driving the need for robust custody solutions.
Ripple’s President, Monica Long, stated that the adoption of digital assets in South Korea is progressive, and there is a need for reliable solutions for their storage. Ripple’s Custody growth as she highlighted the need for institutional-grade protection as the adoption of digital assets increases. She also explained how Ripple Custody has been preparing for growing regulations and ensuring that institutions can manage digital assets safely in the future.
Ripple and BDACS Strengthen Custody Infrastructure for Institutions
BDACS will incorporate Ripple Custody into its ecosystem to enable institutional investors to deal with digital assets securely. The company plans on providing secure storage and trading services to enterprises, exchanges, and OTC trading desks. BDACS CEO Harry Ryoo noted that this move would give the institutions a safe custody solution while meeting regulatory requirements. He also said that the integration would help institutions achieve operational efficiencies while assisting them to conform to the evolving regulations in South Korea.
Global custody assets are estimated to reach $ 16 trillion by 2030, which has led to a growing need for reliable storage and services. Fiona Murray, the managing director of APAC at Ripple, said that this partnership would make it possible for Ripple to provide custody solutions for institutions in South Korea. She also added that institutions in South Korea would be exposed to better security and risk management standards through Ripple Custody, which is suitable for institutional crypto asset management.
BDACS Prepares for Future Expansion in the Crypto Custody Sector
Due to the emerging and dynamic regulatory environment of South Korea, specialized custody services have become essential. Recent changes in corporate involvement, the advent of stablecoins, and a proper regulatory foundation suggest that offering institutional-grade custody solutions will remain relevant. BDACS occupies a promising niche in this regard as it is among the pioneers of providing such services in South Korea. In addition, BDACS also plans to upgrade its technological expertise to address the increasing security needs of the institutional segment.
The collaboration between Ripple and BDACS marks a significant milestone in strengthening the country’s digital asset custody landscape, setting the stage for wider institutional adoption in the region. As institutional interest remains sustained, the partnership is set to bolster the future trajectory of South Korea’s digital asset ecosystem. As it grows its custody offering in line with the increasing global category demand, BDACS finds itself well-placed to become a significant player in the institutional crypto custody space, especially in light of its capacity to adapt to new regulations.
Also Read: Ripple Introduces Permissionless Programmability to XRPL for Enhanced Flexibility
