**Ripple and BDACS Join Forces to Provide Top-Notch XRP and RLUSD Custody Solutions in South Korea, While XRPL Upgrade Brings Exciting New Features!**
Ripple is thrilled to announce its new partnership with BDACS, a prominent digital asset custody provider in South Korea, aimed at delivering institutional-grade custody solutions for XRP and RLUSD. This exciting collaboration aligns perfectly with the roadmap set by South Korea’s Financial Services Commission (FSC), which is focused on promoting the institutional adoption of digital assets. BDACS will utilize Ripple Custody, a secure, bank-grade custody service, to safely manage XRP, RLUSD, and other digital assets. Ripple sees this partnership as a vital step in broadening its presence in the Asia-Pacific (APAC) region, further solidifying its position in the expanding institutional digital asset market.
**Ripple Expands Custody Solutions in South Korea**
In October 2024, Ripple launched its Custody solution to provide compliant and secure digital asset storage for banks, exchanges, and custodians. BDACS aims to enhance its custody services by implementing this solution, creating a secure platform tailored for South Korean institutional clients. Ripple is committed to expanding its operations in the realm of institutional crypto custody, moving beyond just payment services. Today, we are excited to partner with BDACS to enhance institutional crypto custody in South Korea: https://t.co/DhgeumFCn8. @BDACSKorea will leverage Ripple Custody to establish a secure infrastructure for XRP, RLUSD, and other crypto assets, fostering institutional adoption.
Ripple anticipates that the global custody market will grow to $16 trillion by 2030, with tokenized assets expected to see significant increases. Institutional-grade custody is emerging as a key foundation for the transformation of digital assets, providing financial institutions with the security and regulatory compliance they need to engage in this space. Ripple appreciates South Korea’s modern regulatory framework, which creates an ideal environment for its business growth.
**Insights from Executives on the Partnership**
Harry Ryo from BDACS highlighted that the collaboration with Ripple will not only enhance blockchain projects at Ripple but also support BDACS in expanding its institutional digital asset business. He noted that secure custody solutions are crucial for building trust in digital assets, encouraging institutions to broaden their adoption among investors. Fiona Murray, the APAC Managing Director of Ripple, emphasized the importance of this partnership in expanding Ripple’s custody services in South Korea. The regulatory guidance from the FSC opens up new opportunities for institutions to enter the crypto market, making this strategic collaboration possible. Monica Long from Ripple remarked that South Korean authorities are preparing for increased institutional adoption of digital assets, paving the way for a bright future in this space.
