Ripple Forms Pivotal Alliance with BDACS to Elevate Digital Asset Custody in South Korea
Ripple has forged a groundbreaking collaboration with BDACS, a leading digital asset custody firm in South Korea. Announced on Thursday, this partnership is poised to advance institutional-grade custody services and significantly expand the digital asset ecosystem, particularly focusing on XRP and RLUSD, amidst the country’s dynamic regulatory framework.
Ripple Welcomes a Key Partner for Its Custody Services
Monica Long, President of Ripple, expressed her excitement on X, stating, “South Korea is on the brink of a major shift towards institutional crypto adoption. Ripple Custody is thrilled to establish a foothold in the APAC region with BDACS for XRP and RLUSD. The need for secure, institutional-grade custody technology is paramount, especially as enterprises brace for increased crypto interest.”
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Aligning with South Korea’s Regulatory Roadmap
This strategic partnership aligns seamlessly with the Financial Services Commission’s (FSC) recently unveiled roadmap, which aims to secure regulatory approval for institutional participation in the digital asset market. By providing custody services for XRP and RLUSD to institutional investors, Ripple and BDACS are set to support the growth of XRPL developers and enhance Ripple’s stablecoin RLUSD’s use cases, capitalizing on opportunities in Busan’s blockchain regulation-free zone.
Harry Ryoo, CEO of BDACS, shared his positive outlook on the initiative, stating, “BDACS is committed to offering a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. This partnership will empower both enterprises to enhance and expand the digital asset ecosystem.”
Launching Ripple Custody in South Korea
BDACS will implement 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 the total custodied crypto assets could reach an astronomical $16 trillion by 2030, with 10% of the global GDP expected to be tokenized in the same period.
Fiona Murray, Managing Director of APAC at Ripple, highlighted the strategic importance of this partnership: “We are thrilled to join forces with BDACS to introduce Ripple’s custody solution to institutional investors in South Korea. With the crypto market experiencing significant growth and new opportunities arising under the FSC’s regulatory roadmap, this collaboration represents a crucial step towards expanding the digital asset ecosystem.”
BDACS to Support XRP and RLUSD Custody
BDACS will offer custody support for both XRP, the native asset of the XRPL, and RLUSD. As one of the pioneering institutional-grade custody providers in South Korea, BDACS enables investors to securely trade XRP, RLUSD, and other digital assets within the country’s evolving regulatory environment. The firm is expanding its global footprint by focusing on tokenized securities (STO) and real-world asset tokenization (RWA), while also forging alliances with major blockchain protocols such as Avalanche and Polymesh.
In December of last year, BDACS marked a significant milestone by partnering with Woori Bank, one of South Korea’s leading commercial banks, to advance digital asset custody services.
Ripple’s Expansion in South Korea and Beyond
Ripple’s strategic move into South Korea is part of its broader expansion strategy within the region. With over 60 regulatory licenses and registrations worldwide, Ripple leverages more than a decade of experience in the digital asset space. 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.
As of the latest update, XRP is trading at $2.22, maintaining its position above the 0.236 Fibonacci level.
