South Korea’s BDACS launches institutional XRP custody, boosting Ripple ties and supporting regulated crypto adoption.
The BDACS in South Korea has formally declared that institutional clients can access XRP custody.
This new action opens possibilities for XRP’s legal introduction on Korea’s top exchanges.
BDACS Introduces South Korea’s XRP Custody
In a recent X post, BDACS declared that XRP is currently operational on its custody infrastructure.
This makes it possible for South Korean institutional investors to store and handle the coin safely.
Additionally, they verified that customers can now deploy XRP with complete regulatory compliance on all major Korean exchanges, such as Upbit, Coinone, and Korbit.
Additionally, this achievement builds on BDACS’s prior partnership with Ripple.
Supporting the broader XRP Ledger ecosystem and conforming to South Korea’s cryptocurrency regulatory roadmap were the goals of the collaboration.
The business will invite more institutions to look at real-world applications of tokenized assets on the XRP Ledger.
Through its participation in Busan’s innovation sandbox and integration with the leading trading venues in South Korea, the custodian is prepared to assist this objective.
Additionally, BDACS collaborates with networks such as Polymesh and Avalanche.
Interestingly, XRP is the most popular trading asset on Upbit, the biggest exchange in South Korea.
This surge in activity reflects rising trust in Ripple-backed infrastructure and aligns with BDACS’s XRP strategy.
Ripple has frequently brought attention to estimates that the worldwide market for cryptocurrency custody may reach $16 trillion by 2030.
This action hastens the achievement of the objective.
Ripple’s Growth In Asia Gains Impetus
As the business strengthens its ties to the quickly expanding fintech and cryptocurrency businesses in Asia, Ripple’s growth is quickening.
Japanese partner SBI Holdings announced plans to integrate RLUSD into its SBI VC Trade platform, as CoinGape previously reported.
This illustrates Ripple’s regional approach of collaborating with powerful institutions to encourage the broad use of tokenized assets.
Furthermore, through its University Blockchain Research Initiative (UBRI), Ripple announced more than $5 million to support academic and technical blockchain projects in South Korea, Japan, Singapore, Taiwan, and Australia.
According to a survey supporting Ripple’s entry in South Korea, more than 25% of South Koreans between the ages of 20 and 50 possess digital assets, with those in their 40s being the most active.
In addition, 42% of respondents stated that if conventional financial institutions provided cryptocurrency services, they would become more exposed to digital assets.
Through XRP custody, Ripple and BDACS offer this kind of solution.
This is backed by the rising belief that banks should get more involved in cryptocurrency.
It is also important to note that the Financial Services Commission previously highlighted the importance of regulated custody.
BDACS’s secure and authorized XRP custody services may significantly influence the institutional cryptocurrency landscape in South Korea.
