Details About Ripple-South Korea Partnership Revealed – Ripple Asia President Makes Statement

Ripple ($XRP) adoption is gaining momentum in South Korea. The country’s digital asset custodian, BDACS, recently announced the launch of an institutional-grade custody service for Ripple ($XRP).

This step is considered the first concrete result of the strategic partnership established with Ripple in February.

BDACS stated on Twitter that $XRP is one of the most traded digital assets in South Korea. The new custody service provides access to $XRP to large institutional investors in a regulated environment. The infrastructure will be provided by Ripple's institutional custody solution, Ripple Custody. This solution is optimized not only for $XRP but also for Ripple's stablecoin, RLUSD.

To increase institutional access, BDACS has completed integrations with Upbit, Coinone, and Korbit, three major cryptocurrency exchanges in the country. This development aligns with the South Korean Financial Services Commission's policy to promote the digital asset market. BDACS officials stated, “We will support the growth of not only custody but also tokenization and stablecoin use cases within the $XRP Ledger ecosystem.”

According to market research, the global digital asset storage market could exceed $16 trillion by 2030. It is estimated that tokenized assets could account for 10% of global GDP.

Fiona Murray, Ripple Asia-Pacific President, highlighted the importance of this partnership, saying, “While the regulatory environment is changing rapidly, institutional demand is also increasing at the same pace.”

BDACS CEO Yoo Hae-ri said in a statement, “Together with Ripple's blockchain infrastructure, we will provide a secure and reliable storage environment. Together with Ripple, we will lead the growth of the digital asset industry.”

BDACS is already actively involved in the Busan Blockchain Free Zone and is developing partnerships with projects like Avalanche (AVAX) and Polymesh.

*This is not investment advice.