Ripple Labs has partnered with BDACS, a South Korean digital asset custodian, to enhance institutional-grade custody services for XRP, RLUSD, and other cryptocurrencies. The collaboration will integrate Ripple Custody into BDACS’s offerings, providing financial institutions in South Korea with secure storage solutions. The initiative aligns with the increasing adoption of crypto assets by enterprises and aims to support the broader institutional ecosystem in the country.
The partnership aligns with South Korea’s Financial Services Commission’s regulatory roadmap, ensuring compliance with local requirements. Ripple stated that the initiative will help expand the usability of RLUSD, Ripple’s stablecoin, while fostering growth in the XRP Ledger (XRPL) ecosystem. BDACS CEO Harry Ryoo emphasized the company’s commitment to providing a secure infrastructure for institutional investors, highlighting the potential impact of this collaboration on the digital asset industry.
As part of its broader strategy, Ripple also announced a new roadmap for institutional decentralized finance (DeFi) on the XRPL network. This roadmap includes plans for a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new multi-purpose token (MPT) standard. These developments aim to enhance XRPL’s capabilities and further solidify Ripple’s position in the digital finance space.
Ripple estimates that the total value of custodied cryptocurrencies could reach $16 trillion by 2030. With this vision in mind, the partnership with BDACS represents a significant step in strengthening institutional access to crypto assets. The move also reflects the increasing demand for regulated custody solutions, particularly in regions like South Korea, where institutional participation in digital assets is on the rise.
